800 Cloverleaf Plz Kannapolis, NC 28083

This exceptional investment opportunity presents a brand-new, 5,280 square foot IHOP restaurant in Kannapolis, NC. Located at 800 Cloverleaf Plaza, this single-tenant property boasts a 15-year absolute NNN lease with a strong tenant, Suncakes, LLC, a subsidiary of Sun Holdings, the second-largest IHOP franchisee in the U.S. The lease features attractive 10% rent bumps every five years and includes three five-year renewal options, extending the lease term to 2039. The property sits on a 1.1-acre lot, offering excellent visibility and accessibility on S Cannon Blvd, with daily traffic counts exceeding 29,000 vehicles. Its proximity to I-85 (112,098 CPD) further enhances its strategic location. The site is part of a vibrant shopping center anchored by Ross, Dollar General, Harbor Freight Tools, and Gabe's, and is near numerous other major retailers including Walmart, Target, and Home Depot. The surrounding area boasts a strong demographic profile, with a total population of 107,853 within a five-mile radius and an average household income exceeding $112,596 within one mile. The property's strong tenant, favorable lease terms, and prime location make it an ideal investment with a 5.50% cap rate and a current NOI of $210,000. The building, constructed in 2024, is a single-story structure with C zoning. This is a fee-simple ownership opportunity.