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DOM: 176 Updated: 11.24.23 Posted: 05.02.23 Status: Sold 10.26.23

Summary

Price $3,500,000 $3,670,100
Built/Renov 2016
Tenant Genesis Health System
Cap Rate 6.55% 6.25%
Lease Type Double NN
Guarantor
Size/SF 14,107
Lease Start 02-01-2017
#Units 73
Price/SF $248.10 $260.16
Expiration 01-31-2029
Tenant Type Medical/Health
NOI $229,205
R. Term 3.7
Ownership Fee Simple
Rent/SF $16.25
Increases 0.0%/0/yrs
Pop 5Mi 96,837
Lot/AC 2.29
Options 0/0yrs
AHHI 5Mi $74,085

Highlights

  • Genesis Health System has been operating in this location since 2017
  • Tenant has over 5 years remaining on the current lease term
  • Double NN lease with landlord responsible for structure, foundation and HVAC
  • Corporate guarantee by Genesis Health System (73 locations)

Location Description

This 14,107 square foot Genesis Health System is situated on over 2.2 acres and is located along East 56th Street. The site is within close proximity to several highly traveled thoroughfares such as E 53rd St (18,100 VPD), Interstate 74 (35,600 VPD), and Interstate 80 (109,100 VPD). National/credit tenants in the area include Walmart, Costco, Hy-Vee, Lowe’s, Target and many more. Genesis...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

About Tenant

Genesis Health System is a non-profit health system that provides health services to multiple communities in Eastern Iowa and Western Illinois which includes 6 different hospital locations....


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 7,775 47,504 98,310
2023 Total Population : 7,538 46,887 97,229
2023 Employed Civilian Pop : 4,020 25,521 52,230
2023 Total Businesses : 380 1,968 4,254
2023 Average Household Income : $ 203,675 $ 140,677 $ 114,084
2023 Total Consumer Spending : $ 442 M $ 2307 M $ 3943 M
2023 Median Age : 45 42 40
2023 Total Households : 2,615 19,293 40,220
2023 Pop Age 25+: Bachelor's Degree : 1,826 10,442 17,970
2023 Average Home Value : $ 382,472 $ 316,494 $ 268,692
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Lakeview Lakeview Pkwy 2006 8,800 0.20 mi
18th St Glen Eagles Dr 2010 2,410 0.26 mi
53rd Ave 18th St 2010 18,100 0.29 mi
18th St 53rd Ave 2010 5,800 0.33 mi
18th St Barcelona Ave 2006 920 0.36 mi
18th St Falcon Ave 2009 7,034 0.37 mi
53rd Ave Brentwood Dr 2010 13,800 0.43 mi
Utica Ridge Rd E 60th St 2010 8,100 0.50 mi
Utica Ridge Rd E 55th St 2010 8,700 0.51 mi
Barcelona St Barcelona Ter 2006 1,050 0.53 mi

Listing Broker

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