Offering Memorandum
Property Highlights
- Gas Station Investment Property - The offering features four separate properties, Conoco, BP, Fast Trak, and Fast Stop, located outside Cedar Rapids, IA.
- New 20-Year Absolute NNN Master Sale Leaseback - The property will be subject to a 20-year absolute NNN master lease which will commence at close of escrow. The lease features no landlord responsibilities and annual 1.5% base rent increases with 4 x 5-year options to renew. The guarantee of the lease will be a 4-unit LLC.
- Synergistic Locations in Northern Iowa - All four properties are located outside of Cedar Rapids on the border of Iowa and Wisconsin, in Elkader, Garnavillo, and West Union. Cedar Rapids had a population of over 134,000 in 2021, and continues to grow each year.
- Price: $5,750,000
- Cap Rate: 7.00%
- Lease Type: Absolute Triple Net (NNN) Master Lease
- Status: Sold