Investment Overview

Register to Bid and Access Due Diligence Documents on RealINSIGHT Marketplace - https://rimarketplace.com/auction/3096/retail/shenandoah/ia Marcus & Millichap and RI Marketplace are pleased to present the opportunity to acquire a vacant, free-standing, second-generation restaurant/retail building located at 225 S Fremont Street in Shenandoah, IA (the “Property”). Formerly occupied by Burger King, the Property is being offered significantly below replacement cost, providing a compelling opportunity for owner-users or investors to acquire a highly visible, drive-thru-equipped retail asset at an attractive basis. FIRST BID MEETS RESERVE! Constructed in 1988, the Property consists of a ±3,816 SF, single-story, second-generation restaurant building with a drive-thru, situated on a ±1.01-acre parcel (±43,810 SF). The site features a concrete surface parking lot with 46 on-site parking spaces, multiple points of ingress and egress, and efficient internal circulation, supporting a variety of retail or restaurant uses. The Property benefits from exceptional frontage and visibility, including approximately ±129 feet along Fremont St/US Highway 59, a primary retail and commuter corridor carrying approximately 7,866 vehicles per day (VPD), as well as additional frontage along Fifth Avenue (±340 feet) and Iowa Street (±129 feet). This positioning along a well-established daily-needs retail corridor provides strong exposure and convenient access for both local and pass-through traffic. Previously leased to Burger King on a triple-net (NNN) basis, the asset presents a value-add opportunity through re-tenanting at prevailing market rents, with CoStar estimating retail rental rates in the range of $7 to $9/SF NNN. Zoned HB (Highway Business), the site permits a wide range of retail, restaurant, and service-oriented uses, enhancing operational flexibility and long-term redevelopment potential. The Property is located in Shenandoah, Iowa, a well-established community in Page County, positioned along U.S. Highway 59, the city’s primary retail and commuter corridor. The Property benefits from its location across from a Hy-Vee and Tractor Supply Co. anchored retail center and ±0.3-Mi from the area’s primary Walmart, contributing to consistent daily traffic and a stable retail environment. The surrounding area is supported by nearby community anchors including Shenandoah Community School District campuses, comprising five schools and approximately ±1,150 students, which collectively generate steady weekday activity and a reliable daytime population. The Property is also located approximately ±1.5-Mi from Shenandoah Medical Center (±25 beds), the region’s primary healthcare provider, supporting employment-driven traffic and demand for daily-needs retail and service uses. Additional demand drivers include Shenandoah Municipal Airport (±2-Mi) and the city’s historic downtown district (±0.5-Mi), which features local retail, dining, and community services that reinforce ongoing economic activity. These nearby generators, combined with the Property’s position along U.S. Highway 59, support consistent daily-use traffic patterns and strong visibility for retail and restaurant operators. The 5-mile trade area includes approximately ±5,574 residents with an average household income of ±$75,499, providing a stable customer base for neighborhood-serving retail.