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Hy-Vee Investment Opportunity | Monticello 122 N Main St

27,490 SF 100% Leased Retail Building Monticello, IA 52310 $6,437,242 ($234/SF) 6% Cap Rate

Executive Summary

HY-VEE DOLLAR FRESH WITH STRONG REAL ESTATE FUNDAMENTALS
• Full service grocery store fee simple leased to Hy-Vee, Inc. Established retailer with successful 80+ year operating history
• Absolute NNN lease requiring no landlord management
• Scheduled rental increases
DOMINANT GROCER IN IOWA
• Hy-Vee was founded in Iowa in 1930 and has developed into the dominant grocer in the State, holding the number one or two position in the most with 285+ stores and holds the number one or two position in the majority of the mid-sized cities in the State
• Hy-Vee’s success has allowed them to expand into neighboring states - Minnesota, Nebraska, Illinois, South Dakota, Kansas, and Wisconsin
DOLLAR FRESH BANNER
• The Dollar Fresh banner is a new concept that Hy-Vee launched in 2018 (25 locations to-date) designed to be a one-stop shop for customers, with a broader product lineup, at competitive prices
• By operating primarily as “self-checkout” store and eliminating full-service bakeries and delis, Dollar Fresh locations are able to offer attractive discounted pricing in an inflationary environment
NEW “BUILD-TO-SUIT” LOCATION
• The Subject Property is a new store that was purpose-built for Hy-Vee in March 2022 and has performed well since
• Hy-Vee signed a new 15-Year lease (14.8 years remaining) and has six additional 5-year options (which would take the fully extended term to 2062)

Data Room Click Here to Access

Property Facts

Sale Type
Investment
Property Type
Retail
Building Size
27,490 SF
Year Built
2022
Price
$6,437,242
Price Per SF
$234
Cap Rate
6%
NOI
$386,235
Percent Leased
100%
Building Height
1 Story

Nearby Major Retailers

Hy-Vee
Curves
Fareway Meat & Grocery
  • Listing ID: 30957990

  • Date on Market: 2/14/2024

  • Last Updated:

  • Address: 122 N Main St, Monticello, IA 52310

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