Grocery Store Ground
For Sale
Contact for pricing
2750 Heartland Drive, Coralville, IA 52241
Fee simple interest in an Aldi grocery site leased under an absolute net ground lease structure.
Property Size18,783 SF
Lot Size2.20 Acres
Price / SF$159.67
Days on Market53
Property Features for 2750 Heartland Drive
General Information
Standard status
Active
Size
18,783 SF
Lot size
2.20 Acres
Property subtype
Retail
Additional Details
Business Included
Yes
Building Details
Year Built
2015
Tenancy
Single
Listing Agency:
WSG CRE
(319) 343-5542
Listed By:
Josh Seamans · License #IA B57696000
Source:
Crexi
Added: Jun 16
Changed: Jul 10
Last Checked: Aug 7 at 6:57AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of WSG CRE
Investment Insights
Based on property information with market context.
The offering presents a fee simple interest in a 2.2-acre site improved with an Aldi grocery store. Aldi operates under an absolute net ground lease, with more than 9 years of term remaining. The property is offered as a single-tenant retail grocery ground lease investment.
The site is located in Coralville within the Iowa City MSA. The surrounding retail mix includes well-known national retailers such as Costco, Walmart, and Raising Cane’s, supporting a consumer-focused neighborhood environment.
For investors seeking a single-tenant retail grocery asset structured as an absolute net ground lease, this property offers a straightforward ownership position with an operating tenant already in place. The remaining lease term provides near-term income visibility, while the fee simple ownership of the underlying land supports long-term control of the site. This offering is best suited for buyers looking for a grocery ground lease investment anchored by a recognized tenant.
The site is located in Coralville within the Iowa City MSA. The surrounding retail mix includes well-known national retailers such as Costco, Walmart, and Raising Cane’s, supporting a consumer-focused neighborhood environment.
For investors seeking a single-tenant retail grocery asset structured as an absolute net ground lease, this property offers a straightforward ownership position with an operating tenant already in place. The remaining lease term provides near-term income visibility, while the fee simple ownership of the underlying land supports long-term control of the site. This offering is best suited for buyers looking for a grocery ground lease investment anchored by a recognized tenant.
Key Highlights
- Fee simple interest in a 2.2‑acre site with an Aldi grocery store
- Leased under an absolute net ground lease with 9+ years of term remaining
- Tenant operates the property on an absolute net ground lease structure
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$199,665
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.66%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,993,300
$4.0M
Cap Rate 7%
$2,852,357
$2.9M
Cap Rate 9%
$2,218,500
$2.2M
Market Conditions
NOI Build-Up for 18,783 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$290.8K $15.48/SF
− Vacancy
−$24.5K −$1.31/SF
EGI
$266.2K $14.17/SF
− OpEx
−$66.6K −$3.54/SF
NOI
$199.7K $10.63/SF
Area
Johnson County, IA
Vacancy
8.44%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,993,300
Cap Rate 7%
$2,852,357
Cap Rate 9%
$2,218,500
Alternative Uses
Best Use
Specialty Retail
$2.85M
$2.50M – $3.33M
NOI $199,665 @ 7.0% cap · market cap 6.66%
Second Best
Retail
$2.54M
$2.22M – $2.97M
NOI $177,973 @ 7.0% cap · market cap 5.93%
Theoretical Best
Office A
$4.08M
$3.57M – $4.76M
NOI $285,622 @ 7.0% cap · market cap 9.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
589
Businesses Nearby
814k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 32%
Dining 28%
Shops & Services 20%
Apparel 16%
Costco Wholesale
Superstores
134,654 visits/mo
0.4 miles
Walmart
Superstores
127,997 visits/mo
0.2 miles
Coralville #2
Shops & Services
46,532 visits/mo
0.4 miles
Kohl's
Apparel
45,895 visits/mo
0.2 miles
Raising Cane's Chicken Fingers
Dining
41,556 visits/mo
0.3 miles
Demographics for 52241, IA
22,319
Population
10,294
Households
2.2
Avg Household Size
34
Median Age
57%
College-Educated
95%
High-School Grad
13.5 sq mi
ZIP Area
1,653
Density / Sq Mi
$66,508
Median Household Income
$40,504
Median Earnings
$1,021
Median Rent
$286,000
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Target Grocery — 1441 Coral Ridge Ave, Coralville, IA 52241
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Fee simple interest in an Aldi grocery site leased under an absolute net ground lease structure.
Where is this grocery and convenience store located?
The property is located at 2750 Heartland Drive Coralville, IA.
What is the asking price?
The asking price for this property is $2,999,000.
What are key features of this property?
This property features: Fee simple interest in a 2.2‑acre site with an Aldi grocery store; Leased under an absolute net ground lease with 9+ years of term remaining; Tenant operates the property on an absolute net ground lease structure
