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260 Stevens Dr
Iowa City, IA 52240
Retail Property For Sale
EXECUTIVE SUMMARY
This sale is a land lot purchase that is leased on an absolute NNN lease to a Hy Vee gas station. The site is 26,910 square feet that was first developed in 2002. All costs are borne by the Tenant, Hy Vee, and the lease rate is $42,996 annually yielding a 6.6% Capitalization Rate with low risk and no costs. It is a well-known business model, the Hy Vee gas station and the adjacent Hy Vee grocery store work in tandem with discounts and benefits driving both venues. The current lease term is for 4 years with a 5-year option. It is highly likely that Hy Vee will continue to renew this lease.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Convenience Store
Building Size
2,605 SF
Building Class
C
Year Built
2002
Price
$650,000
Price Per SF
$249.52
Cap Rate
6.61%
NOI
$42,996
Tenancy
Single
Building Height
1 Story
Building FAR
0.10
Lot Size
0.62 AC
Zoning
CI1
Parking
12 Spaces (4.61 Spaces per 1,000 SF Leased)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $834,200 | |
| Land Assessment | $201,830 | Total Assessment | $1,036,030 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$201,830
Improvements Assessment
$834,200
Total Assessment
$1,036,030
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