IHOP

2909 Burlington Street, North Kansas City, MO 64116

$2,666,666

Cap Rate 6.00%

Updated: 06.05.24 Posted: 08.18.23 Status: Sold

Summary

Price $2,666,666	Built/Renov 2005/2023	Tenant IHOP
Cap Rate 6.00%	Lease Type Abs NNN	Guarantor Franchisee
Size/SF 4,658	Lease Start 10-01-2023	#Units 19
Price/SF $572.49	Expiration 09-30-2048	Tenant Type Casual Dining
NOI $160,000	R. Term 23.5	Ownership Fee Simple
Rent/SF $34.35	Increases 7.5%/5/yrs	Pop 5Mi 186,592
Lot/AC 1.23	Options 3/5yrs/7.5%	AHHI 5Mi $64,798

Peter Deltondo

Marcus & Millichap

Contact

Lease Highlights

New 2023 renovation
IHOP will be signing a brand new 25 year lease with 3 (5-year) options to extend at the close of escrow
Lease features a 7.5% rental increase every 5 years throughout the initial term and at the start of each option
Absolute NNN | Zero landlord responsibilities
Lease guaranteed by JHAH Property Holdings, LLC (19 units)

Location Description

This newly constructed 4,658 square foot IHOP is located along Burlington Street with access to 12,800 vehicles per day. The site benefits from its frontage on North Oak Freeway, a major north/south arterial road in Kansas City. Additionally, the tenant is within close proximity to The Gardens at Northgate Village (385 Units) & CityView Apartments (246 Units) providing a direct consumer base...

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Key Features

Recent renovation
Oversized lot
Freeway visibility
University college close
Dense 100M+ pop 5 mi
Top 100 MSA
Brand new lease
Long 20+ yr lease
Absolute NNN
Publicly traded company

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Links

IHOP Wikipedia IHOP Wikipedia Kansas City, Missouri Zip Code 64116 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: IHOP
Guarantor:Franchisee
Company:JHAH Property Holdings, LLC
# Units:19
Stock: NYSE: DIN

About Tenant

IHOP (acronym for International House of Pancakes) is an American multinational pancake house restaurant chain that specializes in breakfast foods. While IHOP's focus is on breakfast, serving...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	6,517	46,227	199,007
2023 Total Population :	5,770	43,662	192,997
2023 Employed Civilian Pop :	3,213	22,827	95,105
2023 Total Businesses :	627	2,867	9,903
2023 Average Household Income :	$ 66,264	$ 80,606	$ 76,863
2023 Total Consumer Spending :	$ 181 M	$ 1454 M	$ 5431 M
2023 Median Age :	40	38	36
2023 Total Households :	3,125	20,629	80,702
2023 Pop Age 25+: Bachelor's Degree :	854	7,371	24,372
2023 Average Home Value :	$ 230,219	$ 245,087	$ 216,707

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
N Oak Fwy	NE 32 St	2009	11,010	0.10 mi
NE 32 St	N Oak Fwy	2016	2,330	0.15 mi
NE 32 St	Swift Ave	2015	4,290	0.18 mi
Burlington St	W 26 Ave	2004	11,086	0.23 mi
N Oak Fwy	NE 32 St	2015	10,853	0.25 mi
US Hwy 71	Design Dr	2019	11,453	0.37 mi
Tennis Ct	Design Dr	2019	21,817	0.38 mi
Water Works Rd	N Main St	2015	4,018	0.43 mi
US Hwy 71	State Hwy 9	2019	10,334	0.44 mi
Armour Rd	Clay St	2015	11,076	0.58 mi

Listing Broker

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