2500 4th SW St Waverly, IA 50677-4347

Property Details for 2500 4th SW St

Year built

2006

Construction

FRAME

Lot size

1.09 lot acres

Property size

3,840 SF

Property type

Turn key restaurants

APN

09-10-400-060

APU

910400060

Description

This exceptional investment opportunity presents a fee-simple interest in a thriving Applebee's restaurant located at 2500 4th St SW, Waverly, Iowa. The 3,840 square foot building, constructed in 2006, sits on a 1.09-acre lot and enjoys 100% occupancy under a triple-net (NNN) lease. The current lease term is three years, with the franchisee, Thrive Restaurant Group, leasing back the property upon sale. This eliminates any upfront tenant improvement (TI) investment for the buyer. The property boasts a strong 8.00% capitalization rate and a net operating income (NOI) of $115,000, representing a price per square foot of $374.48. Its strategic location as an outlot to a Walmart Supercenter, the only one in Waverly, ensures high visibility and consistent traffic. The property benefits from its proximity to other major retailers such as Hy-Vee, Dollar Tree, Quality Inn, and Kwik Star, further enhancing its appeal. Situated on a signalized intersection of US-218 BUS, a major roadway with approximately 15,000 vehicles per day, the property enjoys excellent visibility and accessibility. The surrounding area demonstrates steady population growth and a household income comparable to the national average, indicating a strong potential for continued success. The property's APN is 09-10-400-060, and the zip code is 50677. Thrive Restaurant Group operates over 170 restaurants across 15 states, showcasing their financial stability and experience. This is a compelling investment opportunity with a strong tenant, excellent location, and attractive financial metrics.

Location Insight

City

Waverly

County

Bremer

State

Iowa

Longitude

-92.4763

Latitude

42.7023

CBSA code

47940

CBSA name

WATERLOO-CEDAR FALLS, IA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments