Family Dollar | Dollar Tree | 2023 Built-to-Suit | January 2024 Opening

818 North 1st Avenue, Winterset, IA

$2,114,685

Price

7.15%

Cap Rate

$151,200

NOI

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Street
Map
Overview
Cap Rate
7.15%
NOI
$151,200
Building Size
10,500 sqft
Lot Area
1 acres
Occupancy
100%
Lease Type
Double Net
Year Built
2023
Price Per Sqft
$201.40
Zoning
Commercial
Number of Tenants
1
Traffic Count
4,565
Construction Style
Prototype
Roof Type
Standing Seam
HVAC
Roof Mounted
Parking Lot
Asphalt
Lease Expire Year
4/30/2034
Description

Fortis Net Lease is pleased to present this 10,500 SF. freestanding Family Dollar | Dollar Tree, dual concept store located in Winterset, Iowa. The property offers a Double Net (NN) Lease, leaving minimal landlord responsibilities. The lease contains 4 (5 year) options to renew, each with a $0.50 PSF rental rate increase. The lease is corporately guaranteed by Dollar Tree which holds a credit rating of “BBB”, which is classified as Investment Grade. The store is currently under construction and on track for a rent start date in mid April 2024.

This Family Dollar | Dollar Tree store is highly visible as it is strategically positioned on N John Wayne Drive which sees 4,565 cars per day. It sits across the street from a popular Hy-Vee store (operates in the top 23% of all grocers in Iowa) on the main thoroughfare through the city. The ten mile population from the site is 10,833. The three mile average household income is $75,289 per year, making this location ideal for a Family Dollar | Dollar Tree store. The subject offering represents an ideal opportunity for a 1031 exchange buyer or a “passive” investor to obtain the fee simple ownership of a Family Dollar | Dollar Tree store. This investment will offer a new owner continued success due to the financial strength and the proven profitability of the tenant, one of the nation’s top dollar stores. List price reflects a 7.15% cap rate based on NOI of $151,200.

Highlights
  • Dual concept stores see a 20% increase in revenue
  • 10 year NN lease requiring minimal landlord responsibilities
  • 2023 BTS construction | April 2024 rent start
  • Four (5 year) options | $0.50 psf rental rate increase
  • Across from a Hy-Vee store that operates in the top 23% of all grocers in Iowa!
  • Investment credit tenant | Standard & poor's: 'BBB-'
  • 4,565 cars per day on N John Wayne Drive
  • Three mile average household income $75,289
  • Ten mile population 10,833 & growing
  • Two points of ingress/egress making it easily accessible
Documents
Title
Family_Dollar___Dollar_Tree_-_IA_-_Winterset__Bang_.pdf
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Location
Gallery