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IHOP, Oklahoma City, OK

IHOP

Oklahoma City, OK

Price $4,053,000
Cap Rate 5.75%
NOI $233,032
Lease Term 15 Years
Lease Type Absolute NNN Lease, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Including Roof, Structure, And Parking Lot
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built 2007
Building Size 4,079 SF
Lot Size .90 Acres (39,290 SF)
Status Available
Lead Broker Information Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Vincent Aicale
Executive Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

15-YEAR ABSOLUTE NNN LEASE WITH CORPORATE GUARANTEE
» New 15-year absolute NNN lease with one (1) five (5) year option,
» 10% rental increases every five years, providing a hedge against inflation
» Absolute NNN lease requires zero landlord management, ideal for an out-of-area investor
» As of December 31, 2020, there are 1,772 IHOP restaurants around the world, including restaurants in all 50 states

HIGH-TRAFFIC LOCATION IN DENSLY POPULATED AND EXTREMELY AFFLUENT AREA
» Excellent visibility and convenient access to 31,203 vehicles per day along West Memorial Road
» Beneficial proximity to highly trafficked Oklahoma City thoroughfares, including John Kilpatrick Turnpike, State Route 77, and State Route 74, and U.S. Route 77 (combined 243,366 AADT)
» Located in a highly affluent area, with an average annual household income of $99,655 within five miles of the site
» 176,080 residents within a five-mile radius of the location, providing an extremely large customer base for the site
» Projected 11 percent average household income increase within five miles of the site in the next five years, poising IHOP and Oklahoma City for significant concurrent growth

CENTRAL LOCATION NEAR LARGE EMPLOYERS, RETAILERS, AND COMMUNITY HUBS
» Accessible to John Kilpatrick Turnpike, providing convenient access to Oklahoma County’s second largest employer, Tinker Air Force Base (24,000 employees)
» Surrounded by a strong mix of local and national retailers, including Walmart Supercenter, Sam’s Club, Target, Home Depot, Lowe’s Home Improvement, Office Depot and many more
» Outparcel to three major hotel chains (263 combined rooms), increasing foot traffic
» Across the street from Quail Springs Mall (111 tenants, 1,115,000 SF), promoting crossover traffic to the site
» Three miles from Mercy Hospital Oklahoma City (349 beds, 4,500 employees)



Property Description

The property is located along West Memorial Road, which experiences 31,203 vehicles per day at the location. The site is conveniently located with immediate access to West John Kilpatrick Turnpike (61,231 AADT). The site serves an extremely large and affluent demographic, with 176,080 residents living within a five-mile radius of the location with an average household
income of $102,900 within a one-mile radius. IHOP and Oklahoma City are poised for significant concurrent growth with a projected population increase of seven percent along with an 11 percent average annual household income increase within a five-mile radius of the property in the next five years.

The property is centrally located near large employers, retailers, and community hubs. The site is located near a main focal point of recent residential and commercial development and next to Oklahoma City’s most highly trafficked intersections (West Memorial Road, North Pennsylvania Avenue, and The Kilpatrick Turnpike). The site is across the street from the Quail Springs Mall (111 tenants, 1,115,000 SF), promoting crossover traffic to the site. The property is surrounded by a strong mix of local and national retailers, including Walmart Supercenter, Sam’s Club, Target, Home Depot, Lowe’s Home Improvement, Office Depot, PetSmart, and many more. The site also resides within walking distance from three hotels with a combined 263 rooms, greatly increasing foot traffic to the location. Additionally, the location maintains beneficial proximity to Mercy Hospital Oklahoma City (349 beds, 4,500 employees), significantly increasing traffic and visibility to the site.

Contact Us About This Property

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