2815 53rd St Davenport, IA 52807-3010
- Strip malls
- 7,796 SF
- 1.25 lot acres
Current Use by Public Records
- MISSION BBQ / Restaurant
Property Details for 2815 53rd St
- Year built
- 2021
- Lot size
- 1.25 lot acres
- Property size
- 7,796 SF
- Property type
- Strip malls
- Property subtype
- Neighborhood centers
- APN
- N0712A05
- APU
- N0712A05
Description
This exceptional retail investment property, located at 2815 E 53rd St, Davenport, IA 52807, presents a compelling opportunity for discerning investors. The 7,600 square foot property boasts a 100% occupancy rate, anchored by two prominent national tenants: Mattress Firm and Mission BBQ. Both tenants are operating under a triple-net (NNN) lease structure with a remaining lease term of 10 years, providing significant long-term stability and predictable cash flow. The lease agreement includes a 10% rent increase every five years, ensuring consistent growth in rental income. Built in 2022, this high-quality construction minimizes landlord responsibilities. The property enjoys a prime location at a signalized intersection with high daily traffic counts (40,600 cars/day), benefiting from easy access to major interstates I-74 and I-80. Its strategic position within a thriving regional retail hub, directly across from a new Costco and surrounded by other major retailers such as Target, Walmart, and numerous others, guarantees high visibility and substantial foot traffic. The property serves a densely populated area with strong average household incomes exceeding $127,000 within a one-mile radius, a large daytime population of over 71,500 employees, and a significant student population. The property's strong demographics, coupled with its strategic location and long-term leases, make it an attractive investment with a 7.00% cap rate and a net operating income (NOI) of $264,800. The asking price is $3,785,000. Proximity to major amenities, including a hospital and casino, further enhances its appeal. This is a rare opportunity to acquire a high-performing, multi-tenant retail property in a rapidly growing market.
Value Estimations
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $1,026,000
Market price range: $320k - $1.03M -
Alternative Use
- Use
- Estimation
- NEIGHBORHOOD: SHOPPING CENTER
- $670,000 Current use
- MEDICAL BUILDING
- $1,375,000 Change: +106% Conversion: Difficult
- AUTO REPAIR, GARAGE
- $1,280,000 Change: +92% Conversion: Difficult
- OFFICE BUILDING
- $920,000 Change: +38% Conversion: Moderate
- RESTAURANT
- $615,000 Change: -8% Conversion: Difficult
- RETAIL STORES
- $570,000 Change: -15% Conversion: Easy
- WAREHOUSE, STORAGE
- $555,000 Change: -17% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- Davenport
- County
- Scott
- State
- Iowa
- Longitude
- -90.5325
- Latitude
- 41.5743
- CBSA code
- 19340
- CBSA name
- DAVENPORT-MOLINE-ROCK ISLAND, IA-IL METROPOLITAN STATISTICAL AREA
