2425 Muscatine Ave Iowa City, IA 52240-6647

Property Details for 2425 Muscatine Ave

Year built

2001

Construction

STEEL FRAME

Lot size

1.56 lot acres

Property size

15,236 SF

Property type

Commercial real estate

APN

1013328002

APU

1013328002

Description

This exceptional investment opportunity presents a fee-simple ownership of a 15,251-square-foot CVS Pharmacy in Iowa City, IA. Located at 2425 Muscatine Ave, 52240, this property boasts a strong 7.00% cap rate and a substantial net operating income (NOI) of $263,035. The absolute NNN lease with CVS Pharmacy, a credit-rated tenant with a corporate guarantee, ensures minimal landlord responsibilities. The lease, originally signed in 2006 for 25 years, has over 7.2 years remaining on the initial term, with ten 5-year renewal options. The property sits on a 1.56-acre lot and benefits from its prime location across from Towncrest Shopping Center, an 82,000-square-foot retail center anchored by Hy-Vee. The high-traffic area, with over 12,100 vehicles daily on Muscatine Avenue, and a dense population of over 63,800 residents within a three-mile radius, ensures consistent tenant performance. The asking price is $3,757,653, translating to a price per square foot of $246.39. This is a rare opportunity to acquire a stable, high-performing retail investment with a blue-chip tenant and significant long-term potential. The property's strong financials, coupled with its strategic location and the tenant's financial strength, make this an attractive investment for discerning buyers.

Location Insight

City

Iowa City

County

Johnson

State

Iowa

Longitude

-91.5001

Latitude

41.6492

CBSA code

26980

CBSA name

IOWA CITY, IA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments