327 Story St | Boone, IA 50036
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327 Story St
Boone, IA 50036
Scooter's Coffee | 6.25% CAP | 10 YEAR LEASE · Retail Property For Sale
INVESTMENT HIGHLIGHTS
- LONG TERM & BRAND-NEW LEASE – 10-year lease will commence at the COE, providing a long term and stable investment for a new investor.
- RENTAL INCREASES – There are 2% rental increases annually, providing an investor a hedge against inflation.
- MARKET DOMINANT COFFEE CHAIN – Scooter’s Coffee has been in business for more than 20 years and operates 400+ locations across 26 states.
- ABSOLUTE NNN LEASE – Absolute NNN lease requires no landlord responsibilities and management headaches, ideal for an out-of-area investor.
- FRANCHISE GUARANTEE – The lease is guaranteed by the Franchisee, a strong and growing 13-unit operator looking to expand to more locations.
- HIGH TRAFFIC AREA – The subject property is situated on a large corner lot and has excellent visibility along 4th Street with heavy vehicle traffic.
EXECUTIVE SUMMARY
Prime Net Lease is pleased to offer the opportunity to acquire the fee simple interest in a recently built Scooter’s Coffee. The subject property was originally built in 2019. Due to its excellent location, the franchisee of Scooter’s Coffee decided to build the structure and offer the long term 10-year sale-leaseback.
The brand new 10-year lease will begin at the COE. This absolute NNN lease has 2% rental increases annually and grants the Tenant four successive options to extend the lease. Each option is for five years and includes the aforementioned 2% annual rental increases. Additionally, the annual rent is set at a healthy and below market rent-to-sales ratio (contact agent).
The Property has excellent visibility and is conveniently situated on a large corner lot along 4th Street and Story Street. 4th Street is a main corridor in the area and sees heavy traffic on a daily basis. Nationally recognized tenants such as Walgreens, Subway, Taco John's, Circle K, U.S Bank, Starbucks, Dollar General, and McDonald's surround the property, further driving consumers to the area. This specific location offers a brand new 10-year lease, excellent corner lot visibility, franchise guarantee, and zero landlord responsibility.
Scooter’s Coffee, headquartered in Omaha, NE has close to 500 locations across 26 states. Founded in 1998, Scooter’s Coffee now employs over 110,000 people across its many locations.
The brand new 10-year lease will begin at the COE. This absolute NNN lease has 2% rental increases annually and grants the Tenant four successive options to extend the lease. Each option is for five years and includes the aforementioned 2% annual rental increases. Additionally, the annual rent is set at a healthy and below market rent-to-sales ratio (contact agent).
The Property has excellent visibility and is conveniently situated on a large corner lot along 4th Street and Story Street. 4th Street is a main corridor in the area and sees heavy traffic on a daily basis. Nationally recognized tenants such as Walgreens, Subway, Taco John's, Circle K, U.S Bank, Starbucks, Dollar General, and McDonald's surround the property, further driving consumers to the area. This specific location offers a brand new 10-year lease, excellent corner lot visibility, franchise guarantee, and zero landlord responsibility.
Scooter’s Coffee, headquartered in Omaha, NE has close to 500 locations across 26 states. Founded in 1998, Scooter’s Coffee now employs over 110,000 people across its many locations.
PROPERTY FACTS
Sale Type
Investment
Sale Condition
Sale Leaseback
Property Type
Retail
Property Subtype
Building Size
1,000 SF
Building Class
C
Year Built
2019
Price
$1,200,000
Price Per SF
$1,200
Cap Rate
6.25%
NOI
$75,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.05
Lot Size
0.50 AC
Zoning
INC
Parking
5 Spaces (5 Spaces per 1,000 SF Leased)
Frontage
AMENITIES
- Corner Lot
- Pylon Sign
- Signalized Intersection
- Drive Thru
- Air Conditioning
- Smoke Detector
PROPERTY TAXES
| Parcel Number | 088426281382049 | Improvements Assessment | $450,849 |
| Land Assessment | $63,600 | Total Assessment | $514,449 |
PROPERTY TAXES
Parcel Number
088426281382049
Land Assessment
$63,600
Improvements Assessment
$450,849
Total Assessment
$514,449
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