Looking to buy an IHOP NNN property? 17 are observed for sale across 11 states, median asking cap rate 6.25%. View IHOP NNN properties for sale, cap rate bands and the 1031 buyer guide.
| Metric | Details |
|---|---|
| Parent | Dine Brands Global, Inc. (NYSE: DIN), Pasadena, California |
| S&P / Moody’s | NR / no verified rating |
| Investment grade status | Not Yet Verified |
| Restaurants | 1,796 franchised and area license IHOP restaurants and 17 company-owned (June 28, 2026, Form 10‑Q) |
| Franchisees | 228 domestic franchisees owned 1,672 U.S. IHOP restaurants; the largest owned 263 (December 28, 2025, Form 10‑K) |
| Median asking cap rate | See the live table below |
IHOP: no confirmed agency rating. No rating for IHOP has been verified against a primary source (an agency rating action or an issuer filing), so none is shown. If a rating is verified, it will appear here. Ratings checked September 27, 2026. See the investment grade credit tenant ratings table.
IHOP Business Overview
IHOP is a family dining brand of Dine Brands Global, which also owns Applebee’s and Fuzzy’s. As of June 28, 2026, there were 1,796 franchised and area license IHOP restaurants and 17 company-owned (Form 10‑Q). As of December 28, 2025, 228 U.S. franchisees owned 1,672 restaurants, and the five largest IHOP franchisees owned 32% of all franchised IHOP restaurants.
Under its previous IHOP business model, before 2003, IHOP generally leased or bought sites, built the restaurants and leased or subleased them to franchisees, which is why some IHOP properties have an IHOP entity as tenant; Dine Brands says these IHOP leases generally have initial terms of 20 to 25 years. As of December 28, 2025, 473 franchisee-operated IHOP restaurants were on sites Dine Brands leased from third parties, 48 were on sites it owned and 1,137 were on sites owned or leased by franchisees.
IHOP Credit Profile
Dine Brands has no public corporate credit rating that we have verified; its borrowings include securitized debt (Form 10‑K for 2025), and any agency ratings on those notes are not corporate ratings. A lease signed by an IHOP entity carries that entity’s obligation, while a franchisee lease carries the franchisee’s credit. Confirm the tenant entity and any guarantee.
Ratings come from our tenant ratings database, which records the source of each rating. A rating at or above BBB‑/Baa3 is investment grade; see the investment grade guide.
Source: No agency rating has been verified against a primary source. Ratings checked September 27, 2026.
IHOP NNN Cap Rates
Live asking cap rates for IHOP and comparable tenants:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| IHOP (rated entity: Dine Brands Global, Inc.) | NR / n/a | 6.25% | 6.00% to 6.91% | 17 | +101 bps |
| Applebee's (rated entity: Dine Brands Global, Inc.) | n/a / NR | 7.00% | 6.46% to 7.63% | 26 | +176 bps |
| Dollar General | BBB / Baa3 | 7.00% | 6.60% to 7.75% | 533 | +176 bps |
Active listings InvestmentGrade.com tracks with an asking cap rate (stated in the listing, or computed from its stated income and price when no rate is stated), listings last observed October 12, 2026. Asking cap rates are not closed-sale cap rates. The middle half is the range from the 25th to the 75th percentile of listings. The 10-year Treasury yield is 5.24% as of October 1, 2026 (FRED series DGS10). Ratings are the agency ratings in our ratings database for the entity shown, which may be a parent company; the rating type (for example issuer, senior unsecured debt, long-term debt or revenue bond ratings) varies by company and is shown on each tenant page. A rating applies to a lease only if the rated entity signs or guarantees it, so confirm the tenant and any guarantor in the lease. n/a means no verified rating is on file. Not shown because fewer than 3 active listings with a published cap rate were observed: Dennys, Cracker Barrel.
An IHOP property may have an IHOP-entity lease or a franchisee lease, and the two can price differently. Compare a property with listings that have the same kind of tenant and term.
What to Check in an IHOP Lease
- Corporate or franchisee: whether the company or a franchisee signs the lease; most locations are franchised, and a franchisee lease carries that operator’s credit.
- Guarantee: any corporate or personal guarantee, and the financial strength of the guarantor.
- Location performance: ask for unit-level sales where the tenant will share them.
- Term and rent: remaining term, renewal options and the rent schedule; rent increases vary by lease.
- Re-use: the size of the building and the pool of possible replacement tenants.
Pros and Cons
| Strengths | Considerations |
|---|---|
| Long-established family dining brand | No verified public corporate rating |
| Some leases are signed by an IHOP entity under the older model | Many sites are owned or leased by franchisees, with franchisee credit |
| Restaurant buildings need re-use planning |
Frequently Asked Questions
Is IHOP investment grade?
No public corporate rating for Dine Brands or IHOP has been verified in our database.
How many IHOP restaurants are there?
As of June 28, 2026, 1,796 franchised and area license IHOP restaurants and 17 company-owned, according to Dine Brands’ Form 10‑Q.
Who signs an IHOP lease?
It depends. Under IHOP’s older business model, an IHOP entity often leased or subleased the restaurant to the franchisee. For most IHOP restaurants opened after 2003, the franchisee buys or leases the site, so the franchisee is often the tenant (Dine Brands Form 10‑K for 2025). Confirm the tenant and any guarantee.
Sources: Dine Brands Global, Inc. Form 10‑K for the year ended December 28, 2025 and Form 10‑Q for the quarter ended June 28, 2026.
IHOP Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market IHOP properties, review the lease and the tenant’s credit, and compare pricing with current listings. On the majority of transactions, there is no separate fee to you as the buyer; the listing broker pays a cooperating commission.
Selling: We can prepare an opinion of value from current listings and recent sales and, when it fits your goals, run a confidential sale to private investors, family offices and institutional buyers. See our guide to off-market sales.
Financing: Investment Grade Capital, a service of Investment Grade LLC, matches buyers and owners with lenders for acquisitions and refinancing.
1031 exchanges: Tell us your identification and closing deadlines so we can plan the search around them.
Request an NNN investment consultation or email team@investmentgrade.com.
Related NNN Tenants
IHOP NNN Properties Observed For Sale
17 active IHOP net lease listings observed across public listing sources, most recently Oct 9, 2026. Asking figures as published by the listing party.
| Location | Asking Price | Cap Rate | Building SF | Term Left | |
|---|---|---|---|---|---|
| Grand Island, NE | $2,400,000 | 6.50% | n/a | 15.0 yrs | View listing |
| West Valley City, UT | $2,660,000 | 7.84% | 3,932 | 1.1 yrs | View listing |
| Olathe, KS | $1,938,400 | 6.50% | 5,096 | 10.0 yrs | View listing |
| Cañon City, CO | $1,200,000 | 6.67% | 3,927 | 11.0 yrs | View listing |
| Westminster, CO | $3,411,566 | 6.00% | 5,200 | n/a | View listing |
| Rolla, MO | $2,112,000 | 6.25% | 4,646 | n/a | View listing |
| Cape Girardeau, MO | $2,000,000 | 7.25% | 5,030 | n/a | View listing |
| Kansas City, MO | $2,016,000 | 6.25% | 4,387 | 20.0 yrs | View listing |
Search all 17 observed IHOP listings and the full NNN inventory
Market observations aggregated from listing broker materials; not offerings by Investment Grade Income Property, LP. Buyer representation available on a cooperating commission basis. Information deemed reliable but not guaranteed.
