1410 1St Ave Iowa City, IA 52240

This investment-grade property offers a 20-year net lease with the U.S. Department of Veterans Affairs (VA), commencing December 1, 2023, and expiring November 30, 2043. The 32,200 square foot, single-story building, completely renovated in 2023, sits on a 3.512-acre lot in Iowa City, IA (52240), zoned C-Commercial. The VA occupies the entire building (100% occupancy), utilizing 23,553 rentable square feet, with an additional 8,647 square feet of adaptable space. The lease includes annual CPI adjustments to operating cost reimbursements and a 3% shell rent increase every five years. This strategic relocation of VA administrative functions from their main campus (3.4 miles away) ensures long-term stability and income growth. The $3.9 million renovation resulted in a state-of-the-art facility with nearly all systems brand new. The property benefits from the full faith and credit of the United States government, providing exceptional investment security. This is a rare opportunity to acquire a high-quality, net-leased asset with a credit-rated tenant and significant built-in rent growth.