This page tracks IHOP net lease properties observed for sale in the United States, refreshed automatically from listing broker materials, checks the tenant against the investment grade threshold, and walks through how to evaluate one before you make an offer. If you want the corporate credit story, the IHOP credit rating and cap rate profile covers it. This page is about the inventory: what is on the market, what it is asking, how the pricing breaks down by term, state and lease type, and how a buyer, especially a 1031 exchange buyer, should work through it.
IHOP: no confirmed agency rating. The long-term issuer ratings for IHOP have not yet been verified against a primary source (an agency rating action or an issuer filing). Investment Grade withholds the rating rather than publish a secondary-source figure; it will appear here once verified. Ratings checked September 27, 2026. Ratings change; confirm before relying on any figure here. See the IHOP credit rating and NNN cap rate profile and the investment grade credit tenant ratings table.
26 IHOP NNN properties observed for sale across 16 states as of October 2, 2026. Median asking cap rate 6.44% (range 5.00% to 8.50%). Median asking price $2.11M. Average remaining lease term 8.6 years (among 15 listings that state a term). Median building 4,769 SF. Figures update automatically from listing broker materials.
IHOP: no confirmed agency rating. The long-term issuer ratings for IHOP have not yet been verified against a primary source (an agency rating action or an issuer filing). Investment Grade withholds the rating rather than publish a secondary-source figure; it will appear here once verified. Ratings checked September 27, 2026. See the investment grade credit tenant ratings table.
IHOP NNN Properties For Sale: Latest Listings
Up to twelve of the most recently listed single-tenant IHOP properties with published pricing. Open any listing and register for full property data, including the address, location map and an IG summary with due diligence questions.
| Location | Asking Price | Cap Rate | NOI | Term Left | Built | Lease | |
|---|---|---|---|---|---|---|---|
| Kendallville, IN | $1,600,000 | 7.73% | $123,636 | n/a | 2000 | Not stated | Get full property data |
| Kannapolis, NC | $2,960,000 | 6.25% | $185,000 | n/a | 1998 | Not stated | Get full property data |
| Westminster, CO | $3,411,566 | 6.00% | $204,694 | n/a | 2000 | Not stated | Get full property data |
| Martinez, CA | $4,299,000 | 5.35% | $230,000 | n/a | 1991 | Not stated | Get full property data |
| Port Orange, FL | $3,333,333 | 5.85% | $195,000 | n/a | 1996 | Not stated | Get full property data |
| Olathe, KS | $1,938,400 | 6.50% | $126,000 | 10.0 yrs | 2007 | Absolute NNN | Get full property data |
| Rolla, MO | $2,200,000 | 6.00% | $132,000 | n/a | 2017 | Not stated | Get full property data |
| Lufkin, TX | $2,000,000 | 7.50% | $150,000 | 7.0 yrs | 1998 | Absolute NNN | Get full property data |
| Cañon City, CO | $1,200,000 | 6.67% | $80,000 | 11.0 yrs | 2005 | Absolute NNN | Get full property data |
| Cape Girardeau, MO | $2,000,000 | 7.25% | $145,000 | n/a | 2004 | Absolute NNN | Get full property data |
| Marion, IL | $2,000,000 | 7.25% | $145,000 | 10.0 yrs | 2016 | Absolute NNN | Get full property data |
| Phoenix, AZ | $4,200,000 | 5.00% | $210,000 | 16.5 yrs | n/a | Absolute NNN | Get full property data |
Showing the 12 most recently listed of 26 observed listings; listings without a published asking price and cap rate are not shown here.
Search all 26 IHOP properties on the market
Market observations aggregated from listing broker materials; not offerings by Investment Grade Income Property, LP. Asking price, cap rate and NOI as published by the listing party. Information deemed reliable but not guaranteed. Verify all figures before relying on them.
Get new IHOP listings in your cap rate band
New IHOP net lease listings matched to your criteria, emailed as they are observed on the market. One email per match, nothing else.
Own an IHOP? Considering selling?
Investment Grade Income Property, LP advises owners nationally through Broker of Record co-listing partnerships in all 50 states. You choose the process: a quiet off-market placement with qualified 1031 buyers already searching this inventory, or a full on-market campaign. Either way it starts with a free valuation benchmark against the live IHOP listings on this page.
Investment Grade Income Property, LP is a licensed commercial real estate brokerage. Your details are used to send the information you requested and are never shared with listing brokers without your permission.
What You Are Actually Buying
IHOP operates through franchisees at nearly its entire base, sharing a parent with Applebee’s. The obligor is an operator. Full-service breakfast formats carry larger buildings and higher labor sensitivity than drive-thru concepts, and both show up in operator performance.
Buildings typically run roughly 4,000 to 5,500 square feet on freestanding pads with a full parking field and no drive-thru. Because credit is usually at the operator level rather than the brand level, the real estate and the specific operator carry far more of the value here than the logo on the building does.
Across the current inventory, roughly 0% of listings with a reported build year were delivered in the last four years, and about 4% are marketed as NN, NN+ or simply Net, which usually means the landlord retains roof and structure and sometimes parking and HVAC. Read the lease rather than the brochure headline. If the rating framework behind investment grade tenancy is unfamiliar, the investment grade guide explains it.
IHOP Cap Rate, Price and Term Distribution
These tables are generated from the live inventory and refresh every few hours. Use them to place any individual listing in context rather than judging an asking cap rate in isolation.
| Asking Cap Rate Band | Listings | Share | Avg Asking Price |
|---|---|---|---|
| 5.00% to 5.49% | 2 | 8% | $4.25M |
| 5.50% to 5.99% | 1 | 4% | $3.33M |
| 6.00% to 6.49% | 9 | 35% | $2.50M |
| 6.50% to 6.99% | 4 | 15% | $2.02M |
| 7.00% and above | 8 | 31% | $1.91M |
| Asking Price Band | Listings | Share | Avg Cap Rate |
|---|---|---|---|
| Under $1.5M | 4 | 15% | 7.11% |
| $1.5M to $2.5M | 13 | 50% | 6.80% |
| $2.5M to $3.5M | 7 | 27% | 6.46% |
| $3.5M to $5M | 2 | 8% | 5.18% |
| Remaining Lease Term | Listings | Avg Cap Rate |
|---|---|---|
| Under 5 years | 4 | 7.10% |
| 5 to 10 years | 5 | 7.03% |
| 10 to 15 years | 3 | 6.81% |
| 15 years and longer | 3 | 5.92% |
| Lease Type (as marketed) | Listings |
|---|---|
| Absolute NNN | 13 |
| Not stated | 10 |
| NNN | 2 |
| Net | 1 |
How to read the pricing
The spread inside the IHOP inventory runs from 5.00% to 8.50%, against a median of 6.44%. Three variables help explain much of that spread, although these tables describe asking prices and do not isolate any single effect. First, remaining term, shown in the term table above. Second, geography, shown in the state table below. Third, lease structure and real estate quality: longer terms, stronger guarantors, absolute NNN structures and strong access generally ask lower cap rates, while leases with landlord responsibilities (NN) and secondary access generally ask higher ones; ground leases can price on either side, depending on rent and land value. When a listing sits far outside the band its term and state would predict, there is usually a reason in the lease, and it is worth finding before you write the offer rather than after.
Where IHOP NNN Properties Are For Sale
Current inventory spans 16 states. Differences between states in the table below can reflect local buyer demand, growth, taxes and the mix of lease terms in each state’s listings as much as anything about the tenant, and small state samples can shift quickly.
| State | Listings | Avg Cap Rate | Avg Asking Price |
|---|---|---|---|
| NC | 3 | 6.63% | $2.28M |
| FL | 3 | 6.25% | $2.78M |
| MO | 3 | 6.50% | $2.07M |
| TX | 2 | 6.75% | $2.71M |
| KS | 2 | 6.44% | $2.25M |
| IL | 2 | 7.88% | $1.62M |
| CO | 2 | 6.34% | $2.31M |
| UT | 1 | 7.84% | $2.66M |
| AZ | 1 | 5.00% | $4.20M |
| WI | 1 | n/a | $1.50M |
| CA | 1 | 5.35% | $4.30M |
| IN | 1 | 7.73% | $1.60M |
Shows the 12 states with the most listings, out of 16 states with IHOP listings. Search all listings for the rest.
IHOP as a 1031 Exchange Replacement Property
The median asking price in the current IHOP inventory is $2.11M, and about 77% of listings fall in the middle of the market between 1.5 and 3.5 million dollars. Whether that fits an exchange depends on the equity coming out of the relinquished property and on the debt you need to replace.
- Identify from the live list, not a stale one. Listings move. Identify two or three specific properties under the three-property rule and keep a backup that is realistically still available.
- Debt replacement is the trap. If the relinquished property carried a mortgage, you must replace that debt or add cash to fully defer gain. Where lender pricing sits above the asking cap rate, financed acquisitions run negative leverage.
- Term should match your hold. If you plan to hold through the next exchange or pass the asset to heirs, prioritize term and options over 25 basis points of cap rate.
- Certainty of closing matters more than price. A clean estoppel, a current lease and no pending relocation are worth paying for on a 45-day clock.
For identification mechanics, timelines and the NNN, DST and UPREIT alternatives, see the 1031 exchange into investment grade property guide.
IHOP NNN Due Diligence Checklist
These are the items that change the value of an IHOP listing and are rarely resolved by the offering memorandum.
- Operator identity and scale. Establish who the franchisee is, how many units they run and whether a parent entity guarantees the lease. A hundred-unit operator and a single-unit operator are not the same credit.
- Financial reporting rights. Confirm whether the lease entitles you to unit-level or operator-level statements, and request them before you remove contingencies.
- Franchise agreement term. Verify the remaining franchise agreement runs at least as long as the lease including options. A lease that outlives the franchise right is a problem.
- Site quality and parking. With operator-level credit the real estate carries the residual. Review traffic counts, access, visibility, parking and competing units nearby.
How Investment Grade Works With IHOP Buyers
Investment Grade Income Property, LP is a licensed commercial real estate brokerage providing national advisory on acquisitions and dispositions of net lease property, with Broker of Record co-listing partnerships in all 50 states. On an IHOP acquisition we screen the live inventory against your criteria, pull the lease abstract behind any listing you want to pursue, benchmark the asking cap rate against the distribution above, and negotiate on your side of the table through closing. On most transactions there is no separate fee to the buyer because compensation is paid from the transaction by the listing side. Where that is not the case we disclose it in writing before you engage.
Owners of existing IHOP properties can use this page as a valuation benchmark. If you are weighing a sale, an off-market disposition to a qualified 1031 buyer often closes faster and with less retrading than a broad marketing process.
Frequently Asked Questions
How many IHOP NNN properties are for sale right now?
As of October 2, 2026, 26 single-tenant IHOP net lease properties are observed for sale across 16 states. The count updates automatically as listings are added and removed.
Is IHOP investment grade?
The long-term issuer ratings for IHOP have not yet been verified against a primary source (an agency rating action or an issuer filing). Investment Grade withholds the rating rather than publish a secondary-source figure; it will appear here once verified. Ratings checked September 27, 2026. Dine Brands Global, Inc. has no current agency rating, so there is no agency opinion to rely on and it does not qualify as investment grade.
What cap rate do IHOP NNN properties sell at?
The current median asking cap rate is 6.44%, with the inventory ranging from 5.00% to 8.50%. Longer term, stronger markets and absolute NNN structures price at the tight end.
How much does an IHOP NNN property cost?
The median asking price in the current inventory is $2.11M, with listings from $0.91M to $4.30M. About 77% fall between 1.5 and 3.5 million dollars.
Who signs the lease on an IHOP property?
IHOP operates through franchisees at nearly its entire base, sharing a parent with Applebee’s. The obligor is an operator. Full-service breakfast formats carry larger buildings and higher labor sensitivity than drive-thru concepts, and both show up in operator performance.
Working an IHOP acquisition or a 1031 identification deadline? Register on any listing above for full property data and a due diligence review, or email steve@investmentgrade.pro with your price range, target states and closing timeline and we will screen the live inventory for you.
