3495 Baseline Rd Gilbert, AZ 85234-2651

Property Details for 3495 Baseline Rd

Year built

1999

Construction

STEEL FRAME

Lot size

1.07 lot acres

Property size

5,220 SF

Zone code

C-C

Property type

Turn key restaurants

APN

309-03-940

APU

30903940

Description

This exceptional investment opportunity presents a 5,049 square foot IHOP restaurant in Gilbert, Arizona, operating under a 16-year absolute triple-net (NNN) lease with a highly reputable franchisee. The lease, expiring October 24, 2040, includes a 7.5% rent increase every five years and multiple five-year renewal options, ensuring long-term, stable income. The property boasts a strong 5.00% cap rate and a substantial net operating income (NOI) of $135,000 annually. Built in 1999, this single-tenant property sits on a 1.07-acre lot at a prime location on East Baseline Road, benefiting from high traffic counts exceeding 74,350 vehicles daily. Its proximity to Highway 60 (207,938 cars per day) and the Village Square at Dana Park further enhances its visibility and accessibility. The property's central location within a short drive of both Downtown Gilbert and Downtown Mesa ensures consistent customer traffic. This is a rare opportunity to acquire a well-established, high-performing restaurant property with a secure, long-term lease and significant upside potential. The asking price is $2,700,000, representing a price per square foot of $534.76. The property currently enjoys 100% occupancy.

Location Insight

City

Gilbert

County

Maricopa

State

Arizona

Longitude

-111.756

Latitude

33.3787

CBSA code

38060

CBSA name

PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA

Property Tax & Assessments