425 E Hwy 6IowaCity, IA 52240

Description

Prominent leased investment with Goodwill Industries and Advanced Auto Stores adjacent to the Waterfront Hy Vee in Iowa City. Advanced Auto has occupied the 8086 SF suite since 1997, and Goodwill Industries has occupied a portion of the current 28,277 SF suite since 1967 and has expanded into the full space in 2021. Both tenants have been long-term, stable tenants and occupy the entire 36,322 SF. The lease rates are quite reasonable at $11.17 NNN for Advanced Auto Parts and $12.00 NNN for Goodwill. This represents a 7.7% Capitalization Rate with increases as time goes by. See attached pro-forma for details. Traffic counts on Hwy 6 are 10,700 cars daily. Parking lot is shared with the facing building to the east, providing approximately 125 parking spaces, plus the shared spaces.

Property Information

Property type

Commercial Sale

Year built

1980

Lot size

2.57 acres

Lot dimensions

Irregular

Zoning

CC2

Days on market

5

MLS^® Listing#

202605814

Property Features

Cooling

Central Air

Heating

Natural Gas · Forced Air

Flooring

Concrete

Construction

Metal Siding · Frame

Roof

Other

Security

Fire Sprinkler System

Utilities

Cable Available · Electricity Available · Natural Gas Available · Sewer Available · Phone Available

Water source

Public

Financial Details

Annual taxes

$103,166Tax year 2023

Parcel number

1015460002

Directions

From Hwy 6, south on Boyrum, 1st drive on the right.