8950 Earhart Ln Cedar Rapids, IA 52404

This exceptional investment opportunity presents a fee-simple ownership of a 7,683 square foot Pilot Travel Center, strategically located at 8950 Earhart Ln SW in Cedar Rapids, Iowa. The property sits on a substantial 6.3-acre lot, boasting excellent visibility to over 51,400 vehicles daily due to its proximity to Interstate 380. Built in 2018, this single-story building features a convenience store with an Arby's and Dunkin' Donuts Express, six diesel fuel lanes, ten gas fueling stations, and two showers. The property is currently operating at 100% occupancy under a 20-year absolute NNN lease with Pilot Travel Centers LLC, commencing April 13, 2022, and expiring April 12, 2042. The lease includes four 5-year options and features a 10% rent increase every five years, ensuring consistent and growing income. The current NOI is $825,000, resulting in a 5.00% cap rate and a price per square foot of $2,147.60. This investment offers significant long-term value, backed by a corporate guaranteed lease from Pilot Flying J, a subsidiary of Berkshire Hathaway, and benefits from the strong economic activity in Cedar Rapids, including the presence of Fortune 500 companies. The property's location near downtown Cedar Rapids and major transportation routes provides exceptional access and high traffic volume. This is a rare opportunity to acquire a high-performing, net-leased asset with substantial upside potential.