Midwestern Absolute NNN Walgreens With 12 Years Remaining On Base Term
345 East 20th Street, Dubuque, Iowa 52001, USA Map
Listing Price $5,499,000
| Status | Closed |
| Lease Type | Absolute Net |
| Property Type | Retail |
| CAP Rate | 5.96% |
| GLA (Sq. Ft.) | 14,568 |
| Lease Term Remaining | 12 Years |
| State (BOR) | IA |
| Broker of Record | Jon Ruzicka |
| License # (BOR) | B63379000 |
| Close Date | Dec 29, 2022 |
Investment Highlights
- Subject is a Prime 14,568 Square-Foot Walgreens Located on a Signalized Hardcorner, Highly Visible 1.2 Acre Lot with Exceptional Ingress/Egress, Drive-Thru and Ample Parking
- Extremely Strong Location Fundamentals for Prime Infill, Features Absolute NNN Lease with Zero Landlord Responsibilities
- Robust Traffic Counts on 20th Street (6,200 VPD) and Four Blocks off of Central Ave (8,400 VPD), the Main Thoroughfare in Downtown Dubuque (Source: IowaDOT, 2018)
- Investment-Grade Credit Tenant Walgreens Boots Alliance (NASDAQ: WBA) has a Long-Term Stable Credit Rating of Baa2 (Stable) from Moody’s and Investment Grade Rating of BBB (Stable) from S&P
- Well Established Retail Corridor in Downtown Dubuque Near the River | The Area Includes a Mix of National Brands and Local Flair Such as BP Gas Station, Hardee’s, T-Mobile, Eagle Country Market, KFC, and More
- Affluent Community with 70,551 Residents Living in 27,834 Households with an Average Income of Over $77,000 Within Five Miles of the Subject Asset, as of 2020
- Subject is 8 Miles from Dubuque Regional Airport, Awarded Every Year as One of the Safest in the Nation (flydbq.com)
- Parks and Outdoor Recreational Facilities Nearby Include: Swiss Valley Nature Preserve, Dubuque Arboretum & Botanical Gardens, Crystal Lake Cave, McAleece Park, and the Mighty Mississippi
