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IHOP - LEXINGTON, NC 11 Plaza Pky

4,526 SF Retail Building Lexington, NC 27292 £1,695,569 (£375/SF) 6% Net Initial Yield

Investment Highlights

  • Brand new 15-year Absolute NNN lease with attractive 10% rental escalations every 5 years with three 5-year options to renew
  • Located in dominant retail corridor (pad site to a Belk, Tractor Supply & Ollie's Bargain Outlet Shopping Center) on a large ±1.25-acre lot
  • 2024 DEMOGRAPHICS: Total Population (5-MI): 89,904 | Average Household Income (1-MI): $81,379
  • Suncakes, LLC is a 34-unit operator wholly owned by Sun Holdings (2nd largest franchisee in the U.S.) with over 1,500 units across multiple brands
  • East of Cotton Grove Rd with traffic counts of 26,248 CPD (just north of I-85 with traffic counts of 62,228 CPD)

Executive Summary

(Building & Land) Fee Simple

Property Facts

Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Restaurant
Building Size
4,526 SF
Building Class
B
Year Built
2024
Price
£1,695,569
Price Per SF
£375
Net Initial Yield
6%
NOI
£101,719
Tenancy
Single
Number of Floors
1
Building FAR
0.08
Lot Size
1.25 AC
Zoning
B3 - Highway Business
Frontage
353 ft on Plaza

Amenities

  • Pylon Sign
  • Restaurant
  • Signage
  • Air Conditioning

MAJOR TENANTS

  • Tenant
  • Industry
  • SF OCCUPIED
  • RENT/SF
  • Lease End
  • IHOP
  • Accommodation and Food Services
  • 4,526 SF
  • -
  • Sep 2039
Tenant Industry SF OCCUPIED RENT/SF Lease End
IHOP Accommodation and Food Services 4,526 SF - Sep 2039

Links

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Nearby Major Retailers

Cracker Barrel Old Country Store
IHOP Restaurant
Freddy's
Cook Out
Starbucks
Applebee's
Waffle House
Lidl
Planet Fitness
Sunbelt Rentals

PROPERTY TAXES

Parcel Number 11-347-0-000-0048-G-0-0 Improvements Assessment £0
Land Assessment £0 Total Assessment £854,881

PROPERTY TAXES

Parcel Number
11-347-0-000-0048-G-0-0
Land Assessment
£0
Improvements Assessment
£0
Total Assessment
£854,881
(214) 643-6097

Contact

  • Listing ID: 33476496

  • Date on Market: 10/10/2024

  • Last Updated:

  • Address: 11 Plaza Pky, Lexington, NC 27292

The Retail Property at 11 Plaza Pky, Lexington, NC 27292 is currently available for sale. Contact Commercial Investment Advisors, INC for more information.

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© 2024 CoStar Group

IHOP - LEXINGTON, NC | 11 Plaza Pky
(214) 643-6097 x

IHOP - LEXINGTON, NC | 11 Plaza Pky

Kendall Carlsen

(214) 643-6097

(214) 643-6097

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