Listed by Marcus & Millichap - Orlando
$1,525,000
Caliber Collision | Dealership Row | Des Moines, Iowa
Details
Property Type Retail
Sub Type Auto Shop
Square Footage 5,888
Cap Rate 6.78%
NOI $103,342
Occupancy 100%
Tenancy Single
Brand/Tenant Caliber Collision
Lease Type NNN
Lease Term 10
Lease Expiration 03/31/2031
Remaining Term 5
Rent Bumps Yes
Lease Options (Two) Five-Year Options
Year Built 1964
Year Renovated 1996
Buildings 1
Acreage 0.370
Zoning Commercial
Investment Type Net Lease
Lease Commencement 03/20/2021
Ground Lease No
NNN Lease | Located on "Dealership Row"
Investment highlights
- Corporate Lease with Caliber Collision
- Nation's Largest Autobody Repair Company
- Lease Backed by Corporate Guaranty
- Guaranteed by Wans Newco 3, Inc. (Caliber Parent Entity)
- Long-Term Triple Net Lease through 2031
- Two 5-Year Options with Fair Market Rent Upside
- Built-In 2% Annual Rental Increases
- Hedge Against Inflation with Steady NOI Growth
- Located on Merle Hay Road 'Dealership Row'
- Surrounded by Kia, Ford, Nissan & Other Major Auto Dealers - Ideal Co-Tenancy Driving
Captive Demand for Collision Repair
- Strong Market Fundamentals
- Population of 187,000+ within a Five Mile Radius
- Affluent Trade Area Demographics
- Average Household Income Exceeds $102,000 (5-Mile)
- Successful Longstanding Operating Business
- Caliber Operating at Site Since 2021 Acquisition (Sale-Leaseback)
- Located in Iowa's Largest MSA
- Des Moines Metro- 707,000 Residents & Growing 4.5%
Listing Contacts
Listed by Marcus & Millichap - Orlando
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$103,342.00
$8,611.83/mo
Valuation Metrics
0
DSCR
6.78%
Cap Rate
6.78%
ROI
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