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Hy-Vee - Monticello, IA 122 N Main St 27,490 SF Retail Building Monticello, IA 52310 $5,638,000 ($205.09/SF) 6.85% Cap Rate
Executive Summary
$1M+ STORE CONVERSION IN PROCESS | CORPORATELY GUARANTEED LEASE WITH HY-VEE, INC. | DOMINANT REGIONAL GROCER | 300+ UNIT OPERATOR IN THE MIDWEST | OVER $13 BILLION IN SALES
15-YEAR ORIGINAL COMMITMENT + 6 (5-YEAR) OPTIONS | 10.8 YEARS OF PRIMARY TERM REMAINING | 5.00% RENTAL INCREASES AT EACH OPTION STARTING WITH OPTION 2
ABSOLUTE NNN LEASE | ZERO LANDLORD RESPONSIBILITIES | FEE SIMPLE OWNERSHIP
LOCATED AT THE INTERSECTION OF E 1ST STREET & N MAIN STREET (11,078 VPD) | STRONG VISIBILITY & ACCESS | LIMITED COMPETITION & HIGH BARRIERS TO ENTRY
CEDAR RAPIDS MSA LOCATION | STABLE POPULATION BASE | PRIMARY RETAIL DESTINATION FOR SURROUNDING RURAL COMMUNITIES | CLOSE PROXIMITY TO MAJOR EMPLOYERS, HOUSING & ENTERTAINMENT COMPLEXES
15-YEAR ORIGINAL COMMITMENT + 6 (5-YEAR) OPTIONS | 10.8 YEARS OF PRIMARY TERM REMAINING | 5.00% RENTAL INCREASES AT EACH OPTION STARTING WITH OPTION 2
ABSOLUTE NNN LEASE | ZERO LANDLORD RESPONSIBILITIES | FEE SIMPLE OWNERSHIP
LOCATED AT THE INTERSECTION OF E 1ST STREET & N MAIN STREET (11,078 VPD) | STRONG VISIBILITY & ACCESS | LIMITED COMPETITION & HIGH BARRIERS TO ENTRY
CEDAR RAPIDS MSA LOCATION | STABLE POPULATION BASE | PRIMARY RETAIL DESTINATION FOR SURROUNDING RURAL COMMUNITIES | CLOSE PROXIMITY TO MAJOR EMPLOYERS, HOUSING & ENTERTAINMENT COMPLEXES
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Supermarket
Building Size
27,490 SF
Building Class
B
Year Built
2022
Price
$5,638,000
Price Per SF
$205.09
Cap Rate
6.85%
NOI
$386,235
Tenancy
Single
Building Height
1 Story
Building FAR
0.18
Lot Size
3.49 AC
Parking
126 Spaces (4.58 Spaces per 1,000 SF Leased)
Fairly walkable
40/100
Exceptionally drivable
100/100
Fairly bikeable
40/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 0222378011 | Improvements Assessment | $2,461,550 |
| Land Assessment | $188,500 | Total Assessment | $2,650,050 |
Property Taxes
Parcel Number
0222378011
Land Assessment
$188,500
Improvements Assessment
$2,461,550
Total Assessment
$2,650,050
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