Listed by Marcus & Millichap - Columbus, Marcus & Millichap - Cleveland
$3,435,000
Mad Creek Center
Details
APN 0824351014
Property Type Retail
Sub Type QSR/Fast Food, Grocery Store
Square Footage 21,672
Units 6
Cap Rate 7.50%
NOI $257,765
Occupancy 100%
Tenancy Multi
Brand/Tenant Dollar Tree, T-Mobile
Lease Type NNN
Year Built 2004
Stories 1
Acreage 5.770
Tenant Credit Credit Rated, Franchisee
Ground Lease No
Hy-Vee & Walmart Shadowed | Major Upside | Tenancy +19 Yrs | #1 Supply Constrained Market in State
Investment highlights
- 100% Occupied 21,672 Square Foot Hy-Vee-Shadowed Strip Center | Muscatine, Iowa (Quad Cities-CSA with Over 475k People)
- Hy-Vee = High Performing Location | 1.25m Annual Customers | Top 39% Foot-Traffic / Est. Sales Top 24% Per Placer.Ai
- Major Upside Via Mark-To-Market Rental Opportunities Due To Long-Standing Tenants Paying Outdated Rents | Tangible Upside in Renewals + Opportunistic Backfilling
- Well-Below Market Rents Avg. Only $13.37/SF | 72% of GLA at Site Since 2004 | 20.6% of GLA at Site Since 2012
- Latest Lease Signing by T-Mobile in 2023 Represents 45% Rental Increase Compared to Center Average | Recent Lease Signings at Adjacent Centers Exceeded $31/SF Average
- 25% of GLA Lacks Options – Remaining Tenants have Limited Option Schedules | Major Wait List from National/Regional Inline Tenants
- Extremely Low Market Vacancy of 0.3% | Most Retail Supply-Constrained Submarket within Iowa | New Construction Since 2015 Represents 0.45% of Total Supply | High Barriers to Entry due to Limited Developable Land and Restrictive Zoning
- Landlord Favorable NNN Lease Structures | Full Reimbursement for Tax, CAM, and Insurance | Minimizes Potential Slippage | Ease of Management
- True Irreplaceable Real Estate Along Regions Busiest Route Seeing Over 20,400 | Just Off Signalized Intersection Seeing 31k VPD
- True Irreplaceable Real Estate Along Regions Busiest Route Seeing Over 20,400 | Just Off Signalized Intersection
Listing Contacts
Listed by Marcus & Millichap - Columbus, Marcus & Millichap - Cleveland
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$257,765.00
$21,480.42/mo
Valuation Metrics
0
DSCR
7.5%
Cap Rate
7.5%
ROI
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Property History
Tax History
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