For Sale Commercial Real Estate Listings in Waukee, Iowa
FOR SALE * $1,020,000 * Retail * Waukee, Iowa * Full Listing
Property Description:
We are pleased to present this single-tenant corporately guaranteed Sherwin Williams in Waukee, Iowa for your review. Waukee, a suburb of Des Moines, is the fastest growing city in the fast growing county (Dallas) in Iowa. This 4,500 square foot improvement sits on 1.02 acres of land with frontage along US Highway 6 (Hickman Road), which has traffic counts in excess of 25,000 vehicles per day.
Sherwin Williams, which is rated by Standard & Poors as an A- credit tenant (Better than CVS), signed a rare fifteen year lease with a 38 percent rent bump after the first five years. The 38 percent rent bump at the end of 5 years takes the cap rate to 8.22 percent in years 6-10 and 9.00 percent in years 11-15. The subject property enables an investor to acquire a long term lease with a national credit tenant in an affluent market with a rare lease structure that is extremely favorable to the landlord.
Sherwin Williams operates over 3,000 stores throughout the...
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