8950 Earhart LnCedar Rapids, IA 52404

Property Details for 8950 Earhart Ln

Year built

2018

Lot size

6.30 AC

Property size (Sq ft)

7,683 SF

Property type

Retail properties

Property subtype

Grocery and convenience stores

APN

19-21-3-76-002-0-0000

APU

192137600200000

Description

This exceptional investment opportunity presents a fee-simple ownership of a 7,683 square foot Pilot Travel Center, strategically located at 8950 Earhart Ln SW in Cedar Rapids, Iowa. The property sits on a substantial 6.3-acre lot, boasting excellent visibility to over 51,400 vehicles daily due to its proximity to Interstate 380. Built in 2018, this single-story building features a convenience store with an Arby's and Dunkin' Donuts Express, six diesel fuel lanes, ten gas fueling stations, and two showers. The property is currently operating at 100% occupancy under a 20-year absolute NNN lease with Pilot Travel Centers LLC, commencing April 13, 2022, and expiring April 12, 2042. The lease includes four 5-year options and features a 10% rent increase every five years, ensuring consistent and growing income. The current NOI is $825,000, resulting in a 5.00% cap rate and a price per square foot of $2,147.60. This investment offers significant long-term value, backed by a corporate guaranteed lease from Pilot Flying J, a subsidiary of Berkshire Hathaway, and benefits from the strong economic activity in Cedar Rapids, including the presence of Fortune 500 companies. The property's location near downtown Cedar Rapids and major transportation routes provides exceptional access and high traffic volume. This is a rare opportunity to acquire a high-performing, net-leased asset with substantial upside potential.

• CAP approach

  CAP return

  Valuation

  6%

  $1,859,118

  6.5%

  $1,716,109

  7%

  $1,593,530

• Comparable approach

  Method

  Valuation

  Relative Method

  $988,194

  Geo Method

  $988,194

• Alternative Use

  Use

  Valuation

  Residential

  $1,447,602

  Hospitality

  $1,325,996

  Educational

  $1,103,213

  Medical

  $1,141,154

  Retail

  $1,716,109

Location Insight

City

Cedar Rapids

County

Linn

State

Iowa

Latitude

41.8915

Longitude

-91.6677

CBSA code

16300

CBSA name

CEDAR RAPIDS, IA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at support@realmo.com and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at support@realmo.com.