202 11Th Street Sw Plz SW Spencer, IA 51301

This exceptional investment opportunity presents a thriving Abelardo's Mexican Fresh QSR restaurant located at 202 11th St SW, Spencer, IA 51301. The property boasts 5,438 square feet on a 0.9-acre lot, built in 1979 and completely renovated in 2023. Currently operating under a modified net lease with a franchisee tenant, the lease commenced May 1, 2023, and has a remaining term of 7.6 years, expiring June 30, 2032, with two 5-year options. The annual rent includes 2% increases, generating a strong NOI of $58,000 and a compelling 7.26% cap rate. The asking price is $799,000, translating to $146.93 per square foot. This single-tenant property benefits from a personal guaranteed lease backed by over 40 units, providing significant security. Situated on Spencer's main retail corridor, the restaurant enjoys high visibility and proximity to major retailers like Walmart, Bomgaars, Hobby Lobby, and more. Spencer, IA, serves as a regional hub, experiencing 2.98% growth since the last census. The replaceable rents of $13.24/SF further solidify this investment's strong fundamentals. This is a rare opportunity to acquire a well-established, high-performing restaurant in a growing market.