800 Cloverleaf Plz Kannapolis, NC 28083
- Banks
- 5,280 SF
Current Use by Public Records
- Pardon My Cheesesteak / Restaurant / Cheesesteak Restaurant
- TenderFix by Noah Schnapp / Fast Food Restaurant / Vegetarian Restaurant
- IHOP / Breakfast Restaurant / American Restaurant
Property Details for 800 Cloverleaf Plz
- Year built
- 2024
- Property size
- 5,280 SF
- Property type
- Banks
Description
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.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Kannapolis
- County
- Cabarrus
- State
- North Carolina
- Longitude
- -80.6092031
- Latitude
- 35.4502432
