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Commercial - IowaCity, IA
This sale is a land lot purchase that is leased on an absolute NNN lease to a Hy Vee gas station. The site is 26,910 square feet that was first developed in 2002. All costs are borne by the Tenant, Hy Vee, and the lease rate is $42,996 annually yielding a 6.6% Capitalization Rate with low risk and no costs. It is a well-known business model, the Hy Vee gas station and the adjacent Hy Vee grocery store work in tandem with discounts and benefits driving both venues. The current lease term is for 4 years with a 5-year option. It is highly likely that Hy Vee will continue to renew this lease.
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