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Restaurant

IHOP

770 Kidder St, Wilkes-Barre, PA 18702

Listing Price: $2,800,000

Cap Rate
5.13%
Tenant Name
IHOP
Years Remaining On Lease
16.4
Gross SF
3,985
Guarantor
Franchisee Guarantee
Rentable SF
3,985
Price/Gross SF
$702.63
Lease Type
Absolute Net
Rent Per Square Feet
$36.07

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale IHOP located at 770 Kidder Street in Wilkes-Barre, Pennsylvania. The subject property is a single-tenant restaurant building located across from the Wyoming Valley Mall. The property was constructed as a build-to-suit for IHOP in 2018 and has just over 16 years remaining on the term. The lease has an absolute net expense basis with 10% rent increases every five years. The franchisee is Romulus Restaurant Group, one of the largest franchisees and developers of IHOP restaurants in the country. Romulus operates more than 110 IHOP restaurants in Arizona, Idaho, Pennsylvania, Oklahoma, Kansas, Texas, New Mexico, Indiana, and Ohio. They are consistently ranked in the “Franchise Top 100” by Restaurant Finance Monitor and have been named Franchisee of the Year by IHOP. The building is located in a major commercial node that is developed with several large shopping centers. The Wyoming Valley Mall is located across the street. This mall is anchored by Macy’s, JCPenney, Ashley Homestore, and H&M. National retailers in the immediate area also include Walmart, Target, Sam’s Club, Home Depot, Lowe’s, Kohls, Burlington, Bed Bath & Beyond, Michaels, Marshalls, Ross, TJ Maxx, Dick’s Sporting Goods, Petco, and PetSmart. In addition to the nearby retailers, the property is near the Wilkes-Barre VA Medical Center, Mohegan Sun Arena, Wyoming Valley Sports Dome, Mohegan Sun Pocono Casino, Geisinger Wyoming Valley Medical Center, and Allied Services Medical Center. There are numerous hotels in the area; Days Inn, Host Inn, Fairfield Inn & Suites, and Wilkes-Barre Quality Inn and Suites are located adjacent to IHOP. These major land uses and hotels create significant drawing power bringing thousands of people to the trade area each day.

Investment Highlights

  • Absolute net lease with guarantee from 110+ unit operator
  • 16+ years remaining on the term
  • 10% rent increases every five years
  • Franchisee is one of the largest operators of IHOP restaurants in the nation
  • IHOP is located across from the Wyoming Valley Mall, a +/-910,000 SF regional mall
  • Major retailers in the area include Walmart, Target, Kohls, Lowe's, Home Depot, Sam's Club, and Burlington
  • Located next to Days Inn, Fairfield Inn & Suites, Quality Inn & Suites, and Host Inn
  • Significant drawing power from the VA Medical Center, Mohegan Sun Arena, and Mohegan Sun Pocono Casino

Broker of Record

  • Sean Beuche

    Regional Manager

    (215) 531-7000

    License(s) PA: RM424190

    Pennsylvania

Listing Price: $2,800,000

Cap Rate
5.13%
Tenant Name
IHOP
Years Remaining On Lease
16.4
Gross SF
3,985
Guarantor
Franchisee Guarantee
Rentable SF
3,985
Price/Gross SF
$702.63
Lease Type
Absolute Net
Rent Per Square Feet
$36.07

Investment Highlights

  • Absolute net lease with guarantee from 110+ unit operator
  • 16+ years remaining on the term
  • 10% rent increases every five years
  • Franchisee is one of the largest operators of IHOP restaurants in the nation
  • IHOP is located across from the Wyoming Valley Mall, a +/-910,000 SF regional mall
  • Major retailers in the area include Walmart, Target, Kohls, Lowe's, Home Depot, Sam's Club, and Burlington
  • Located next to Days Inn, Fairfield Inn & Suites, Quality Inn & Suites, and Host Inn
  • Significant drawing power from the VA Medical Center, Mohegan Sun Arena, and Mohegan Sun Pocono Casino

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale IHOP located at 770 Kidder Street in Wilkes-Barre, Pennsylvania. The subject property is a single-tenant restaurant building located across from the Wyoming Valley Mall. The property was constructed as a build-to-suit for IHOP in 2018 and has just over 16 years remaining on the term. The lease has an absolute net expense basis with 10% rent increases every five years. The franchisee is Romulus Restaurant Group, one of the largest franchisees and developers of IHOP restaurants in the country. Romulus operates more than 110 IHOP restaurants in Arizona, Idaho, Pennsylvania, Oklahoma, Kansas, Texas, New Mexico, Indiana, and Ohio. They are consistently ranked in the “Franchise Top 100” by Restaurant Finance Monitor and have been named Franchisee of the Year by IHOP. The building is located in a major commercial node that is developed with several large shopping centers. The Wyoming Valley Mall is located across the street. This mall is anchored by Macy’s, JCPenney, Ashley Homestore, and H&M. National retailers in the immediate area also include Walmart, Target, Sam’s Club, Home Depot, Lowe’s, Kohls, Burlington, Bed Bath & Beyond, Michaels, Marshalls, Ross, TJ Maxx, Dick’s Sporting Goods, Petco, and PetSmart. In addition to the nearby retailers, the property is near the Wilkes-Barre VA Medical Center, Mohegan Sun Arena, Wyoming Valley Sports Dome, Mohegan Sun Pocono Casino, Geisinger Wyoming Valley Medical Center, and Allied Services Medical Center. There are numerous hotels in the area; Days Inn, Host Inn, Fairfield Inn & Suites, and Wilkes-Barre Quality Inn and Suites are located adjacent to IHOP. These major land uses and hotels create significant drawing power bringing thousands of people to the trade area each day.

Broker of Record

  • Sean Beuche

    Regional Manager

    (215) 531-7000

    License(s): PA: RM424190

    Pennsylvania

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