11 Plaza PkwyLexington, NC 27292

Property Details for 11 Plaza Pkwy

Year built

2024

Lot size

1.25 AC

Property size (Sq ft)

4,526 SF

Property type

Retail properties

Property subtype

Restaurants

Description

This exceptional investment opportunity presents a brand-new, 4,526-square-foot IHOP restaurant in Lexington, North Carolina. The property boasts a 15-year absolute NNN lease with Suncakes, LLC, a subsidiary of Sun Holdings, the second-largest franchisee in the US. The lease features attractive 10% rent escalations every five years and includes three five-year renewal options, ensuring long-term stability and predictable income growth. Located on a 1.25-acre lot in a dominant retail corridor, the property benefits from high visibility and significant traffic counts. The site is conveniently situated near major retailers such as Belk, Tractor Supply, and Ollie's Bargain Outlet, further enhancing its appeal and potential for strong performance. The property's strategic location, coupled with the strength of the IHOP brand and the tenant's financial stability, makes this an exceptional investment opportunity with a 5.50% cap rate and a current NOI of $130,000. Built in 2024, this single-unit property is zoned C and offers a compelling combination of strong tenant, favorable lease terms, and prime location. The surrounding area boasts a robust population of 89,904 within a five-mile radius and an average household income of $81,379 within one mile, indicating a strong consumer base. This property is a fee-simple ownership of both the building and land.

Location Insight

City

Lexington

County

Davidson

State

North Carolina

Latitude

35.783

Longitude

-80.2572

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