Current Use by Public Records
- Retail properties & Spaces
Property Details for 709 Us-61
- Year built
- 2024
- Lot size
- 2.28 lot acres
- Property type
- Retail properties & Spaces
- Property subtype
- Drug stores
Description
This exceptional investment opportunity presents a fee-simple ownership of a brand-new, 12,668-square-foot retail property in Wapello, Iowa (52653). Located at 709 US-61, this single-story building boasts a 100% occupancy rate, secured by a 15-year absolute NNN lease (commencing February 3, 2024, and expiring March 28, 2039) with a highly creditworthy tenant. The tenant, a Dollar General Market relocation store, benefits from a proven location and established customer base, ensuring consistent revenue generation. The lease includes a favorable structure with 5% rent increases every five years, providing significant long-term growth potential. The property's strong financial performance is reflected in its impressive Net Operating Income (NOI) of $131,075 and a cap rate of 7.40%. The property sits on a 2.28-acre lot and is zoned for commercial use. The lease is corporately guaranteed, minimizing landlord responsibilities. Five, 5-year lease options further enhance the investment's stability and longevity. This is a stabilized investment with new construction completed in 2024, offering a secure and profitable addition to any portfolio. The price per square foot is $139.82, and the asking price for this exceptional retail property is $1,771,289.
Value Estimations
-
AI approach
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Wapello
- County
- Louisa
- State
- Iowa
- Longitude
- -91.1966
- Latitude
- 41.1854
