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920 North St, Eldridge, Iowa 52746, US
Est. IRR
The annual compounded rate of return an investment is expected to generate over a specific period of time.17.34%
Est. Yield
The average annual cash an investment is expected to earn over one year as a percent of the investment amount (also called "cash-on-cash").5.90%
Est. Equity Multiple
The return an investor is expected to receive, as a multiple of the investment amount.N/A
Key Stats
Last updated: December 23, 2022, 09:00 pm
Est. IRR
The annual compounded rate of return an investment is expected to generate over a specific period of time.17.34%
Est. Yield
The average annual cash an investment is expected to earn over one year as a percent of the investment amount (also called "cash-on-cash").5.90%
Est. Property Value
The most recent estimated value, most commonly the purchase price of the property.$2,510,000
Year Built / Renovated
2003 / 2017
Units
4
Tenants
4
Sq. Ft.
6,500
Occupancy
100%
Debt LTV
0%
Yearly Income
$195,219
Yearly Expenses
$42,003
Yearly Profit
$153,216
Cap Rate
6.6%
Lot Size
1.2 acres
Asset Class (Retail)
About
Strip Mall with Subway & T-Mobile in Quad Cities, Iowa
This Retail property with 4 tenants is located close to Scott County Library (0.2 mi), Eldridge Outdoor Skatepark (0.5 mi), and Rustic Ridge Golf Course (0.6 mi). The largest nearby employers include U.S Cellular (0.1 mi), Ryder (6.4 mi), and Pizza Hut (8.8 mi).
The building sits on 1.2 acres with a total interior space of 6,500 square feet. The property was originally built in 2003 and was renovated in 2017.
The business plan would be classified as a long-term hold strategy which in this case means maximizing profits by increasing rents and keeping occupancy high.
Current tenants include Subway, Burger King, T-Mobile, and a Real Estate Office. All tenants are on multi-year triple-net leases (NNN). This means that the tenants pay all the expenses of the property including real estate taxes, building insurance, and maintenance.
5 Highlights for this Deal:
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Subway has been a tenant since 2015 and extended its lease to 2025
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Burger King recently moved in and invested $150K in renovations. Their 5-yr lease expires in 2028
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T-Mobile has been a tenant since 2010 and extended its lease to 2030
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A Real Estate Office recently moved in and signed a 2-yr lease which expires in 2025
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Walmart is building a large fulfillment center which is just a 15 minute drive from this strip mall. The warehouse is expected to open Summer of 2024
Market Highlights
Closest School
Edward White Elementary School(1.0 mi)
School
Closest University
St. Ambrose University(8.5 mi)
University
Closest Fortune 500 Headquarters
John Deere(20.6 mi)
Industry: Construction & Farm Machinery
Closest Employer
U.S. Cellular(0.1 mi)
Industry: Telecommunications
Local Employees: 6,272
Closest Transit
NW Blvd & 72nd Street(7.7 mi)
Transit
Closest Airport
Quad City International Airport(17.8 mi)
Airport
Simone & Johnson
Management Company
Land Capital
Sponsor
On the Map
920 North St, Eldridge, Iowa 52746, US