5970 Morning Star CtPleasant Hill, IA 50327

Property Details for 5970 Morning Star Ct

Year built

2022

Construction

STEEL FRAME

Lot size

2.43 AC

Property size (Sq ft)

5,620 SF

Zone code

C-2

Property type

Grocery and convenience stores

APN

221/00212-902-002

APU

22100212902002

Description

This exceptional investment opportunity presents a fee-simple interest in a newly constructed (2022), 5,617 square foot Kum & Go convenience store and gas station located at 5970 Morning Star Ct, Pleasant Hill, IA 50327. The property sits on a 2.43-acre lot with excellent visibility and access, situated just off US Route 65's University Avenue exit (Highway 163), a signalized intersection with 25,000 cars daily. The property features Kum & Go's signature Go Fresh Market with indoor seating, seven fuel dispenser islands, and air pumps. This single-tenant property boasts a rare 20-year absolute NNN lease with Kum & Go, L.C., a corporate-guaranteed lease offering zero landlord responsibilities. Rent increases are structured with a 7.5% bump every five years during the initial term, followed by four five-year options at 5% increases each. The property benefits from 10-foot monument signage along University Avenue/Highway 163 and two points of ingress/egress. The surrounding area is experiencing significant growth, with nearby developments including the Forge65 luxury community and the planned Crossing at Pleasant Hill commercial development. This investment offers a strong 5.15% cap rate and a substantial net operating income (NOI) of $356,400. The Des Moines MSA, boasting a population of 840,490, is the fastest-growing metro area by percentage in the Midwest, experiencing 20% population growth from 2010 to 2021. This presents a compelling opportunity to capitalize on a thriving market and a secure, long-term investment with a nationally recognized brand. The lease commenced December 1, 2022, and expires November 30, 2042.

• CAP approach

  CAP return

  Valuation

  6%

  $1,440,579

  6.5%

  $1,329,765

  7%

  $1,234,782

• Comparable approach

  Method

  Valuation

  Relative Method

  $722,849

  Geo Method

  $722,849

• Alternative Use

  Use

  Valuation

  Residential

  $1,121,706

  Hospitality

  $1,027,477

  Educational

  $854,849

  Medical

  $884,248

  Retail

  $1,329,765

Location Insight

City

Pleasant Hill

County

Polk

State

Iowa

Latitude

41.5977

Longitude

-93.4922

CBSA code

19780

CBSA name

DES MOINES-WEST DES MOINES, IA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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