Current Use by Public Records
- Specialty properties
Property Details for 851 Us-6
- Property type
- Specialty properties
Description
This exceptional investment opportunity presents a 22,496 square foot, single-tenant, net-leased sports and entertainment facility located at 851 Hwy 6 in Iowa City, Iowa. The property, part of a larger condominium association, is currently 100% occupied by DEFY Extreme Air Sports Trampoline Park under a lease agreement with 4.6 years remaining (through June 30, 2029), commencing January 1, 2019, and featuring a 10.5-year initial term. The lease includes 5% annual rent bumps. The asking price is $2,400,000, representing a compelling cap rate of 7.97% based on a current Net Operating Income (NOI) of $191,216. Built in 1969 and fully remodeled in 2018, the property boasts significant upgrades including new HVAC, electrical, and plumbing systems. Its prime location on busy Highway 6, near the University of Iowa, offers excellent visibility and accessibility, complemented by abundant parking and signage. The property benefits from limited landlord obligations, making it an attractive, low-maintenance investment. The tenant's strong performance and the remaining lease term provide a stable and predictable income stream for the foreseeable future. This is a rare opportunity to acquire a well-located, high-performing, net-leased property in a thriving market.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Iowa City
- County
- Johnson
- State
- Iowa
- Longitude
- -91.5237
- Latitude
- 41.6408
