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Single Tenant NNN IHOP in Carlsbad, NM

$2,590,000

2529 South Canal Street, Carlsbad, NM 88220

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Last Updated: 12/10/2024

9

Cap Rate

4,993 sqft

Building Size

Details:
Cap Rate:    9%
Building Size:    4,993 sqft
Class:    B
Lease Type:    Triple Net
Tenancy:    Single
Highlights:
  • ±4,993 SF building on ±39,000 SF of fee simple land
  • Operated as an IHOP by a multi-unit franchisee
  • Located within two (2) miles over 15 hotels, motels, and inns including a Fairfield Inn, Best Western, La Quinta Inn, Residence Inn Hotel & Hampton Inn
Description:

Avison Young is pleased to present the opportunity to acquire the single-tenant IHOP on fee simple land located at 2529 South Canal Street in Carlsbad, New Mexico. The subject property is located near the intersection of Highway 285 and Highway 62, in an area with a high density of hotels and inns. IHOP currently has 14 years remaining on the lease with two, five-year options to exercise. This is an excellent opportunity to acquire a stable investment operated by a multi-unit franchisee. This location is currently part of a five-property portfolio. All five IHOP locations are for sale and can be purchased as a portfolio if desired. Contact brokers for more information.

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