12321 Chattanooga Plz
Midlothian, VA 23112
IHOP Ground Lease · Retail Property For Sale
INVESTMENT HIGHLIGHTS
- Property has a Ground Lease with just under 5 years remaining with three 5-year renewal options with 15% rent increases every 5 years.
- IHOP is an American multinational pancake house restaurant chain that specializes in breakfast foods.
- Currently, there are over 1,800 IHOP restau-rants around the world, including restaurants in all 50 states along with Canada, Mexico and Guatemala.
- Tenant on the lease is Richard S. Smith, Trustee of the Richard S. Smith 1990 Revocable Trust, which operates approximately 20 locations.
- Excellent demographics with nearly 122,000 residents in a 5-mile radius along with an average household income of $111,474.
PROPERTY FACTS
Property Type
Retail
Property Subtype
Restaurant
Building Size
5,000 SF
Building Class
B
Year Built
2000
Tenancy
Single
Building Height
1 Story
Building FAR
0.08
Lot Size
1.51 AC
Zoning
I1
PROPERTY TAXES
| Parcel Number | 737-68-03-39-600-000 | Improvements Assessment | $668,200 |
| Land Assessment | $1,121,500 | Total Assessment | $1,789,700 |
