1215 Woodland Blvd Deland, FL 32720-2211

Property Details for 1215 Woodland Blvd

Year built

1977

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.72 lot acres

Property size

2,864 SF

Zone code

C-2

Property type

Warehouses

APN

7004-02-08-0011

APU

700402080011

Description

This exceptional investment opportunity presents a fee-simple, single-tenant, absolute triple-net (NNN) leased IHOP restaurant in DeLand, Florida. The 2,864 square foot property sits on a 0.72-acre lot and boasts a strong 6.00% cap rate, generating a net operating income (NOI) of $127,382. Built in 1977 and renovated in 2019, the restaurant benefits from a highly visible location on N Woodland Blvd, experiencing approximately 29,000 vehicles passing daily. Its strategic position between DeLand Municipal Airport and downtown DeLand, coupled with its proximity to Stetson University (less than 2 miles) and national retailers like Aldi, Lowe's, Publix, and Tractor Supply Co., ensures a robust customer base. The current lease with Sunshine Restaurant Partners, a significant IHOP franchisee with over 150 locations in Florida, commenced February 1, 2019, and extends to February 18, 2034, offering a remaining term of 9.5 years. The lease includes rent bumps and six, 5-year lease options. This is a passive investment opportunity with a national tenant, minimal landlord responsibilities, and significant upside potential. The property's strong financials, prime location, and long-term lease make it an attractive addition to any portfolio.