Auto Parts
Corporate Firestone| Abs NNN Ground Lease | Below Market Rent | Cedar Rapids, IA
4444 1st Ave NE, Cedar Rapids, IA 52402
Listing Price: $1,244,000
Cap Rate
6.75%
Tenant Name
Firestone
Years Remaining On Lease
5.5
Gross SF
6,600
Guarantor
No Guarantee
Rentable SF
6,600
Price/Gross SF
$188.48
Lease Type
NNN Ground Lease
Rent Per Square Feet
$12.73
Investment Overview
Marcus & Millichap is pleased to present for sale, Corporate Firestone located in Cedar Rapids, Iowa. The subject property has an absolute triple-net ground lease with 6.25 years remaining. Corporate Firestone is being offered for $1,244,000.
Investment Highlights
- Firestone Complete Auto Care Absolute Triple-Net Ground Lease with 6.25 Years Remaining in Cedar Rapids, Iowa. Corporately-Operated Store; Non-Franchised Business Model
- 34 Years of Tenancy; Original 20-Year Lease Commenced in 1989; Tenant Previously Exercised Both Original Renewal Options with No Modification
- Strong Commitment to Site: In 2018, Tenant Extended for 10 Years at a 60 Percent Increase in Rent with No Inducement from Landlord
- Below Market Rent of $12.12 per Square Foot and Low Price per Square Foot of $202
- Zero Landlord Responsibility – Absolute Triple-Net Ground Lease Structure
- Two Five-Year Options Remaining Each with 10 Percent Rent Increases
- Situated Just off 1st Avenue NE with 30,900 Vehicles per Day, Just South of the Major Intersection of 1st Avenue NE and Collins Road NE with a Combined 62,500 Vehicles per Day
- Located Within the Primary Retail Corridor Serving The Northern Two-Thirds of Cedar Rapids – Nearby Retailers and Restaurants Include Home Depot, Kohl's, Hobby Lobby, Dick's, Best Buy, T.J. Maxx, JOANN, Barnes & Noble, PetSmart, Michaels, Boot Barn, Guitar Center, Ulta, Slumberland, La-Z-Boy, Old Navy, and More
Broker of Record
Financing By
Auto Parts
Corporate Firestone| Abs NNN Ground Lease | Below Market Rent | Cedar Rapids, IA
Listing Price: $1,244,000
Cap Rate
6.75%
Tenant Name
Firestone
Years Remaining On Lease
5.5
Gross SF
6,600
Guarantor
No Guarantee
Rentable SF
6,600
Price/Gross SF
$188.48
Lease Type
NNN Ground Lease
Rent Per Square Feet
$12.73
Investment Highlights
- Firestone Complete Auto Care Absolute Triple-Net Ground Lease with 6.25 Years Remaining in Cedar Rapids, Iowa. Corporately-Operated Store; Non-Franchised Business Model
- 34 Years of Tenancy; Original 20-Year Lease Commenced in 1989; Tenant Previously Exercised Both Original Renewal Options with No Modification
- Strong Commitment to Site: In 2018, Tenant Extended for 10 Years at a 60 Percent Increase in Rent with No Inducement from Landlord
- Below Market Rent of $12.12 per Square Foot and Low Price per Square Foot of $202
- Zero Landlord Responsibility – Absolute Triple-Net Ground Lease Structure
- Two Five-Year Options Remaining Each with 10 Percent Rent Increases
- Situated Just off 1st Avenue NE with 30,900 Vehicles per Day, Just South of the Major Intersection of 1st Avenue NE and Collins Road NE with a Combined 62,500 Vehicles per Day
- Located Within the Primary Retail Corridor Serving The Northern Two-Thirds of Cedar Rapids – Nearby Retailers and Restaurants Include Home Depot, Kohl's, Hobby Lobby, Dick's, Best Buy, T.J. Maxx, JOANN, Barnes & Noble, PetSmart, Michaels, Boot Barn, Guitar Center, Ulta, Slumberland, La-Z-Boy, Old Navy, and More
Investment Overview
Marcus & Millichap is pleased to present for sale, Corporate Firestone located in Cedar Rapids, Iowa. The subject property has an absolute triple-net ground lease with 6.25 years remaining. Corporate Firestone is being offered for $1,244,000.