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512 NE Main St 71,447 SF Industrial Building Grimes, IA 50111 $5,757,815 ($80.59/SF) 8% Cap Rate
INVESTMENT HIGHLIGHTS
- 5 Years Remaining (60 Months)
- NN Lease
- Landlord responsibilities limited to foundation, structure, and roof (all new roofs, main warehouse roof has a 20 year transferable warranty)
- Ideal Property For 1031 Exchange
- 71,447 SF Distribution Facility
- 6.6 Acres with opportunity to add 75,000 SF or larger building
EXECUTIVE SUMMARY
Currently operating as an office and warehouse with high ceilings and wide entryways that facilitate seamless loading and unloading, making logistics a breeze. The property is conveniently located with easy access to HWY 141 and is just west of Grimes Plex, a new 50-acre turf multi-sport complex. The current tenant Crunchyroll, LLC, a division of Sony Group, has a lease through 2030.
PROPERTY FACTS
| Price | $5,757,815 | Lot Size | 6.61 AC |
| Price Per SF | $80.59 | Rentable Building Area | 71,447 SF |
| Sale Type | Investment | No. Stories | 1 |
| Cap Rate | 8% | Year Built | 1950 |
| Property Type | Industrial | Tenancy | Single |
| Property Subtype | Distribution | No. Dock-High Doors/Loading | 3 |
| Building Class | C | ||
| Zoning | M3 | ||
| Price | $5,757,815 |
| Price Per SF | $80.59 |
| Sale Type | Investment |
| Cap Rate | 8% |
| Property Type | Industrial |
| Property Subtype | Distribution |
| Building Class | C |
| Lot Size | 6.61 AC |
| Rentable Building Area | 71,447 SF |
| No. Stories | 1 |
| Year Built | 1950 |
| Tenancy | Single |
| No. Dock-High Doors/Loading | 3 |
| Zoning | M3 |
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE END
- Right Stuf
- Arts, Entertainment, and Recreation
- -
- -
- -
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE END | ||
| Right Stuf | Arts, Entertainment, and Recreation | - | - | - |
PROPERTY TAXES
| Parcel Number | 311-00305510000 | Improvements Assessment | $2,483,000 |
| Land Assessment | $457,000 | Total Assessment | $2,940,000 |
PROPERTY TAXES
Parcel Number
311-00305510000
Land Assessment
$457,000
Improvements Assessment
$2,483,000
Total Assessment
$2,940,000
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512 NE Main St
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