IHOP | Applebee's — Sale in Cincinnati, OH
- Price: Contact for price
- Listing type: For sale
- Asset type: Business
- Location: Cincinnati, OH 45209
Photos
Investment Figures
- Cap rate
- 5.50%
Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.
Description
LOCATION- LOCATED IN A DENSE RETAIL CORRIDOR 8 MILES NORTH OF DOWNTOWN CINCINNATI * Located as an out-parcel to Target and Meijer * Other major national retailers in the immediate corridor include Kroger, Cinemark, PetSmart, Chipotle, Chick-Fil-A, Raising Cane’s, Olive Garden, Starbucks, and Sherwin Williams * Direct visibility to Interstate 71- Average Daily Traffic Count of over 124,000 cars/day * Densely populated area- over 243,000 residents within a 5-mile radius- currently, the Cincinnati MSA has over 2.2 million residents and is expected to add approximately 20,000 more people over the next 5 years * Seven fortune 500 companies are headquartered in Cincinnati, including Kroger, Cintas, Procter & Gamble, and Fifth Third Bank * Central Distribution Point- half of the U.S. Population and around 90 major markets are within a one-day drive of Cincinnati * High Average Household Income area- AHI in the 3-mile radius is over $106,000 and over $101,000 within 5 miles * Large Parcel of 1.74 Acres LEASE TERMS- NEWLY EXECUTED 15-YEAR LEASE EXTENSION WITH ANNUAL ESCALATIONS * Corporate IHOP just recently executed a new 15-year lease extension till December 31, 2040 * 1.5% annual increases throughout initial term and option periods (3x5 year options) * Long historical occupancy of 20+ years- IHOP has been operating at this location since 2004 * Fee-simple, absolute NNN Lease which allows for depreciation and cost segregation tax benefits TENANT- CORPORATE IHOP|APPLEBEE’S LEASE * Tenant recently invested approximately $2.5M remodeling this location from IHOP to the new IHOP|Applebee’s combo- Converting a standalone IHOP location into a dual-branded IHOP|Applebee’s combo restaurant consistently increases revenue by 1.5 to 2.5 times (a 50% to 150% jump) compared to the original single-store gains * Corporately guaranteed by Dine Brands Global, Inc. * Dine Brands Global, Inc. (NASDAQ: DIN) has close to 3,500 restaurants across the U.S. And 20 international markets under the b
Market Context
This food service in Cincinnati, OH is listed for sale. It is offered at an approximate 5.5% capitalization rate, a key benchmark for income-producing food service assets. Compare it against other food service listings for sale in Cincinnati, OH — view the full market.
Contact
- Brian Munn · (678) 808-2767 · brian.munn@marcusmillichap.com
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