IHOP - Saint Joseph, MO

Long-Term ABS NNN Lease | 22+ Years Remaining: The tenant has a 22+ year absolute NNN lease with zero landlord responsibilities and built-in 7.5% rent increases every five years.
Three Additional Five-Year Options: Beyond the primary term, the tenant holds three renewal options, providing potential occupancy through 2063.
Inflation-Protected Income: 7.5% rent bumps every five years drive the yield from a 6.50% entry cap to 8.68% over the base term, with option period floors reaching 10.79%.
High-Traffic Retail Corridor: Situated on N. Belt Highway, the primary north/south commercial artery in St. Joseph, MO, ensuring consistent daily traffic and retail activity.
Direct Interstate 29 Access: Proximity to I-29, a major north-south corridor connecting Kansas City to Omaha, captures significant transient and regional customer volume.
Established National Retail Synergy: Surrounded by a complementary cluster of high-traffic national brands including Walmart, Lowe’s, Home Depot, Target, Dick’s Sporting Goods, Walgreens, McDonald’s, and Culver’s, driving consistent repeat visitation and reinforcing the long-term value of the underlying real estate.
Dominant Breakfast Brand: IHOP is a household name with over 1,800 locations nationwide, franchised under Dine Brands Global, Inc. (NYSE: DIN).
Experienced Franchisee: An established multi-state IHOP operator managing 16 locations across Kansas, Missouri, and Texas.

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