Spent the afternoon going through hundreds of NNN properties for a client. This NNN IHOP is one of the deals that caught my eye.
Partial email to client:
This is an interesting deal. 9 year absolute net with longtime operating history and low rent to sales ratio of 8%. Right next to freeway interchange and a Super 8. FL is an income tax free state. The hair is the small operator. However, the deal is a low price point for an IHOP, a solid cap rate for 9 year lease in FL and is a low $ psf for a restaurant property (many are $500 - $1000 psf). The site and building are large enough for alternative uses if you had to re-tenant. Strong traffic counts and demographics.
Here are more specs from the NNN marketing package:
