IHOP 150 SE Alices Rd 5,000 SF Retail Building Waukee, IA 50263 $4,224,000 ($844.80/SF) 6.25% Cap Rate

Bang Realty is pleased to exclusively market for sale a single tenant net leased IHOP property positioned within the Des Moines MSA in Waukee, Iowa.
The property was constructed for IHOP in 2019 with a long-term lease running through February 2039. The lease is absolute triple net,
presenting no landlord responsibilities. It includes significant rental escalations, with the next increase of 14% scheduled for 2029. It also
contains one 5-year renewal option. The property is leased to an experienced IHOP franchisee, who personally guarantees the lease.
The 4,700 square-foot building is ideally positioned just off Hickman Road, the area’s primary retail corridor, which sees over 28,500 vehicles per
day. The property is located in an affluent community with an average household income exceeding $166,000 within a three-mile radius. It sits
on an outparcel to the new 62-acre Waukee Towne Center, a major mixed-use development anchored by Target (now open). The Waukee Towne
Center will include an 8-acre lake with a fountain, amphitheater, playground, and seasonal ice-skating rink, serving as a significant regional
draw. Additional national retailers in the immediate area include Hy-Vee, ALDI, Ford/Lincoln, Starbucks, Chase Bank, Chipotle, McDonald’s,
Culver’s, Caribou Coffee, Hawaiian Bros, Slim Chickens, and many others. Over 99,000 residents live within a five-mile radius, supporting strong
retail demand.
IHOP, officially known as the International House of Pancakes, is a beloved American restaurant chain specializing in breakfast foods, particularly
its signature pancakes. Founded in 1958 in Toluca Lake, California, by Al and Jerry Lapin, IHOP has grown from a single location to over 1,600
restaurants across the United States and internationally, operating in countries such as Mexico, Canada, and the Middle East.