CAP Rate: 6.50%
Net Operating Income: $385,533
Lot Size: 1.52 AC
Year Built: 2008
The subject property is a 4,997 square foot IHOP located in Albuquerque, New Mexico. The property is just 1/4 mile from Albuquerque International Airport Sunport and is surrounded by major hotel chains including Holiday Inn Express, Comfort Inn, Residence Inn and many others. IHOP has over nine years remaining on the initial 20 year lease. The lease calls for zero landlord obligations and the tenant has two 5 year options to renew.
Albuquerque is the most populous city in the state of New Mexico. It is a high-altitude city and serves as the county seat of Bernalillo County, and it is situated in the central part of the state, straddling the Rio Grande. The city population was 555,417 as of the July 1, 2012, population estimate from the United States Census Bureau, and ranks as the 32nd-largest city in the U.S. The Albuquerque MSA has a population of 902,797 according to the United States Census Bureau’s most recently available estimate for July 1, 2013.
Albuquerque is the 59th-largest United States metropolitan area. The Albuquerque MSA population includes the city of Rio Rancho, Bernalillo, Placitas, Corrales, Los Lunas, Belen, Bosque Farms, and forms part of the larger Albuquerque – Santa Fe – Las Vegas combined statistical area, with a total population of 1,163,964 as of the July 1, 2013 Census Bureau estimates. With its population growing bigger over the years, Albuquerque is the fastest growing city in New Mexico by population.