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Marcus & Millichap Brokers Close $2.4M Sale Of IHOP Property In Springfield

Property Image
SOLD
$2,400,000
Mark Ruble
Chris Lind
Steven Weinstock

Illinois

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Retail4,480 SF
Sold 02/20/2024
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Property Image
SOLD

Marcus & Millichap Brokers Close $2.4M Sale Of IHOP Property In Springfield

2600 South Sunrise Drive

See Similar Deals
Retail4,480 SF
Sold 02/20/2024
Mark Ruble
Chris Lind
Steven Weinstock
the dealplayerscompscontact
Contact now

Summary

ILLINOIS
Asset Type:Retail
Price Per Square Foot:$535
Total Square Footage:4,480 SF
Transaction Type:Sale

The 4,480-square-foot IHOP property located at 2600 Sunrise Drive in Springfield was sold for $2.4 million. The transaction was facilitated by Marcus & Millichap brokers Chris Lind, Mark Ruble, and Steven Weinstock. The property features a triple-net lease with a franchisee, which includes 10 percent rental increases every five years.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $2,400,000
  • Address: 2600 Sunrise Drive
  • Market: Springfield
  • Square Footage: 4,480
  • Price per Square Foot: $536

Steven Weinstock assisted in closing the deal for the IHOP property in Springfield. This transaction marks the successful sale of the property, reflecting the collaboration between Marcus & Millichap brokers Ruble, Lind, and Weinstock in securing a lucrative deal for all parties involved.

Players

Steven Weinstock
Marcus & Millichap
Steven Weinstock
19 deals$73.1M volume
BROKER
Chris Lind
Marcus & Millichap
Chris Lind
36 deals$230.3M volume(602) 687-6780
BROKER
Mark Ruble
Marcus & Millichap
Mark Ruble
38 deals$252.4M volume
BROKER

Details

SOLD
IMAGE: Chris Lind, Mark Ruble & Steven Weinstock DATE: 02/20/2024 ADDRESS: 2600 Sunrise Drive MARKET: Springfield ASSET TYPE: Retail BROKERS: Chris Lind, Mark Ruble & Steven Weinstock - Marcus & Millichap (@MarcusMillichapinc) SALE PRICE: $2,400,000 SF: 4,480 ~ PPSF: $536 NOTE: Marcus & Millichap brokers Mark Ruble and Chris Lind facilitated the $2.4 million sale of a 4,480-square-foot IHOP property in Springfield, with Steven Weinstock assisting in closing the deal, including a triple-net lease with a franchisee featuring 10 percent rental increases every five years.

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Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$8,526.70
Cash-on-Cash Return-1.27%
Monthly Debt Service$11,377.22
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