IHOP - Enid, OK | MATTHEWS

Absolute NNN Lease Structure: No landlord responsibilities. Tenant handles direct payment of taxes, insurance, maintenance, CAMs, and all property upkeep for truly passive ownership.
Recent 10-Year Lease Extension: IHOP recently executed a 10-year lease extension, confirming long-term commitment to the location and delivering extended income visibility for the buyer.
Healthy Rent-to-Sales Ratio: Property operates at a strong rent-to-sales ratio, ensuring healthy rent coverage relative to market performance and tenant strength. (Contact broker for detailed figures.)
Value-Add Opportunity | Naked Lease: Acquired at an 8% cap rate — well below replacement cost — investors benefit from immediate high yield plus future upside through rent increases, lease renegotiation, or re-leasing to a new tenant at the end of term.
Strong Retail Synergy & Traffic: Positioned in a robust retail corridor with over 21,000 vehicles per day (VPD) and surrounded by national tenants including Harbor Freight, Tractor Supply Co., Chick-fil-A, Take 5 Oil Change, Academy Outdoor Sports, McDonald’s, Popeyes, Walgreens, Walmart Supercenter, Lowe’s Home Improvement, and more.
Annual Rental Escalations: 1% annual increases built into the lease, providing consistent NOI growth throughout the hold period.
Naked Lease Flexibility: At lease expiration, investor can add substantial value by raising rent, renegotiating with IHOP, or backfilling with a new tenant on a fresh lease — maximizing long-term appreciation potential.

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Broker of Record

Kyle Matthews