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4/22/08
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TRI Commercial of Sacramento and The Andover Company of Seattle are pleased to present for sale an outstanding trophy portfolio of two absolute Triple Net corporate guaranteed IHOP Restaurants, located in Federal Way and SeaTac, Washington.
20402 International Blvd, SeaTac |
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178 SW Campus Dr, Federal Way |
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These two IHOP’s may be purchased individually as priced below or as a portfolio of two, both for $7,399,000 / $425, 641 NOI. Some highlights of this excellent and unusual investment include:
• 19+ Years remaining on the primary lease terms (25-Year original terms).
• Attractive 10% rental escalations every 5 years including the 3-5 year option periods.
• Corporate IHOP guarantee with IHOP Properties, Inc., NYSE Symbol IHP.
• Newer prototype construction, with excellent locations in established or high growth retail markets.
• Possible zero cash flow loan assumption with approximately $700,000 down.
(1% assumption fee).
Please click on the individual properties below to download the full marketing information:
FEDERAL WAY, WA
Price: $3,728,000 / 5.75% Cap Rate (6.325% Cap Rate in 2012)
SEATAC, WA
Price: $3,671,000 / 5.75% Cap Rate (6.325% Cap Rate in 2012)
For More Information:
BOB KING, CCIM
TRI COMMERCIAL REAL ESTATE
T (916) 669-4504
F (916) 669-4599
bking@tricommercial.com
View all of Bob’s listings
JEFF CRANE
THE ANDOVER COMPANY, INC.
T (206) 336-5336
F (206) 246-9229
jcrane@andoverco.com
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