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Spirit Lake, IA - Furtniture Mart

$3,911,000

2502 17th Street, Spirit Lake, IA 51360

Active
Last Updated: 07/14/2026

6.75

Cap Rate

264,000

NOI

Details:
Cap Rate:    6.75%
NOI:    $264,000
Building Size:    50,336 sqft
Lot Area:    3.72 acres
Year Built:    1984
Zoning:    C-2: Highway Commercial District
Description:

Top Midwest Furniture Retailer | Adjacent To Walmart | $100K+ Average HH Income Must Be Purchased Together with Yankton, SD Property | Contact Broker for Details SRS Real Estate Partners is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an NNN leased Furniture Mart USA investment property located in Spirit Lake, Iowa. The tenant, Furniture Mart USA, Inc., is operating under a long-term lease through June 2031 with four (5-year) options to extend, demonstrating its continued commitment to the location. Furniture Mart USA is one of the largest furniture retailers in the Midwest, operating numerous locations throughout the region under the Furniture Mart and Ashley brands. The lease provides stable cash flow with limited landlord responsibilities, creating an attractive investment opportunity backed by an established regional operator. Additionally, major roof, HVAC, and parking lot replacement costs are shared 1/3 tenant and 2/3 landlord, further limiting ownership obligations. This property is being offered exclusively as part of a two-property portfolio with the Yankton, SD Furniture Mart property and must be purchased together.

The property is strategically positioned near the intersection of U.S. Highway 71 and Iowa Highway 9, two of the primary commercial corridors serving the Iowa Great Lakes region, with traffic counts exceeding 12,000 vehicles per day. The asset benefits from strong visibility, convenient access, and a location within one of Spirit Lake’s dominant retail and commercial corridors. Nearby retailers and businesses include Walmart Supercenter, Bomgaars, O’Reilly Auto Parts, Taco John’s, Polaris, Indian Motorcycle, Great Lakes Mall, and numerous local and regional operators. The surrounding concentration of retail, automotive, hospitality, and service-oriented businesses drives consistent consumer traffic to the area. In addition, Spirit Lake serves as a regional destination for both year-round residents and seasonal visitors drawn to the Iowa Great Lakes. The 5-mile trade area is supported by more than 10,400 residents and 8,800 employees with an average household income exceeding $101,500.

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