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Lake Center 1015 N 18th St 38,826 SF 100% Leased Retail Building Centerville, IA 52544 $2,795,000 ($71.99/SF) 10.02% Cap Rate
INVESTMENT HIGHLIGHTS
- Tenants provide essential health services and entertainment to the region
- Upside through leasing vacant in-line retail and warehouse space
- NOI: ±$280,000 (±10% Cap Rate)
- Iowa Trust Savings ATM pad adds ancillary income
- Major capital improvements have already been completed within last 3 years: new roof, parking lot resurfacing, HVAC upgrades
EXECUTIVE SUMMARY
±38,800 SF multi-tenant retail center in Centerville, IA. ±78% occupancy with stable, long-term tenants including Fridley Theatres (20+yr presence), River Hills Health (15+yrs), Subway (since 2007).
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Building Size
38,826 SF
Building Class
C
Year Built
1975
Price
$2,795,000
Price Per SF
$71.99
Cap Rate
10.02%
NOI
$280,000
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.13
Lot Size
6.71 AC
Opportunity Zone
Yes
Zoning
Commercial
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 341011002000000 | Improvements Assessment | $1,193,030 |
| Land Assessment | $274,630 | Total Assessment | $1,467,660 |
PROPERTY TAXES
Parcel Number
341011002000000
Land Assessment
$274,630
Improvements Assessment
$1,193,030
Total Assessment
$1,467,660
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Lake Center | 1015 N 18th St
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