1314 Franklin St Waterloo, IA 50703
- Retail properties
- 7,000 SF
- 0.83 lot acres
Current Use by Public Records
- Advance Auto Parts / Auto Parts Store / Car Accessories Store
- UPS Access Point location / Shipping And Mailing Service / Mailing Service
Property Details for 1314 Franklin St
- Year built
- 2001
- Lot size
- 0.83 lot acres
- Property size
- 7,000 SF
- Property type
- Retail properties
- Property subtype
- Retail space
Description
This exceptional investment opportunity presents a 7,000-square-foot retail storefront in Waterloo, Iowa, currently occupied by a credit-rated Advance Auto Parts under a triple-net (NN+) lease. The property boasts a strong 7.5% cap rate, based on a Net Operating Income (NOI) of $64,679. The lease, originally signed in July 2001, has a remaining term of 7.1 years, extending to December 31, 2031. This represents a significant advantage, as the lease was extended four years early. The property sits on a 0.83-acre lot and is a single-story building constructed in 2001. The asking price is $863,300, translating to a price per square foot of $123.33. This represents a below-market rent and is significantly below replacement cost. The location benefits from a strong demographic profile, serving a population of 113,000 residents within a 15-minute drive. Furthermore, it's the only auto parts store within a two-mile radius, ensuring consistent demand and market dominance. The tenant's long-standing presence (23 years) and the corporate guarantee provide exceptional security and stability for this investment. The property demonstrates resilience to economic downturns, making it an attractive and low-risk investment opportunity. The property address is 1314 Franklin St, Waterloo, IA 50703.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Waterloo
- County
- Black Hawk
- State
- Iowa
- Longitude
- -92.3258
- Latitude
- 42.4952
