1212 24th Street
8,320 SF Investment Retail For Sale
Marketing description
The subject property is a freestanding 9,014 SF building in Grundy Center, Iowa. The property is ideally situated along Hwy-175 on the western edge of town. Dollar General has occupied the space since it was built in 2004. The store recently extended its lease for an additional 6 years, thus showing a strong commitment to the location.
Sale Price: $590,625
NOI: $47,250
Cap Rate: 8.00%
Tenant: Dolgencorp, LLC
Guarantor: Corporate
Lease Type: NN
Lease Expiration: 9/30/2030
Investment highlights
– Recent parking lot and exterior lighting improvements
– (2) 5-year extension options remaining at 10% increases
– Part of National Insurance Program (Tenant pays insurance directly)
– Dollar General responsible for minor repairs less than $500 per occurrence
– Dollar General reimburses in full for taxes
– Dollar General pays additional percentage rent at this location
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