Jiffy Lube – Cedar Falls, IA
Fortis Net Lease is pleased to present this 1,920 SF. Jiffy Lube located in Cedar Falls, Iowa. The property offers a forty (40) Year Absolute NNN Lease, leaving zero landlord responsibilities. There are 6 Years remaining on the primary term and a 10% rental rate increase in April of 2022. The lease has been extended twice for an additional 10 years each, proving the success and commitment to this site. The store has been open and operating successfully with rent having commenced on 4/1/1987.
This Jiffy Lube car care center is highly visible as it is strategically positioned on University Avenue which sees 15,809 cars per day. The University of Northern Iowa is only 2.7 miles away and the College Square Mall is just down the street from the site. The five mile population from the site is 91,070 while the one mile average household income is $87,390 per year, making this location ideal for a Jiffy Lube. The Subject offering represents an ideal opportunity for a 1031 exchange buyer or a “passive” investor to attain the fee simple ownership of a Jiffy Lube. This investment will offer a new owner continued success due to the financial strength and the proven profitability of the tenant. List price reflects a cap rate of 6.25% based on NOI of $42,885.
• Absolute NNN 40 Year Lease | Zero Landlord Responsibilities
• 6 Years Remaining on Current Term
• 10% Rental Rate Increase in April 2022
• Primary Term Extended Twice Proving Dedication to Site
• One Mile Household Income $87,390
• Five Mile Population 91,070
• 15,809 Cars Per Day on University Avenue
• 2.7 Miles from the University of Northern Iowa
• 1 Mile from College Square Mall | Surrounded by National Retailers
• Cedar Rapids-Waterloo-Dubuque, IA DMA
Instate Broker of Record: Brian Brockman | Bang Realty, Inc.