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IHOP - KANNAPOLIS, NC 800 Cloverleaf Plz 5,280 SF Retail Building Kannapolis, NC 28083 $2,960,000 ($560.61/SF) 6.25% Cap Rate
Investment Highlights
- Absolute NNN Lease – No landlord obligations; 15-year initial term.
- Top-Tier Franchisee – Operated by Sun Holdings (1,500+ unit operator).
- High-Traffic Location – I-85 corridor exposure, 140,000+ combined CPD.
- 10% Rent Increases Every 5 Years – Built-in NOI growth
- Pad to National Tenants – Exceptional co-tenancy and customer traffic.
Executive Summary
The lease is guaranteed by Suncakes, LLC, a proven 34-unit IHOP operator wholly owned by Sun Holdings, Inc.—the second-largest franchisee in the United States, with over 1,500 units across multiple nationally recognized brands. This robust corporate backing significantly reduces tenant risk, making it an ideal asset for 1031 exchange buyers, private investors, and REITs seeking creditworthy, long-term leased assets.
Situated on a ±1.10-acre pad site directly off S. Cannon Boulevard (29,149 CPD) and just 1/4 mile north of Interstate 85 (112,098 CPD), the property offers excellent visibility, ingress/egress, and regional accessibility. The strong daily traffic counts and proximity to major thoroughfares enhance both customer draw and long-term site value.
The IHOP sits within a bustling power center environment, pad to Ross, Dollar General, Harbor Freight Tools, and Gabe’s, and adjacent to Home Depot. The immediate 5-mile radius is saturated with high-performing national retailers including Walmart, Target, Sam’s Club, Lowe’s, Kohl’s, Marshalls, Burlington, Hobby Lobby, Academy Sports, ALDI, PetSmart, and more—offering substantial built-in consumer traffic and complementary retail synergy.
In Association with Designated Broker:
Brian Brockman – Broker
License #: 298998
Bang Realty, Inc
bor@bangrealty.com
513-898-1551
Property Facts
Amenities
- Freeway Visibility
- Restaurant
- Signage
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
-
- Accommodation and Food Services
- -
- -
- Sep 2022
Since 1958, IHOP® has been the place where people connect over breakfast, enjoy study breaks, grab a bite before or after sporting events, and so much more. And no matter what menu items they order, there’s one ingredient that’s always constant — a smile. They've seen millions of smiles over the years in their restaurants, and now shared in photos across their social properties. In fact, smiles are so much a part of their culture that they changed their logo to include one. This is just one of the many fun and exciting changes customers can expect from IHOP®. Because they know the shortest distance between two people is a smile. For more than 63 years, IHOP has been a leader, innovator and expert in all things breakfast, any time of day. The chain offers numerous different signature, fresh, made-to-order breakfast options, a wide selection of popular lunch and dinner items, including Ultimate Steakburgers.
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
|
|
Accommodation and Food Services | - | - | Sep 2022 |
Nearby Major Retailers
Property Taxes
| Parcel Number | 5622-02-7659-0000 | Improvements Assessment | $1,035,120 |
| Land Assessment | $1,494,980 | Total Assessment | $2,530,100 |
Property Taxes
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IHOP - KANNAPOLIS, NC | 800 Cloverleaf Plz
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