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IHOP / Sprint I-20 at SR 142, covington, Georgia, 30014

 
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Verified : 12/9/2013 Sold

IHOP / Sprint I-20 at SR 142, covington, Georgia, 30014

$4,100,000.00   / ForSale

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Property Highlights

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$4,100,000.00
Sale Price:
$4,100,000.00
Price/SF:
Unlisted
CAP Rate (%):
7.5
NOI:
Unlisted
Net Lease:
Unlisted
Gross Leasable Area (SF):
7,500
Total Lot Size (SF):
Unlisted
Occupancy (%):
Unlisted
Population Range:
Unlisted
Household Income:
Unlisted
Traffic Counts:
Unlisted
County:
Unlisted
Zoning:
Unlisted
Market:
Unlisted
Submarket:
Unlisted
Lot:
Unlisted
Block:
Unlisted
Bldg. Size:
Unlisted
Net Rental Area:
Unlisted
Number Of Floors:
Unlisted
Number Of Units:
Unlisted
Year Of Build:
Unlisted
Year Of Renovation:
Unlisted
Vacant SF:
Unlisted
Price/SF:
Unlisted
Parcel Number:
Unlisted
Tenancy Type:
Unlisted
Construction Status:
Unlisted
Construction Type:
Unlisted
Sprinkler:
Unlisted
Owner Occupied:
Unlisted
Parking Ratio:
Unlisted
Parking Cost:
Unlisted
Mass Transit:
Unlisted
CAM:
Unlisted

Property Description

This offering is a 2 Tenant IHOP & Sprint Store (corporate), located in Covington, Georgia. Covington is part of the Atlanta MSA and about 25 minutes from downtown Atlanta. The property is located on a Wal-Mart Supercenter Outparcel, with visibility to Interstate 20 and the main highway. It is adjacent to McDonalds, as well as other retailers and restaurants. This location is leased to a well established IHOP franchisee (Top 1% rated in the nation) on a 20 year absolute NNN lease with 10% increases every 5 years. The second tenant is a Corporate Sprint store, with 10 year NN lease, also with 10% increases every 5 years. The property is currently under construction with an anticipated rent commencement of May to June, 2013. IHOP manages the Sprint side of the property, freeing it from the owners duties.

Location Description

This IHOP / Sprint occupies an excellent location, adjacent to a Wal-Mart Supercenter. It is located just off Interstate 20; approximately 30 minutes from downtown Atlanta. Other national retailers include Home Depot and McDonald's, who recently moved from about a mile away as they wanted this superior location near the interstate and in front of Wal-Mart. There are over 115,000 people within the 10 mile trade area for this location with an average HH income over $58,000. Additionally, there is a very strong daytime population of over 6,200 employees within 1 mile and over 17,000 within 5 miles.