3260 Redhawk St Coralville, IA 52241

Property Details for 3260 Redhawk St

Year built

2024

Lot size

1.24 lot acres

Property size

2,337 SF

Property type

Retail properties

Description

This exceptional investment opportunity presents a newly constructed, 2,337 square-foot Chipotle restaurant located at 3260 Redhawk St, Coralville, IA 52241. Boasting a 15-year net lease (commencing June 19, 2024, and expiring June 30, 2039) with four 5-year renewal options, this property offers a secure, long-term investment. The lease includes a 7.5% rent increase every five years, ensuring consistent growth. The building features the high-performing "Chipotlane" drive-thru concept and benefits from a roof warranty extending to 2044. Situated on a 1.24-acre lot in a C-PUD2 zoned area, this property enjoys a prime location along Coral Ridge Avenue, a major thoroughfare with 30,600 vehicles per day. The area is experiencing significant growth, with nearby retailers including Hy-Vee, Starbucks, and others, plus a new 282-unit apartment complex and a large University of Iowa hospital campus within walking distance. The strong demographics include an average household income exceeding $121,127 within a five-mile radius, encompassing a population of over 66,600, and proximity to the University of Iowa (30,000 students). The property's current NOI is $174,375, resulting in a 5.60% cap rate. This is a rare opportunity to acquire a high-performing, net-leased asset in a rapidly expanding market with a strong, nationally recognized tenant. The asking price is $3,113,839. This property offers exceptional long-term value and strong potential for appreciation.