Family Dollar Tree | Low Rent & Price Point | 1609 Norwood Dr
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Family Dollar Tree | Low Rent & Price Point 1609 Norwood Dr
22,000 SF Retail Building Algona, IA 50511 £935,810 (£43/SF) 7.74% Net Initial Yield
Investment Highlights
- Low Rent & Price Point
- 9 Year Corporate Lease
- Near Fort Dodge, IA
- Investment Grade Tenant (S&P: BBB)
- Algona | County Seat of Kossuth County
Executive Summary
LOW RENT & PRICE POINT
• The subject property has a lower rent which equates to a low price point of $1,196,000.
INVESTMENT GRADE TENANT (S&P: BBB)
• Dollar Tree/Family Dollar is a publicly traded (NYSE: DLTR) Fortune 500 company with an S&P investment grade credit rating of BBB.
• Dollar Tree/Family Dollar operate 16,340+ stores across 48 states and five Canadian provinces.
• Dollar Tree has been in business for 70 years and has a current net worth of over $33 billion.
9 YEAR CORPORATE LEASE
• Family Dollar Tree renovated & backfilled a former hardware store and signed a new 10 year lease that commenced in June 2023.
• There are approximately 9 years left on a 10-year corporate guaranteed NN Lease with Family Dollar Tree.
• Tenant is responsible for routine parking lot maintenance, landscaping, HVAC, Taxes, Insurance, and utilities.
• The Landlord responsibilities include Roof, Structure and Parking Lot.
• The rent increases $0.50/SF in each of the Five, 5-year option periods.
ALGONA | COUNTY SEAT OF KOSSUTH COUNTY
• Algona is located in north-central Iowa and is the county seat of Kossuth County.
• Algona's economy has been based on agriculture, manufacturing, healthcare, and retail.
• Key employers in Algona include manufacturing companies, educational institutions, and healthcare facilities.
NEAR FORT DODGE, IA
• The subject property is located in Algona which is less than 1 hour north of Fort Dodge on Hwy 169 (9,270 VPD).
• Fort Dodge is the county seat of Webster county and is a major commercial center for North Central and Northwest Iowa.
• The major industries of Fort Dodge are biofuels, livestock feed, gypsum and limestone mining, can production, drywall manufacturing, trucking, the manufacture of veterinary pharmaceuticals and vaccines, and retail.
• Three major national trucking companies (primarily flatbed carriers serving the drywall industry) are based in Fort Dodge. The city also serves as a retail center for North-Central Iowa.
• Home to the central campus of Iowa Central Community College (4,704 students enrolled).
• National Retailers in Fort Dodge include Target, ALDI, Menards, Walmart and more.
• The subject property has a lower rent which equates to a low price point of $1,196,000.
INVESTMENT GRADE TENANT (S&P: BBB)
• Dollar Tree/Family Dollar is a publicly traded (NYSE: DLTR) Fortune 500 company with an S&P investment grade credit rating of BBB.
• Dollar Tree/Family Dollar operate 16,340+ stores across 48 states and five Canadian provinces.
• Dollar Tree has been in business for 70 years and has a current net worth of over $33 billion.
9 YEAR CORPORATE LEASE
• Family Dollar Tree renovated & backfilled a former hardware store and signed a new 10 year lease that commenced in June 2023.
• There are approximately 9 years left on a 10-year corporate guaranteed NN Lease with Family Dollar Tree.
• Tenant is responsible for routine parking lot maintenance, landscaping, HVAC, Taxes, Insurance, and utilities.
• The Landlord responsibilities include Roof, Structure and Parking Lot.
• The rent increases $0.50/SF in each of the Five, 5-year option periods.
ALGONA | COUNTY SEAT OF KOSSUTH COUNTY
• Algona is located in north-central Iowa and is the county seat of Kossuth County.
• Algona's economy has been based on agriculture, manufacturing, healthcare, and retail.
• Key employers in Algona include manufacturing companies, educational institutions, and healthcare facilities.
NEAR FORT DODGE, IA
• The subject property is located in Algona which is less than 1 hour north of Fort Dodge on Hwy 169 (9,270 VPD).
• Fort Dodge is the county seat of Webster county and is a major commercial center for North Central and Northwest Iowa.
• The major industries of Fort Dodge are biofuels, livestock feed, gypsum and limestone mining, can production, drywall manufacturing, trucking, the manufacture of veterinary pharmaceuticals and vaccines, and retail.
• Three major national trucking companies (primarily flatbed carriers serving the drywall industry) are based in Fort Dodge. The city also serves as a retail center for North-Central Iowa.
• Home to the central campus of Iowa Central Community College (4,704 students enrolled).
• National Retailers in Fort Dodge include Target, ALDI, Menards, Walmart and more.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Convenience Store
Building Size
22,000 SF
Building Class
B
Year Built/Renovated
1975/2023
Price
£935,810
Price Per SF
£43
Net Initial Yield
7.74%
NOI
£72,474
Tenancy
Single
Number of Floors
1
Building FAR
0.17
Lot Size
2.94 AC
Frontage
223 ft on East Norwood Drive
Amenities
- Pylon Sign
- Wheelchair Accessible
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 22-02-226-006 | Improvements Assessment | £363,617 |
| Land Assessment | £169,694 | Total Assessment | £533,311 |
PROPERTY TAXES
Parcel Number
22-02-226-006
Land Assessment
£169,694
Improvements Assessment
£363,617
Total Assessment
£533,311
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Family Dollar Tree | Low Rent & Price Point | 1609 Norwood Dr
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