Cap Rate: 5.50%
Net Operating Income: $218,170
Square Footage: 4,953
Lot Size: 1.32 AC
Year Built: 2011
The subject property is a 4,953 square foot IHOP located in Spring Lake, North Carolina. IHOP is subject to an absolute NNN lease with over 12.5 years remaining on the initial term. The lease calls for 1.25% increases in rent annually including during the option periods. There are zero landlord obligations.
The property is just 1.5 miles from the main entrance to Fort Bragg. Fort Bragg is the largest military base in the United States and has over 54,000 troops and 14,000 civilians work on post. This IHOP also benefits from heavy traffic counts of 47,000 VPD.
Fayetteville is a city in Cumberland County, North Carolina. Fayetteville is best known as the home of Fort Bragg, a major US Army installation Fayetteville has received the All-America City Award from the National Civic League three times. Fayetteville has a population of over 200,000 residents. Fayetteville is among the fastest-growing areas in the state.
Fort Bragg is the backbone of the area’s economy. Fort Bragg and Pope Field pump about $4.5 billion a year into the region’s economy making Fayetteville one of the best retail markets in the country. About 50,000 military personnel are stationed at Fort Bragg and Pope Field.
Fayetteville serves as the region’s hub for shops, restaurants, services, lodging, healthcare and entertainment. The Fayetteville area has a large and growing defense industry. Eight of the ten top American defense contractors are located in the area, including Lockheed Martin, Boeing, Northrop Grumman, General Dynamics, and L-3 Communications.