Sam's Place
13,367 SF | Retail Building | Ames, IA 50010 | $2,814,105 ($211/SF) | 9.50% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $2,814,105
- Property Type
-
Retail
- Square Feet
- 13,367 SF
- Price / Square Foot
- $211
Listing Contacts
Simon Lewis
Verified Profile
Logan Carbonari
Verified Profile
Anthony Cohen
Verified Profile
- Property Info
Property Overview
CLOSE PROXIMITY TO IOWA STATE UNIVERSITY
Sam’s Place is located less than one mile from Iowa State University, the largest university in the State of Iowa with over 30,000 students.
CONSERVATIVE RENT STRUCTURE
Sam’s Place will execute a market rate retail lease at $20/ft NNN, which will yield a conservative 4x+ rent coverage and a Rent/Sales Ratio of nearly 20%.
LONG-TERM ABSOLUTE NNN LEASE WITH ANNUAL INCREASES
The tenant will be executing a brand new, 20 Year Absolute NNN Lease with annual rent increases of 2.5%, providing an investor with an incredible long-term passive investment.
CENTER TO THE REVITALIZATION OF DOWNTOWN AMES, IOWA
The City of Ames has committed to revitalizing Downtown Ames, specifically Main St and its surrounding areas. Sam’s will continue to benefit from this 15 year master plan, which includes grants to improve building facades, promote redevelopment, identify housing opportunities, and increase economic development. A prime example is The Linc, a $150 million redevelopment project that sits just south of Sam’s Place on Lincoln Way, that will include residential apartments, commercial and office space, as well as a hotel and conference center. Construction of The Linc is slated to begin in late 2024.
SIGNIFICANT TENANT INVESTMENT
The owner has invested over $2.2 million into the property, including a new roof, HVAC system, a reframe of the building, and more.
EXCELLENT LOCATION ON MAIN STREET
Sam’s Place is located in the heart of Downtown Ames on Main St, benefiting from regular foot traffic and city sponsored events, including the Farmers Market, Summer Sidewalk Sales, the Music Walk, Small Business Weekend, and more.
Sam’s Place is located less than one mile from Iowa State University, the largest university in the State of Iowa with over 30,000 students.
CONSERVATIVE RENT STRUCTURE
Sam’s Place will execute a market rate retail lease at $20/ft NNN, which will yield a conservative 4x+ rent coverage and a Rent/Sales Ratio of nearly 20%.
LONG-TERM ABSOLUTE NNN LEASE WITH ANNUAL INCREASES
The tenant will be executing a brand new, 20 Year Absolute NNN Lease with annual rent increases of 2.5%, providing an investor with an incredible long-term passive investment.
CENTER TO THE REVITALIZATION OF DOWNTOWN AMES, IOWA
The City of Ames has committed to revitalizing Downtown Ames, specifically Main St and its surrounding areas. Sam’s will continue to benefit from this 15 year master plan, which includes grants to improve building facades, promote redevelopment, identify housing opportunities, and increase economic development. A prime example is The Linc, a $150 million redevelopment project that sits just south of Sam’s Place on Lincoln Way, that will include residential apartments, commercial and office space, as well as a hotel and conference center. Construction of The Linc is slated to begin in late 2024.
SIGNIFICANT TENANT INVESTMENT
The owner has invested over $2.2 million into the property, including a new roof, HVAC system, a reframe of the building, and more.
EXCELLENT LOCATION ON MAIN STREET
Sam’s Place is located in the heart of Downtown Ames on Main St, benefiting from regular foot traffic and city sponsored events, including the Farmers Market, Summer Sidewalk Sales, the Music Walk, Small Business Weekend, and more.
Property Details
- Class
- C
- Year Built
- 1892
- Stories
- 2
- Lot Size (sq. ft)
- 4,792 SF
Highlights
- Close Proximity to Iowa State University
- Center to the Revitalization of Downtown Ames, Iowa
- Significant Tenant Investment
- Conservative Rent Structure
- Excellent Location on Main Street
- Long-Term Absolute NNN Lease with Annual Increases
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