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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

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s) IA: B63379000

    Iowa

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.

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s): IA: B63379000

    Iowa

Financing By

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