IHOP

Urbandale, IA

Price $1,182,000
Cap Rate 5.50%
TYPE Single-Tenant
STATUS Available
Tenant IHOP
LEASE TYPE NNN
SQUARE FEET 4,162
PRICE/SQ FT $283
YEAR BUILT 2001
LEASE EXP. 12/31/2026
LISTING AGENT Justin Zahn
480-214-5088 x102
justin@ciadvisor.com
Patricia Elliott, Elliott Realty Group
Iowa Local Broker #T05698000

Property Description

IHOP has 8+ years remaining on an initial 25-year NNN lease with $5,000 rental escalations every 5 years and three 5-year renewal options. The corporate parent company, Dine Brands Global, is one of the world’s largest full-service dining companies and franchisor of Applebee’s Grill + Bar and IHOP, two of America’s most iconic and enduring brands with approximately 3,700 locations in 18 countries. This rare corporate ground lease has conveying ownership in land only, offering strong intrinsic value/security at a low price point.

IHOP is located in Urbandale, IA just off a hard corner with excellent drive-by visibility. This asset is a pad site to Merle Hay Mall (1,060,000 SF enclosed mall anchored by Target, Kohl’s & Flix Brewhouse w/ over 80 stores & services). Nearby retailers to the subject location include: Hobby Lobby, Burlington, Harbor Freight Tools, Northern Tool + Equipment, Big Lots, Office Depot, Price Chopper, Dollar Tree, etc. IHOP is located less than 4 miles from Drake University (enrollment of 4,900), 4 miles from Broadlawns Medical Center (200 beds), and 2.5 miles from VA Central Iowa Health System (386 beds).

*In Association with Iowa Local Broker; Elliott Realty Group #T05698000

Property Highlights

  • 8+ Years Remaining on Initial 25-Year NNN Lease with $5,000 Rental Escalations every 5 Years!
  • RARE CORPORATE GROUND LEASE: Conveying Ownership in Land Only Offering Strong Intrinsic Value/Security at a Low Price Point
  • 2018 Demographics: Infill Location with Total Population (5-MI): 196,515 | Avg HH Income (3-MI): $83,907
  • Parent Company: (Corporate) Dine Brands Global (NYSE: DIN) is one of the world’s largest full-service dining companies and franchisor of Applebee’s Grill + Bar and IHOP, two of America’s most iconic and enduring brands with approximately 3,700 locations in 18 countries
  • Pad Site to Merle Hay Mall (Anchored by Target, Kohl’s & Flix Brewhouse), just Off the Hard Corner Location on Merle Hay Rd & Douglas Ave with Great Drive-By Visibility where Traffic Counts Exceeding 47,700 CPD!