46 RHL Blvd
Charleston, WV 25309 ·
5,000 SF · Retail For Sale
IHOP Charleston, West Virginia
|Building Size||5,000 SF||Occupancy||100%|
|Property Type||Retail||No. Stories||1|
|Property Use Type||Investment||Year Built||2004|
|Commission Split||2%||Lot Size||1 AC|
|Listing ID: 15083730||Date Created: 04/10/2007||Last Updated: 04/19/2007|
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.
- Great Retail Location
- Strong IHOP Franchisee
- NNN Investment Property
- Personal Guarantee from Tenant
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