Current Use by Public Records
- IHOP / Restaurant
- I Hop / Restaurant
Property Details for 11 Plaza Pkwy
- Year built
- 2024
- Lot size
- 1.25 lot acres
- Property type
- Retail properties & Spaces
- Property subtype
- Restaurants
Description
This exceptional investment opportunity presents a brand-new, 4,526-square-foot IHOP restaurant in Lexington, North Carolina. The property boasts a 15-year absolute NNN lease with Suncakes, LLC, a subsidiary of Sun Holdings, the second-largest franchisee in the US. The lease features attractive 10% rent escalations every five years and includes three five-year renewal options, ensuring long-term stability and predictable income growth. Located on a 1.25-acre lot in a dominant retail corridor, the property benefits from high visibility and significant traffic counts. The site is conveniently situated near major retailers such as Belk, Tractor Supply, and Ollie's Bargain Outlet, further enhancing its appeal and potential for strong performance. The property's strategic location, coupled with the strength of the IHOP brand and the tenant's financial stability, makes this an exceptional investment opportunity with a 5.50% cap rate and a current NOI of $130,000. Built in 2024, this single-unit property is zoned C and offers a compelling combination of strong tenant, favorable lease terms, and prime location. The surrounding area boasts a robust population of 89,904 within a five-mile radius and an average household income of $81,379 within one mile, indicating a strong consumer base. This property is a fee-simple ownership of both the building and land.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Lexington
- County
- Davidson
- State
- North Carolina
- Longitude
- -80.2572
- Latitude
- 35.783
