2929 8Th St Altoona, IA 50009
- Retail properties
- 3,033 SF
- 1.31 lot acres
Current Use by Public Records
- Retail properties
Property Details for 2929 8Th St
- Lot size
- 1.31 lot acres
- Property size
- 3,033 SF
- Property type
- Retail properties
Description
This exceptional investment opportunity presents a 3,033 square foot Raising Cane's restaurant located at 2929 8th St SW in Altoona, Iowa. The property sits on a 1.31-acre lot and boasts a strong 5.25% cap rate, generating a net operating income (NOI) of $219,000. Secured by a corporate guarantee, the single-tenant, absolute NNN lease with Raising Cane's extends for 20 years, commencing July 9, 2019, and expiring July 9, 2039. Rent increases by 10% every five years, ensuring consistent income growth. The property benefits from an excellent location, situated off 8th St SW, adjacent to an interstate with approximately 20,200 vehicles per day. This affluent area boasts an average household income of $89,289 within a 3-mile radius and enjoys a dense retail environment, shadow-anchored by major retailers including Walmart, Target, Lowe's, and Menards. Raising Cane's, a nationally recognized and rapidly expanding fast-food chain with over 600 locations, demonstrates a long-term commitment to this site. This investment offers a compelling combination of strong tenant, prime location, and significant long-term income potential. The property is 100% occupied since its opening on July 9, 2019. Lease options for four and five-year extensions are included. This is a rare opportunity to acquire a high-performing, investment-grade QSR property in a thriving market.
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
- Altoona
- County
- Polk
- State
- Iowa
- Longitude
- -93.4988
- Latitude
- 41.6445
