IHOP

Overview

Once known as the International House of Pancakes, IHOP is a long-standing chain serving an assortment of pancakes & other American dishes. IHOP offers pancakes, crepes, waffles, eggs and a wide variety of breakfast and brunch dishes.

Lowest Cap Rate

3.44%

Lowest cap rate over past 24 months

Average Cap Rate

5.41%

12 mo avg with 5+ yr lease term

Average Property & Lease
Average Sale Price $2,250,000 - $2,750,000
Average NOI $125,000 - $165,000
Building SF 4,500 - 5,000
Lease Term 20 - 25 Years
Escalations Varies
Stock Symbol NYSE:DIN
CREDIT RATING
S&P

N/A

Moody's

N/A

Tenant Description

The International House of Pancakes, LLC started in Glendale, CA, and is still operates as a franchise. Although the parent company is known as DineEquity, Inc., nearly every ‘IHOP’ is run independently by franchisees.

In 2008, IHOP changed its name to DineEquity after the acquisition of Applebee’s restaurant chain, and expanding its conglomerate into a new phase of market growth. With over fifteen hundred properties throughout the United States, Washington D.C., as well as internationally, IHOP continues their sole focus on serving truly delicious breakfast and brunch selections. Everything from pancakes and specialty omelettes, to French toast and brunch selections can be found on their menus.

PROS
  • Larger size lots from 4/5 to 1 1/2 acres
  • Leasing rent increases are common, but not always standard
  • Reinvigoration of conceptual models, leading to upgrades
CONS
  • Volatile restaurant industry may see fluctuations in sales
  • Majority are franchisee, variable risk with operators
COMPANY QUICK STATS
Founded 1958
Headquarters Glendale, California
Number of Locations 1,841
Revenue $0.3496 B
Company Website https://www.ihop.com
Key Principal Steve Joyce

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