Auto Parts

O'Reilly Auto Parts

1006 W Platt St, Maquoketa, IA 52060

Listing Price: $720,000

Cap Rate
7.00%
Tenant Name
O'Reilly Auto Parts
Years Remaining On Lease
6.60
Gross SF
5,808
Guarantor
Corporate Guarantee
Rentable SF
5,808
Price/Gross SF
$123.97
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$8.68

Investment Overview

Marcus & Millichap is pleased to present for purchase the fee simple interest in the O'Reilly Auto Parts located at 1006 West Platt Street in Maquoketa, Iowa. O'Reilly has eight and a half years remaining on a modified triple-net lease. The landlord is responsible for roof and structure. The tenant is responsible for the parking lot, interior, HVAC and reimburses for taxes and insurance. There is one, five-year option remaining with an 8.33 percent rental increase. The lease is corporately backed by O'Reilly Auto Parts, a Standard & Poors BBB+ investment grade credit tenant. Behind the building is a cold storage facility which subleases to Maquoketa Hardware. The landlord collects $300 per month in additional rent from this facility. However, the landlord has no responsibilities to it since O'Reilly pays taxes on it. The subject sits on 3.42 acres and is situated on West Platt Street with two points of ingress and egress. The property is surrounded by multiple national retailers such as Dollar Tree, Subway, McDonalds, Theisens, Taco Bell and U.S. Bank Branch. Additionally, the property is in close proximity to Jackson County Regional Health Center, a 25 bed hospital. O'Reilly is also located less than five minutes from Maquoketa High School. The property is one hour east of Cedar Rapids and 45 minutes from Davenport.

Maquoketa is located on the Maquoketa River and is the county seat of Jackson county. U.S. Route 61 adjoins the city, which therefore benefits from traffic between Dubuque and the Quad Cities. Maquoketa
is home to many attractions such as Maquoketa Caves State Park, Hurstville Lime Kilns, Clinton Engines Museum, Jackson County Iowa Historical Society and the towns Historic District, showing Victorian
architecture. Maquoketa has about 6,100 residents. Recently, several auto parts manufacturers have set up plants in the city's growing industrial park.

Investment Highlights

  • Eight and a Half Years Remaining on a Modified Triple-Net Lease
  • One, Five-Year Option with an 8.33 Percent Rental Increase
  • Landlord Responsible for Roof and Structure
  • Investment Grade BBB+ Credit Tenant
  • Located at a Signalized Intersection

Exclusively Listed By

Listing Price: $720,000

Cap Rate
7.00%
Tenant Name
O'Reilly Auto Parts
Years Remaining On Lease
6.60
Gross SF
5,808
Guarantor
Corporate Guarantee
Rentable SF
5,808
Price/Gross SF
$123.97
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$8.68

Investment Highlights

  • Eight and a Half Years Remaining on a Modified Triple-Net Lease
  • One, Five-Year Option with an 8.33 Percent Rental Increase
  • Landlord Responsible for Roof and Structure
  • Investment Grade BBB+ Credit Tenant
  • Located at a Signalized Intersection

Investment Overview

Marcus & Millichap is pleased to present for purchase the fee simple interest in the O'Reilly Auto Parts located at 1006 West Platt Street in Maquoketa, Iowa. O'Reilly has eight and a half years remaining on a modified triple-net lease. The landlord is responsible for roof and structure. The tenant is responsible for the parking lot, interior, HVAC and reimburses for taxes and insurance. There is one, five-year option remaining with an 8.33 percent rental increase. The lease is corporately backed by O'Reilly Auto Parts, a Standard & Poors BBB+ investment grade credit tenant. Behind the building is a cold storage facility which subleases to Maquoketa Hardware. The landlord collects $300 per month in additional rent from this facility. However, the landlord has no responsibilities to it since O'Reilly pays taxes on it. The subject sits on 3.42 acres and is situated on West Platt Street with two points of ingress and egress. The property is surrounded by multiple national retailers such as Dollar Tree, Subway, McDonalds, Theisens, Taco Bell and U.S. Bank Branch. Additionally, the property is in close proximity to Jackson County Regional Health Center, a 25 bed hospital. O'Reilly is also located less than five minutes from Maquoketa High School. The property is one hour east of Cedar Rapids and 45 minutes from Davenport.

Maquoketa is located on the Maquoketa River and is the county seat of Jackson county. U.S. Route 61 adjoins the city, which therefore benefits from traffic between Dubuque and the Quad Cities. Maquoketa
is home to many attractions such as Maquoketa Caves State Park, Hurstville Lime Kilns, Clinton Engines Museum, Jackson County Iowa Historical Society and the towns Historic District, showing Victorian
architecture. Maquoketa has about 6,100 residents. Recently, several auto parts manufacturers have set up plants in the city's growing industrial park.

Exclusively Listed By

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