← Back to search
Photography available after free registration below
Virtual Drive-By

IHOP Absolute NNN

20014 West 153rd Street · Olathe, KS 66062 · QSR / Restaurant

Asking price
$1,938,400
Cap rate
6.50%
NOI
$126,000

Need financing on this deal

We run the asking price and cap rate against a network of 7,000+ lenders to return indicative terms, then package a lender memorandum. Takes about two minutes and we will need your target leverage and timing.

Lease

Lease typeAbsolute NNN
Term remaining10.0 yrs
Expiration02/2036
Rent bumps7.5% Every 5 Years
Options2, 5 Year Options
Ground leaseNo
Credit profileFranchisee
TenancySingle

Planning a 1031 Exchange

Give us your relinquished sale close date and we will calculate your 45-day identification and 180-day closing deadlines, track the clock, and surface matching inventory before it expires. We coordinate directly with your Qualified Intermediary and can introduce one if you have not yet engaged an exchange accommodator. Investment Grade does not provide tax or legal advice.

Property

Building SF5,096
Price / SF$380
Year built2007
Lot size1.41 ac
TypeRestaurant
Days on market3

Need year-one bonus depreciation

Building age, size and improvement mix drive how much of this asset a cost segregation study can accelerate into year one. Tell us your tax year and entity and we will model the deduction.

Investment highlights

  • ​Brand New 10-Year Absolute Triple-Net (NNN) Lease - Recent 2023 Renovation
  • ​Low Rent Factor - Allowing for Future Upside Potential
  • ​7.5% Rental Increases Every 5 Years with Multiple Renewal Options
  • ​Growing Trade Area in the Kansas City MSA - 135,761 Residents within a 5-Mile Radius
  • ​U.S. News Ranked Olathe the Number One Best Place to Live in Kansas for 2026
  • ​Immediate Proximity to Olathe Medical Center (300 Beds), Ranked in the Top 10 of Large Community Hospitals in the United States
  • ​Adjacent to Target and The Home Depot and Surrounded by National Tenants: ALDI, Chipotle, Red Robin, Panera Bread, and More
  • ​Situated Off Interstate 35 (49,300 Cars per Day) with Excellent Frontage Along South Woodland Street (35,000 Cars per Day)
  • ​Average Household Income Exceeds $140,000 within the Surrounding Area

Property overview

IHOP® competes in the Family Dining segment of the restaurant industry, and all IHOP restaurants are owned by independent franchise operators.​ For 65 years, the IHOP family restaurant chain has served its world famous pancakes and a wide variety of breakfast, lunch and dinner items that are loved by people of all ages.​ IHOP offers its guests an affordable, everyday dining experience with warm and friendly service.​

Olathe is a city in, and the county seat of, Johnson County, Kansas.​ A suburb of Kansas City, it is the fourth-most populous city in both the Kansas City metro and the state of Kansas with an estimated population of 149,035.​

Take the next step on this property

We represent buyers on a cooperating commission basis. On the majority of transactions there is no separate fee to you.

Register to view photography and request the offering memorandum

Property details and lease terms are open. Photography, the offering memorandum, lease abstract and due diligence materials are shared with registered buyers.

Optional. On time-sensitive listings a call reaches you faster than email. We will not use it for automated calls or texts.

Asking-market observation aggregated from public listing sources, last observed Sep 18, 2026. Figures are asking price and asking cap rate as published by the listing party, not a verified closed transaction. Lease terms shown where reported by the listing party and not independently verified. Shown for market reference only; this is not an offering. Investment Grade Income Property, LP represents buyers on a cooperating commission basis.