Ihop Kannapolis, Nc

$4,200,000

800 Cloverleaf Plaza, Kannapolis, NC 28083

For Sale

Retail Restaurant

Active

Last Updated: 10/10/2024

Details:

Cap Rate: 5%

NOI: $210,000

Building Size: 5,280 sqft

Lot Area: 1.1 acres

Occupancy: 100%

Lease Type: Absolute Net

Year Built: 2024

Zoning: C

Tenancy: Single

Lease Expire Year: 09/30/2039

Offered by

Kendall Carlsen

Digital Marketing Coordinator

Commercial Investment Advisors

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Highlights:

Brand new 15-year Absolute NNN lease with attractive 10% rental escalations every 5 years with three 5-year options to renew
Suncakes, LLC is a 34-unit operator wholly owned by Sun Holdings (2nd largest franchisee in the U.S.) with over 1,500 units across multiple brands in the U.S. & 13 countries
Pad site to a Ross, Dollar General, Harbor Freight Tools & Gabe Shopping Center - situated on a large ±1.10-acre lot with excellent visibility/access on S Cannon Blvd with traffic counts of 29,149 CPD! Just 1/4 mile north of I-85 with traffic counts of 112,098 CPD!
2024 DEMOGRAPHICS: Total Population (5-MI): 107,853 | Average Household Income (1-MI): $112,596

Description:

IHOP has a Brand new 15-year Absolute NNN lease with attractive 10% rental escalations every 5 years with three 5-year options to renew. The Tenant, Suncakes, LLC is a 34-unit operator wholly owned by Sun Holdings (2nd largest franchisee in the U.S.) with over 1,500 units across multiple brands in the U.S. & 13 countries.
The Asset is Pad site to a Ross, Dollar General, Harbor Freight Tools & Gabe Shopping Center - situated on a large ±1.10-acre lot with excellent visibility/access on S Cannon Blvd with traffic counts of 29,149 CPD! Just 1/4 mile north of I-85 with traffic counts of 112,098 CPD! Pad site to a Ross, Dollar General, Harbor Freight Tools & Gabe Shopping Center, adjacent to Home Depot; Retailers within 5-miles include, Walmart, Target, Sam's Club, Lowe's, Kohl's, Hobby Lobby, Marshalls, Burlington, Homesense, Academy Sports + Outdoors, Big Lots, Party City, ALDI, PetSmart, Ace Hardware, Planet Fitness, Anytime Fitness; Less than 1 mile from Carolina Mall - a fully enclosed shopping mall anchored by Belk, JCPenney & Staples with over 30 retailers & restaurants. It is 4 miles from Rowan-Cabarrus/NC Research Campus - a 62,000 SF facility that hosts the College's nursing & biotechnology programs, as well as the Small Business Center. The College's Advanced Technology Center (ATC) is a 55,000 SF building includes practical & integrated labs, as well as a large flex lab; 1 mile from Atrium Health Cabarrus Concord - a regional 457-bed, not-for-profit hospital with more than 4,200 hospital employees.