1124 Kimberly Rd Davenport, IA 52806-5714
- Car washes
- 14,717 SF
- 1.26 lot acres
Jan 23, 2023
Current Use by Public Records
- Pro-Clean Car Wash Express / Car Wash
Property Details for 1124 Kimberly Rd
- Year built
- 1997
- Lot size
- 1.26 lot acres
- Property size
- 14,717 SF
- Property type
- Car washes
- APN
- P1408C01A
- APU
- P1408C01A
Description
This exceptional investment opportunity presents a 14,723-square-foot, fully occupied car wash in Davenport, Iowa. Located at 1124 W Kimberly Rd, this property boasts a 20-year triple-net (NNN) lease with a corporate guarantee, ensuring minimal landlord responsibilities. The lease commenced October 24, 2019, and has 15 years remaining, providing long-term stability and predictable income. The current annual net operating income (NOI) is $225,000, representing a 6.60% cap rate. The property, built in 1997 and renovated in 2017, sits on a 1.28-acre lot. The asking price is $3,409,091, translating to $231.55 per square foot. This investment qualifies for bonus depreciation, offering further tax advantages. The property's strong tenant, corporate guarantee, and long-term lease make it an attractive addition to any portfolio. The lease includes annual rent increases of 1.50%, ensuring consistent growth in income. This is a rare opportunity to acquire a high-performing, well-located car wash with significant upside potential.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $3,495,000
- ML approach
- $3,345,000
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Location Insight
- Map
- Local Demand
- City
- Davenport
- County
- Scott
- State
- Iowa
- Longitude
- -90.5884
- Latitude
- 41.561
- CBSA code
- 19340
- CBSA name
- DAVENPORT-MOLINE-ROCK ISLAND, IA-IL METROPOLITAN STATISTICAL AREA
