IHOP

1650 West Avenue K, Lancaster, CA 93534

$3,408,000

Cap Rate 5.87%

$3,478,260

Cap Rate 5.75%

DOM: 92 Updated: 04.01.24 Posted: 11.08.23 Status: Sold 02.08.24

Summary

Price $3,408,000 $3,478,260	Built/Renov 1980/2023	Tenant IHOP
Cap Rate 5.87% 5.75%	Lease Type Abs NNN	Guarantor Franchisee
Size/SF 5,942	Lease Start 05-01-2024	#Units 30
Price/SF $573.54 $585.37	Expiration 04-30-2047	Tenant Type Casual Dining
NOI $200,000	R. Term 21.12	Ownership Fee Simple
Rent/SF $33.66	Increases 1.5%/1/yrs	Pop 5Mi 27,064
Lot/AC 0.91	Options 4/5yrs/1.5%	AHHI 5Mi $60,444

Peter Deltondo

Marcus & Millichap

Contact

Lease Highlights

Brand-new 2024 construction
IHOP recently signed a brand-new 23-year lease with 4 (5-year) options to extend
Lease features 1.5% annual rental increases throughout the initial term and each option
Absolute NNN | Zero landlord responsibilities
Personally guaranteed lease by The Soleimani Group

Location Description

This newly renovated, 24-hour IHOP is conveniently located at the hard corner intersection of West Avenue K and 17th Street West, boasting a combined traffic count of 34,200+ vehicles per day. It is just off the Antelope Valley Freeway (63,600+ VPD), within walking distance of an 800-unit apartment complex, and nearby numerous hotels. IHOP is also across the freeway from Lancaster’s largest...

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Key Features

Recent renovation
Hard corner intersection
Near major nationals
Freeway close
Top 100 MSA
Brand new lease
Long 20+ yr lease
Absolute NNN
24 hour store
Personal guarantee

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Links

IHOP Wikipedia IHOP Wikipedia Lancaster, California Zip Code 93534 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: IHOP
Guarantor:Franchisee
Company:The Soleimani Group
# Units:30
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 :	16,064	98,226	193,019
2023 Total Population :	16,039	99,109	193,465
2023 Employed Civilian Pop :	6,445	37,996	74,257
2023 Total Businesses :	849	4,031	5,458
2023 Average Household Income :	$ 78,365	$ 85,408	$ 92,793
2023 Total Consumer Spending :	$ 432 M	$ 2476 M	$ 4854 M
2023 Median Age :	35	33	33
2023 Total Households :	6,307	33,290	60,343
2023 Pop Age 25+: Bachelor's Degree :	1,352	9,160	17,720
2023 Average Home Value :	$ 515,785	$ 476,154	$ 499,183

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
West Avenue K	17th St W	2019	27,955	0.02 mi
17th St W	15th St W	2007	2,000	0.09 mi
W Ave K	18th St W	2014	29,800	0.12 mi
CA 14;CA 138		2021	62,000	0.19 mi
W Ave J12		2014	5,350	0.27 mi
W Ave K	Antelope Valley Fwy	2007	37,500	0.28 mi
20th St W	W Ave K 4	2014	12,050	0.29 mi
14	W Ave K	2018	62,000	0.30 mi
20th St W	W Ave J-12	2014	14,900	0.31 mi
17th St W	W Ave K 4	2014	1,525	0.35 mi

Listing Broker

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