This property is Off-Market

24140 Ford Road
Dearborn Heights, MI 48127 ·

5,600 SF · Retail For Sale

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IHOP Restaurant

Price N/A Cap Rate 8.25%
Building Size 5,600 SF Occupancy 100%
Property Type Retail Tenancy Single
Property Sub-type Restaurant Year Built 2006
Property Use Type Net Lease Investment with 10+ years left on lease Lot Size 13,929 SF
Commission Split 1.5%
Listing ID: 15952613 Date Created: 10/21/2008 Last Updated: 01/14/2011

Description

The subject property is a 5,600 square foot IHOP Restaurant located on a 13,929 square foot parcel. The property is leased to Trinity Restaurant Group, an IHOP franchisee, under a 16-year NNN lease with 10% rent increases every 5 years. Trinity Restaurant Group was rated the #1 IHOP franchisee in 2007 and currently operates 4 locations in Michigan with 5 area units planned in the near future. The unit has a strong sales history and steady year over year sales increases.

IHOP is a leader in the family dining segment of the restaurant industry with 21 consecutive quarters of same-store sales growth and annual franchise restaurant openings that significantly outpaces the competition.

The property is located at the intersection of State Highway 153 (Ford Road) and State Highway 24 in Dearborn Heights, Michigan. Dearborn Heights is located in the central part of Wayne County on the periphery of heavily populated areas of Detroit and Dearborn. Typically a "bedroom community," it is composed of pleasant and well-maintained residential areas. Dearborn Heights has access to Interstate 94 and 96 Freeways and is within a 15 minute drive of Detroit Metropolitan Wayne County Airport, bringing virtually any place in the region within easy travel. Wayne County is located in southeastern Michigan, encompassing approximately 623 square miles. It is made up of 33 cities, including the city of Detroit, 10 townships, one village and 41 public school districts. Its population of approximately 2.1 million makes it the most populous county in the State of Michigan and the eleventh most populous county in the Nation.

Highlights

  • New NNN Lease with 10% Rent Increases Every 5 Years
  • Excellent Location at the Intersection of Ford Road & State Hwy 24 - Traffic Counts of 47,500 Vehicles Per Day
  • The Tenant was Rated the #1 IHOP Franchisee in 2007
  • Almost Zero Area Competition - Only IHOP or Denny's in the City, Nearest Denny's is 8 Miles Away, Nearest IHOP is 5 Miles Away
  • IHOP's Parent Company, DineEquity, Inc., is the Largest Full Service Restaurant Company in the World
  • Located in Wayne County - the 11th Most Populous County in the Nation (Population of Approx. 2.1 Million)

Research

24140 Ford Road, Dearborn Heights, MI 48127 (Wayne County)

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