425 E Hwy 6 - Goodwill & Advanced Auto
Retail | 7.00% CAP | 36,322 SqFt
Marketing description
Prominent leased investment with Goodwill Industries and Advanced Auto Stores adjacent to the Waterfront HyVee in Iowa City. Advanced Auto has occupied the 8086 SF suite since 1997, and Goodwill Industries has occupied a portion of the current 28,277 SF suite since 1967 and has expanded into the full space in 2021. Both tenants have been long-term, stable tenants and occupy the entire 36,322 SF. Traffic counts on Hwy 6 are 10,700 cars daily. Parking lot is shared with the facing building to the east, providing approximately 125 parking spaces, plus the shared spaces.
Investment highlights
The lease rates are quite reasonable at $11.17 NNN for Advanced Auto Parts and $12.00 NNN for Goodwill. This represents a 7.0 Capitalization Rate with increases as time goes by.
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