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Restaurant

IHOP (Houston MSA)

25619 I-45, Spring, TX 77380

Listing Price: $4,000,000

Cap Rate
6.80%
Tenant Name
IHOP
Years Remaining On Lease
2.1
Gross SF
5,677
Guarantor
Franchisee Guarantee
Rentable SF
5,677
Price/Gross SF
$704.60
Lease Type
Absolute Net
Rent Per Square Feet
$47.89

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire an IHOP on Interstate 45 in the Houston MSA. The subject property is a 5,677 square-foot building on approximately 1.2 acres of land. The property has excellent access and visibility from Interstate 45 exceeding 230,000 VPD. The property is situated on the west side of Interstate 45 in a dense retail corridor including multiple shopping centers. Inbound from the North retailers include Extended Stay America, Hotel Blue, Pizza Hut, Carrabba's Italian Grill and Prosperity Bank. Outbound to the south, retailers include Harley-Davidson, JOANN Fabric and Crafts, Golf Galaxy, Mattress Firm, Ashley HomeStore, H-E-B, and multiple shopping centers such as Woodwinds with dozens of national retailers (Walgreens, Big Lots, FedEx, AT&T, Supercuts and more). Southbound travelers on Interstate 45 have to exit prior to IHOP and drive past to reach retailers such as H-E-B as there is only one exit for this retail corridor. The tenant on the lease is ACG 1437, Limited Partnership with a guarantee from ACG Texas, Limited Partnership. ACG Texas operates 67 IHOP restaurants throughout Texas. ACG 1437 has an absolute net lease with approximately two years remaining on the initial 20-year term, with four five-year renewal options. The lease has annual rent increases of 1.25 percent that continue throughout the renewal options.

Investment Highlights

  • Absolute Net Lease | Zero Landlord Responsibilities
  • High-Performing Store Sales Location
  • Located in Houston MSA with Three-Mile Population of 73,257
  • In Dense Retail Corridor including Prosperity Bank, Golf Galaxy, Mattress Firm, Harley-Davidson, Extended Stay America, H-E-B, and Multiple Shopping Centers with Over a Dozen National Retailers
  • Excellent Access and Visibility from Interstate 45 with 230,000 VPD
  • Largest IHOP Franchisee in Texas | 67-Units
  • IHOP Exit Used By All Southbound Travelers on Interstate 45 to Reach Retail Corridor
  • 1.25% Annual Rent Increases in Initial Term and Throughout Extensions

Exclusively Listed By

Restaurant

IHOP (Houston MSA)

Listing Price: $4,000,000

Cap Rate
6.80%
Tenant Name
IHOP
Years Remaining On Lease
2.1
Gross SF
5,677
Guarantor
Franchisee Guarantee
Rentable SF
5,677
Price/Gross SF
$704.60
Lease Type
Absolute Net
Rent Per Square Feet
$47.89

Investment Highlights

  • Absolute Net Lease | Zero Landlord Responsibilities
  • High-Performing Store Sales Location
  • Located in Houston MSA with Three-Mile Population of 73,257
  • In Dense Retail Corridor including Prosperity Bank, Golf Galaxy, Mattress Firm, Harley-Davidson, Extended Stay America, H-E-B, and Multiple Shopping Centers with Over a Dozen National Retailers
  • Excellent Access and Visibility from Interstate 45 with 230,000 VPD
  • Largest IHOP Franchisee in Texas | 67-Units
  • IHOP Exit Used By All Southbound Travelers on Interstate 45 to Reach Retail Corridor
  • 1.25% Annual Rent Increases in Initial Term and Throughout Extensions

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire an IHOP on Interstate 45 in the Houston MSA. The subject property is a 5,677 square-foot building on approximately 1.2 acres of land. The property has excellent access and visibility from Interstate 45 exceeding 230,000 VPD. The property is situated on the west side of Interstate 45 in a dense retail corridor including multiple shopping centers. Inbound from the North retailers include Extended Stay America, Hotel Blue, Pizza Hut, Carrabba's Italian Grill and Prosperity Bank. Outbound to the south, retailers include Harley-Davidson, JOANN Fabric and Crafts, Golf Galaxy, Mattress Firm, Ashley HomeStore, H-E-B, and multiple shopping centers such as Woodwinds with dozens of national retailers (Walgreens, Big Lots, FedEx, AT&T, Supercuts and more). Southbound travelers on Interstate 45 have to exit prior to IHOP and drive past to reach retailers such as H-E-B as there is only one exit for this retail corridor. The tenant on the lease is ACG 1437, Limited Partnership with a guarantee from ACG Texas, Limited Partnership. ACG Texas operates 67 IHOP restaurants throughout Texas. ACG 1437 has an absolute net lease with approximately two years remaining on the initial 20-year term, with four five-year renewal options. The lease has annual rent increases of 1.25 percent that continue throughout the renewal options.

Exclusively Listed By

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