Historical Retail Sale Listing - IHOP Charleston, West Virginia

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IHOP Charleston, West Virginia

46 RHL Blvd, Charleston, WV 25309

N/A

5,000 SF | Retail

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Retail Property - Off Market

Price:
N/A
Building Size:
5,000 SF
Property Type:
Retail
Property Sub-type:
Restaurant
Additional Sub-types:
Free Standing Bldg
Retail Pad
Property Use Type:
Investment
Commission Split:
2%
Cap Rate:
7.50%
Occupancy:
100%
No. Stories:
1
Tenancy:
Single
Year Built:
2004
Lot Size:
1 AC
Listing ID
15083730
Last Updated
over 1 year ago

Highlights

  • Great Retail Location
  • Strong IHOP Franchisee
  • NNN Investment Property
  • Personal Guarantee from Tenant

Description

The subject property is a 4,977 +/- sq. ft. freestanding IHOP located off U.S. Highway 119 in South Charleston, WV. The subject property sits in a very strong retail area and is an out-parcel to a Lowe' s Home Improvement, HomeGoods, and Target. In addition, the property sits across from a Circuit City, Dick' s Sporting Goods, Marshall' s, PetSmart and is adjacent to a future strip center, a Chinese Restaurant, Japanese Steakhouse, O' Charley' s, Casual Male, Longhorn Steakhouse, T.G.I. Friday' s, Exxon, KFC, and Steak Escape. Within a 1D 2 mile from the subject property lies a Home Depot, Wal-Mart Supercenter, Sam' s Club, Staples, Petland, Toys R Us, OfficeMax, Kohl' s, Goody' s, Michael' s, Books-A-Million, Shoe Carnival, and approximately 14 restaurants.

The tenant, Country Road 3054, Inc., has signed a 25-year NNN Lease that commenced rent on January 18, 2005. The Lease contains a rental escalation of 10% in Lease Year 6 and 7.5% rental increases every 5 years thereafter, including the three (3), five (5) year option periods. The tenant is a multi-unit franchisee (approximately 14 locations) with restaurants in Maryland, Northern Virginia, Washington D. C. and has the rights to the entire state of West Virginia. Currently in West Virginia, the franchisee has 5 restaurants in West Virginia open for business. The franchisee was with IHOP corporate for 10+/- years in the operations department and has been a franchisee of IHOP for approximately 10-years.

Map of 46 RHL Blvd, Charleston, WV 25309 (Kanawha County)

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Created 4/10/2007