Dave & Buster’s-Anchored Shopping
New
For Sale
$9,500,000
5248 5250 5266 Elmore Avenue, Davenport, IA 52807
Renovation work since 2022 included a new roof.
Property Size47,871 SF
Price / SF$198.45
Days on Market2
Property Features for 5248 5250 5266 Elmore Avenue
General Information
Standard status
Active
Size
47,871 SF
Property subtype
Shopping Regional
Site & Location
Anchor Co-Tenants
Dave & Busters
Traffic Count
25,000 vehicles/day
Additional Details
Cap Rate
8%
Amenities
100 Percent Occupied by Three Tenants with Triple-Net Leases
Significant Capital Investment to BioLife and Dave & Buster's Units - New Roof, New HVAC Units and Extensive Tenant Build-Outs
Dave & Busters Occupies 66.97 Percent on a New Fifteen Year Triple Net Lease with Eight Percent Rent Increases Every Five Years
BioLife Occupies 32.26 Percent on a Triple Net Lease Through March 2033 with a 6.45 Percent Rent Increase in 2028
Extremely Dense Retail Corridor with Great Visibility from Elmore Avenue (Over 25,000 Vehicles Per Day)
Building Details
Building Size
47,871 SF
Year Built
2002
Listed By:
Jon Ruzicka · License #License(s) IA: B63379000
(952) 852-9700
Source:
Marcusmillichap
Added: Sep 26
Last Checked: Sep 26 at 2:54PM
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 Jon Ruzicka
Investment Insights
Based on property information with market context.
Built in 2002, this 47,871-square-foot shopping center has undergone a complete renovation since 2022, including a new roof. Dave & Buster’s is the anchor tenant, with its lease scheduled to begin in January 2026 and run through January 2041. The lease provides for 8.00% increases every five years.
The center fronts Elmore Avenue, which carries more than 25,000 vehicles per day. More than 133,000 residents live within five miles. An adjacent property with three units occupied by Plato’s Closet, Weight Watchers and Style Encore is also available for sale.
The center fronts Elmore Avenue, which carries more than 25,000 vehicles per day. More than 133,000 residents live within five miles. An adjacent property with three units occupied by Plato’s Closet, Weight Watchers and Style Encore is also available for sale.
Key Highlights
- 47,871 square feet; built in 2002
- Complete renovation since 2022 included a new roof
- Dave & Buster’s lease runs January 2026 through January 2041, with 8.00% increases every five years
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
$462,434
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
4.87%
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%
$9,248,680
$9.2M
Cap Rate 7%
$6,606,200
$6.6M
Cap Rate 9%
$5,138,156
$5.1M
Market Conditions
NOI Build-Up for 47,871 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
$718.1K $15.00/SF
− Vacancy
−$57.4K −$1.20/SF
EGI
$660.6K $13.80/SF
− OpEx
−$198.2K −$4.14/SF
NOI
$462.4K $9.66/SF
Area
Davenport, IA
Vacancy
8.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$9,248,680
Cap Rate 7%
$6,606,200
Cap Rate 9%
$5,138,156
Alternative Uses
Best Use
Retail
$6.61M
$5.78M – $7.71M
NOI $462,434 @ 7.0% cap · market cap 4.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.33M
$9.04M – $12.05M
NOI $723,258 @ 7.0% cap · market cap 7.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
25,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
654
Businesses Nearby
825k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 49%
Dining 19%
Shops & Services 18%
Electronics 7%
Target
Superstores
153,452 visits/mo
0.2 miles
Walmart
Superstores
149,492 visits/mo
0.5 miles
Costco Wholesale
Superstores
101,492 visits/mo
0.3 miles
Raising Cane's Chicken Fingers
Dining
52,908 visits/mo
0.3 miles
Costco Gasoline
Shops & Services
45,530 visits/mo
0.2 miles
Demographics for 52807, IA
15,851
Population
8,136
Households
1.9
Avg Household Size
40
Median Age
43%
College-Educated
94%
High-School Grad
28.6 sq mi
ZIP Area
554
Density / Sq Mi
$71,866
Median Household Income
$44,203
Median Earnings
$910
Median Rent
$323,900
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Shopping center - Renovation work since 2022 included a new roof.
Where is this shopping center located?
The property is located at 5248 5250 5266 Elmore Avenue Davenport, IA.
What is the asking price?
The asking price for this property is $9,500,000.
What are key features of this property?
This property features: 47,871 square feet; built in 2002; Complete renovation since 2022 included a new roof; Dave & Buster’s lease runs January 2026 through January 2041, with 8.00% increases every five years
