210 N Main St - Drug Store FOR SALE


Clarion, IA 50525
$275,000 USD
515-367-2083
210 N Main St, Clarion, IA for Sale
$275,000 USD
Drug Store - FOR SALE
1/1
null | 13.89% Cap Rate

210 N Main St
Clarion, IA 50525


HIGHLIGHTS

  • New Roof 2018
  • Commercial Unit Leased Through 2028 with the option to increase to 2031
  • 2 Apartment Units for Additional Rent

OVERVIEW

If you are looking for very stable cashflow with upside this may be the property for you! This property is home to Thrifty White Pharmacy ?a very strong, regional chain with over 90 stores in the Midwest and affiliated stores across the Nation! This opportunity is located in Clarion, Iowa. Clarion is the "hub" of Wright county (pop. 12,644). Thrifty has a lease until March of 2028 and has leased the property since 2018. Thrifty just recently added an additional 3 year amendment to lease another 3 years until 2031! Thrifty White pays property taxes and repairs up to $400 per repair and have put a lot of money (estimating around $100,000) into interior fixtures and upgrades over the years. ????The upside! There are two apartments above the main building - currently one is a large one bedroom/one bath rents for $550, the other is a two bedroom/one bath and rents for $875/month. These rents could be raised in the future. According to google & AI the average apartment rent in Wright county is $700-$1,200/month with overall average of $1,000/month - so there is upside for the apartment rentals.

FOR SALE DETAILS

PRICE

$275,000 USD

PRICE/SF

$48 USD /SF

CAP RATE

13.89%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Clarion Pharmacy Building

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Drug Store

ADD'L SUBTYPES

Office/Residential

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1900

SPRINKLERS

-

PARKING SPACES

36

LAND DETAILS

LAND ACRES

0.11 AC

LAND SF

4,792 SF

ZONING

C & R

APN/PARCEL ID

07-31-364-010

ASK ABOUT THIS PROPERTY

Aaron CoburnEOA, LLCMore Info
515-367-2083

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Aaron CoburnEOA, LLCMore Info
515-367-2083

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.