2604 2nd Ave - Storefront Retail/Office FOR SALE


Muscatine, IA 52761
$3,435,000 USD
952-852-9767
2604 2nd Ave, Muscatine, IA for Sale
$3,435,000 USD
Storefront Retail/Office - FOR SALE
1/10
null | 7.5% Cap Rate

2604 2nd Ave
Muscatine, IA 52761


OVERVIEW

?- 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Sales Top 24% Per Placer.Ai ?- Major Upside Via Mark-To-Market Rental Opportunities Due To Long-Standing Tenants Paying Outdated Rents | Tangible Upside in Renewals + Opportunistic Backfilling - ?Well-Below Market Rents Avg.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

FOR SALE DETAILS

PRICE

$3,435,000 USD

PRICE/SF

$158 USD /SF

CAP RATE

7.5%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront Retail/Office

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2004

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

5.75 AC

LAND SF

250,470 SF

ZONING

C-3

APN/PARCEL ID

0824351014

ASK ABOUT THIS PROPERTY

Jon RuzickaMarcus & MillichapMore Info
952-852-9767

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Jon RuzickaMarcus & MillichapMore Info
952-852-9767

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