Description

Marcus & Millichap is pleased to present the opportunity to acquire the fee simple interest in a 15,236-square-foot CVS Pharmacy located in Iowa City, Iowa. The property is secured by a corporately guaranteed absolute NNN lease with nearly six years of remaining term, providing investors with a stable, passive income stream and no landlord responsibilities. The lease includes ten additional five-year renewal options, with rental rates adjusting to fair market value beginning in 2042, offering long-term protection against inflation and future market growth. Strategically situated on Muscatine Avenue at a high-traffic intersection carrying more than 17,600 vehicles per day, the property occupies a prominent corner parcel with frontage on three streets. Its location directly across from a Hy-Vee supermarket and Maverik fuel station enhances visibility and customer traffic. The asset also benefits from proximity to key demand drivers, including the University of Iowa, which enrolls more than 31,000 students, and the University of Iowa Health Care system, one of the region’s largest employers. Additional economic support is provided by nearby industrial employers, including Procter & Gamble’s Oral-B facility and an Amazon distribution center. The property is leased to CVS Health, one of the nation’s leading healthcare companies and a Fortune 500 corporation with thousands of retail pharmacy locations nationwide. The company’s strong credit profile and extensive operating platform provide investors with a dependable tenancy backed by a nationally recognized brand. Supported by a growing local economy, strong demographic fundamentals, and a highly visible retail location, this asset offers a compelling combination of secure cash flow, long-term lease flexibility, and underlying real estate value within one of Iowa’s most dynamic college and healthcare markets.