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1850 Logan Ave
Waterloo, IA 50703
5% Incr in Options | Next to 204 Bed Hospital · Retail Property For Sale
INVESTMENT HIGHLIGHTS
- Across the street from the property, Allen Hospital is a 204-bed hospital serving the greater Cedar Valley market.
- This Walgreens is the only Walgreens north of Cedar River in Waterloo for over 15 miles.
- Close proximity to the John Deere Tractor Major Operations Center & Tyson Foods Fresh Meats processing facility.
- There is over 5.8M sf of industrial space within 3 miles of the property, with a vacancy rate below 1%.
- The lease calls for a 5% increase in the first four options.
EXECUTIVE SUMMARY
We are pleased to market for sale the Walgreens property located at 1850 Logan Ave, Waterloo, IA 50703 ("The Property"). Walgreens has been operating at the site for over 18 years and has ±3.5 years of firm term remaining before the 12 (5-year) option periods. Walgreens operates under a absolute triple net lease, which provides for no landlord obligations whatsoever and calls for a 5% rental increase every five years in the first four options.
The Property is strategically positioned across the street from Allen Memorial Hospital, a 204-bed facility affiliated with UnityPoint Health, which serves one out of every three patients in the state of Iowa. The Property also holds a significant retail advantage as the only Walgreens north of the Cedar River in Waterloo for over 15 miles.
Located within a thriving industrial market, the Property is surrounded by over 5.8 million square feet of industrial space within a 3-mile radius, with a vacancy rate under 1%. The John Deere Tractor Operations Center, which serves as the primary North American production site for Deere’s 6R–9R series tractors. This operation spans 5.9 million square feet and occupies 2,734 acres across six locations in Waterloo. Additionally, Tyson Foods recently expanded its nearby pork processing facility, investing $28 million and creating 245 new jobs. The expansion was supported in part by the Iowa Economic Development Authority (IEDA), which provided $2 million in investment tax credits.
The Property is strategically positioned across the street from Allen Memorial Hospital, a 204-bed facility affiliated with UnityPoint Health, which serves one out of every three patients in the state of Iowa. The Property also holds a significant retail advantage as the only Walgreens north of the Cedar River in Waterloo for over 15 miles.
Located within a thriving industrial market, the Property is surrounded by over 5.8 million square feet of industrial space within a 3-mile radius, with a vacancy rate under 1%. The John Deere Tractor Operations Center, which serves as the primary North American production site for Deere’s 6R–9R series tractors. This operation spans 5.9 million square feet and occupies 2,734 acres across six locations in Waterloo. Additionally, Tyson Foods recently expanded its nearby pork processing facility, investing $28 million and creating 245 new jobs. The expansion was supported in part by the Iowa Economic Development Authority (IEDA), which provided $2 million in investment tax credits.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
14,736 SF
Building Class
B
Year Built
2007
Price
$4,670,584 CAD
Price Per SF
$316.95 CAD
Cap Rate
11%
NOI
$513,764 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.22
Lot Size
1.57 AC
Parking
88 Spaces (6.79 Spaces per 1,000 SF Leased)
AMENITIES
- Pylon Sign
- Signage
- Signalized Intersection
- Drive Thru
PROPERTY TAXES
| Parcel Number | 8913-13-101-031 | Improvements Assessment | $3,852,625 CAD |
| Land Assessment | $881,823 CAD | Total Assessment | $4,734,448 CAD |
PROPERTY TAXES
Parcel Number
8913-13-101-031
Land Assessment
$881,823 CAD
Improvements Assessment
$3,852,625 CAD
Total Assessment
$4,734,448 CAD
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