5970 Morning Star Ct, Pleasant Hill, IA 50327-2229
- Grocery and convenience stores
- 5,620 SF
- 2.43 lot acres
Current Use by Public Records
- Grocery and convenience stores
Property Details for 5970 Morning Star Ct
- Year built
- 2022
- Construction
- STEEL FRAME
- Lot size
- 2.43 lot acres
- Zone code
- C-2
- Property type
- Grocery and convenience stores
- APN
- 221/00212-902-002
- APU
- 22100212902002
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Dec 30, 2024 | $6,789,000 | 5970 Morning LLC | Grisham Family III LLC | Special Warranty Deed | $4.1M · Bank Iowa |
| Dec 2, 2022 | — | Kum & Go Lc | Grisham Family III LLC | Lease | — |
| Dec 2, 2022 | $7,200,000 | Grisham Family III LLC | Kg Store 1024 LLC | Warranty Deed | $4.2M · West Plains Bank & Trust Co |
| Nov 29, 2022 | — | Kg Store 1024 LLC | Kum & Go Lc | Quit Claim Deed · related | — |
Description
This exceptional investment opportunity presents a fee-simple interest in a newly constructed (2022), 5,617 square foot Kum & Go convenience store and gas station located at 5970 Morning Star Ct, Pleasant Hill, IA 50327. The property sits on a 2.43-acre lot with excellent visibility and access, situated just off US Route 65's University Avenue exit (Highway 163), a signalized intersection with 25,000 cars daily. The property features Kum & Go's signature Go Fresh Market with indoor seating, seven fuel dispenser islands, and air pumps. This single-tenant property boasts a rare 20-year absolute NNN lease with Kum & Go, L.C., a corporate-guaranteed lease offering zero landlord responsibilities. Rent increases are structured with a 7.5% bump every five years during the initial term, followed by four five-year options at 5% increases each. The property benefits from 10-foot monument signage along University Avenue/Highway 163 and two points of ingress/egress. The surrounding area is experiencing significant growth, with nearby developments including the Forge65 luxury community and the planned Crossing at Pleasant Hill commercial development. This investment offers a strong 5.15% cap rate and a substantial net operating income (NOI) of $356,400. The Des Moines MSA, boasting a population of 840,490, is the fastest-growing metro area by percentage in the Midwest, experiencing 20% population growth from 2010 to 2021. This presents a compelling opportunity to capitalize on a thriving market and a secure, long-term investment with a nationally recognized brand. The lease commenced December 1, 2022, and expires November 30, 2042.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $5,425,000
- ML approach
- $5,360,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $4,208,000
Market price range: $708k - $4.58M
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Pleasant Hill
- County
- Polk
- State
- Iowa
- Longitude
- -93.4922
- Latitude
- 41.5977
- CBSA code
- 19780
- CBSA name
- DES MOINES-WEST DES MOINES, IA METROPOLITAN STATISTICAL AREA
