2406 William Street | IHOP
Freestanding IHOP in Cape Girardeau, Missouri, offered at $2,000,000 at a 7.25% cap ($145,000 NOI) on an absolute NNN lease. The sale-leaseback structure includes a new 10-year lease with 10% rent increases every five years and four additional five-year renewal options, providing long-term income certainty with zero landlord responsibilities.
Built in 2004 and renovated in 2014, the 5,030 SF building sits on a 1.01-acre parcel with 75 parking spaces along William Street, just off I-55 approximately 100 miles from St. Louis. The property operates as an outparcel to Schnucks on a major retail corridor with strong visibility and accessibility. The surrounding area is anchored by Walmart, Tractor Supply, Hobby Lobby, Aldi, Harbor Freight, CVS, and Walgreens. The tenant is an experienced multi-concept operator with a proven track record across multiple franchise systems. The location has operated successfully for more than 12 years and recently transitioned to a 24-hour model, creating additional revenue growth potential. The property maintains strong unit-level sales and a favorable rent-to-sales ratio.
- Absolute NNN lease with zero landlord responsibilities
- 10-year initial term plus four five-year renewal options
- 10% rent increases every five years
- Recently converted to 24-hour operations
- Strong outparcel location anchored by Schnucks with established national retailers nearby
- Experienced multi-concept operator with proven track record
More property details
Location & transit
Buses
Current Real Estate Advisors is pleased to offer IHOP – Cape Girardeau, a freestanding, single-tenant property featuring approximately 5,030 SF on a 1.01-acre parcel in Cape Girardeau, Missouri. The property is secured by an Absolute NNN lease, providing investors with a fully passive income stream and no landlord responsibilities. The offering is structured as a sale-leaseback, with a new 10-year lease to be executed at closing, including 10% rent increases every five years and four additional five-year renewal options, demonstrating the operator’s long-term commitment to the location. The tenant is an experienced multi-concept operator with a proven track record across multiple brands and franchise systems, while the property has maintained strong unit-level sales and a favorable rent-to-sales ratio. Operating successfully for more than 12 years, the location recently transitioned to a 24-hour model, creating an additional opportunity for revenue growth. Situated just off I-55, approximately 100 miles from St. Louis, the property serves as an outparcel to Schnucks along a major retail corridor and benefits from strong visibility and accessibility. The surrounding area features a variety of established national and regional retailers, including Walmart, Tractor Supply, Hobby Lobby, Aldi, Harbor Freight, CVS, and Walgreens. Overall, IHOP – Cape Girardeau offers investors a compelling opportunity to acquire stable, long-term income-producing real estate backed by an experienced operator and strong underlying market fundamentals.
Transit data provided by Google. Times and distances are estimates.