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425 E Hwy 6 Iowa City, IA 52240 • Commercial - Business • Active

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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 Highlights

Property Type: Commercial - Business
Year Built: 1980
Lot Size: 2.57 acres

General Information

County: Johnson
Listed By:
Lepic-Kroeger, REALTORS Jeff Edberg 319-351-8811
ICAAR MLS
$4,995,000
Est. $35,668/mo
New to the Market Active
SQUARE FEET36,322 MLS#202605814
STATUSActive PROPERTY TYPECommercial - Business
TOUR PROPERTY

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Agent Name: Deb McGrath
 Agent Phone: (563) 343-2087
 Agency Title: Ruhl&Ruhl Realtors
 Agent Email:

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425 E Hwy 6, Iowa City, IA 52240.

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Loan Type FHA 30 Year Fixed30 yr Jumbo
Purchase Price $4,995,000$4,995,000
Down Payment $174,825$999,000
Monthly Mortgage Amount $33,043$27,260
Taxes $6951$6951
Insurance $100$100
HOA/Dues/Fees $0$0
Monthly Mortage Insurance $2,999$0
Monthly Estimated Total $44,450$35,668

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