2123 Kimball Ave Waterloo, IA 50702

Property Details for 2123 Kimball Ave

Year built

2023

Lot size

1.31 lot acres

Property size

2,200 SF

Property type

Retail properties

Property subtype

Restaurants

Description

This exceptional investment opportunity presents a brand-new, 2,200 square foot Starbucks located at 2123 Kimball Ave, Waterloo, IA 50702. The property sits on a 1.31-acre lot and boasts a 10-year triple-net (NNN) lease with a corporate guarantee from Starbucks (NYSE: SBUX), commencing March 1, 2024, and expiring March 1, 2034. The lease includes 7.5% rent bumps every five years, protecting against inflation. Four (4) and five (5) year lease options are also included. The asking price is $2,445,856, representing a price per square foot of $1,111.75 and a 6.25% cap rate based on a current NOI of $152,866. Built in 2023, this single-story building benefits from high visibility due to its location at a high-traffic intersection (22,000+ vehicles per day). Waterloo's population of 66,000, combined with nearby schools and employers, ensures consistent traffic. The property's strong performance, exceeding initial sales projections and ranking in the top 15% of nationwide locations, further solidifies its investment potential. Landlord responsibilities are limited to roof and structure maintenance. This is a rare opportunity to acquire a high-performing, low-risk investment with a globally recognized brand in a strong market. The tenant's BBB+ S&P credit rating enhances the investment's security and access to financing.