IHOP Oakland Park, Florida

$1,800,000
Closed Single-Tenant
Property type: Single-Tenant Net Lease

The space

  • Price: $1,800,000
  • NOI: $135,036*
  • Rentable Square Feet: 2,888
  • Price PSF: $623.27
  • Land Area: 0.51 Acres
  • Year Built: 1972
  • Lease Type: NNN

Description

3101 W. Oakland Park Blvd
Oakland Park, FL 33311

Investment Highlights

• IHOP has been Operating at this Location Since 1972, Showing a Strong Commitment to the Site
• Largest IHOP Franchisee with Over 150 Restaurants Throughout Florida and Southern Georgia
• Long Term, Triple Net (NNN) Lease with Two Years Remaining
• Three, Five-Year Renewal Options
• Annual Rent is Based on Eight Percent of Gross Annual Sales

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a freestanding, IHOP restaurant in Oakland Park, Florida. This IHOP has a long-term, triple net (NNN) lease with two years remaining. There are three, five-year renewal options and the annual rent is based on eight percent of gross annual store sales.

The tenant is Sunshine Restaurant Partners which is one of the largest IHOP franchisees with over 150 restaurants throughout Florida and Southern Georgia. In addition, IHOP has been operating at this location since 1972, showing a strong commitment to the site.

The subject property is located at the signalized intersection of Oakland Park Boulevard and M.L.K Jr Avenue with a combined daily traffic count of 107,000 vehicles and is an outparcel to the USA Oakland Park Flea Market Mall.

Surrounding national retailers include Walmart Supercenter, Home Depot, Lowe’s, Rooms To Go Outlet, Aldi, Ross, Burlington, Save A Lot, YouFit, Office Depot, Family Dollar, Walgreens, CVS, Popeyes, McDonalds, Dunkin Donuts, Taco Bell and many more. Located in Broward County which has a total population of 1.9 million people, and three miles north of Fort Lauderdale, there is a population of more than 470,000 within a five-mile radius of the subject property.

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