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: