125 E Burlington St. , Unit N-125

Description

The "Unimpaired Dry Bar" location is now for sublease. A subtenant may also buy the business assets valued at $175,000 but are not required to. The space is 4,625 square feet and is prominently located at 125 E. Burlington right on the first floor of the Edge building at Clinton and Burlington in downtown Iowa City. The lease terms are $18 per foot per year plus $4.00 for taxes and $2.75 for CAM and insurance. The current lease term to be assumed is through August 31, 2026, and the tenant shall have one option to renew the lease for one 5-year term. The escalation for this option is limited to 2.5% per year during the option period. The current rate of $18 NNN goes to $19 NNN on August 1, 2024, to $20 NNN to August 1, 2025 and through the end of the term. The current lease is use restricted as a non-alcoholic bar by the landlord, but the landlord has agreed to allow a bar serving alcohol if it stops alcohol service by midnight and agrees to limited noise during the later evening hours. The zoning is CB-10 allowing all retail and commercial uses on the main floor with a traffic count of 17,700 cars per day right in front of the establishment.