THIS LEASED INVESTMENT IS A 14,866 FOOT RETAIL STRIP CENTER LOCATED AT HWY #6 AND 1ST AVE IN CORALVILLE. TRAFFIC COUNTS ARE HIGH WITH 24,500 N-S AND 30,200 E-W. INCOME IS $261,000 WITH EXPENSES AT $77,000 LEAVING A NET OPERATING INCOME OF $184,000. THE CAP RATE IS 8.7%. THIS BUILDING WAS FLOODED IN 2008 AND HAS BEEN RENOVATED AND THERE IS JUST ONE VACANCY TO GO FOR FULL OCCUPANCY. PANERA BREAD IS BUILDING JUST NORTH OF THIS CENTER, AND PEKING BUFFET HAS JUST OPENED A RESTAURANT DIRECTLY TO THE SOUTH.
© 2012 Cedar Rapids Area Association of REALTORS® Multiple Listing Service.
Listing provided courtesy of Jeff Edberg of Skogman Realty.