2103 W Happy Valley Rd
Phoenix, AZ 85085
IHOP · Retail Property For Sale

The subject property is an IHOP open 24 hours per day and tenanted by Romulus, Inc. who operates 110 IHOP locations and brought in more than $200 million in sales in 2018. There are 10 years remaining on this absolute net lease guaranteed by Romulus, Inc. The lease calls for 10% rental increases every five years and one, 10-year option to renew. The rent is due to increase by 10% approximately one year after purchase. The site is directly neighbored by large regional shopping centers Happy Valley Towne Center and Shops at Norterra sitting at a combined 1,150,000 square feet and housing over 100 national and regional retailers including but not limited to Walmart, Lowe’s, Petco, Cost Plus, Dicks Sporting Goods, Men’s Wearhouse, P.F. Chang’s, Anytime Fitness, Buffalo Wild Wings and more. The property sits strategically one block north of Residence Inn by Marriott and Courtyard by Marriott. Directly behind the property is a new development from Best Western which will be their first dual-branded Best Western Plus/Executive Residency hotel. Once it is built, the property will have 51 Best Western Plus guest rooms and 46 Executive Residency rooms. With close proximity to the Interstate 17 off/on ramp, the property sees approximately 127,000 vehicles pass its doors each day. All of this retail is amply supported by the growth in the direct area with an increase in population of more than 35%, an increase in households of more than 40%, and an increase in household income of more than 28% in the last 20 years.