2489 Ia-92 Washington, IA 52353
- Office Properties & Spaces
- 3,000 SF
- 0.82 lot acres
Current Use by Public Records
- Office Properties & Spaces
Property Details for 2489 Ia-92
- Year built
- 2023
- Lot size
- 0.82 lot acres
- Property size
- 3,000 SF
- Property type
- Office Properties & Spaces
- Property subtype
- Medical offices
Description
This exceptional investment opportunity presents a 3,000 square foot medical office building in Washington, Iowa, fully occupied by Quick Visit Urgent Care under a 12-year triple net (NNN) lease commencing April 13, 2023, and expiring April 13, 2035. The property boasts a strong 7.00% cap rate and a substantial net operating income (NOI) of $99,630. The lease includes 1.25% annual rent bumps, providing consistent income growth, and three 5-year renewal options, ensuring long-term stability. Built in 2023, this single-tenant property sits on a 0.82-acre lot at 2489 IA-92, Washington, IA 52353. The property benefits from a corporate guarantee from Quick Visit Management, minimizing landlord responsibilities. Located in Washington County, within the Iowa City MSA, the property enjoys proximity to the University of Iowa, contributing to a strong local economy with an average household income exceeding $69,011 within a 5-mile radius. The building features a 20-year roof warranty, further enhancing its value and minimizing long-term maintenance concerns. This is a turnkey investment ideal for a 1031 exchange, offering a secure and profitable return. The asking price is $1,423,285, translating to $474.43 per square foot. The property's strong tenant, long-term lease, and favorable location make it an attractive investment opportunity.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Washington
- County
- Washington
- State
- Iowa
- Longitude
- -91.6605
- Latitude
- 41.2964
