Dollar General - Nevada, IA | 115 W Lincoln Hwy
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Dollar General - Nevada, IA 115 W Lincoln Hwy
10,640 SF Retail Building Nevada, IA 50201 $2,265,000 ($213/SF) 7% Cap Rate
Executive Summary
• The tenant, Dollar General, recently signed a brand new 15 year lease with 5 (5-year) options to extend, demonstrating their commitment to the site
• The lease features 5% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation
• The lease is guaranteed by Dollar General Corporation (S&P: BBB)
• Tenant pays for CAM, insurance and maintains all aspects of the premises
• Landlord responsibilities include taxes (reimbursed by tenant)
• Ideal, low-management investment for a passive investor
• Brand new 2024 construction featuring high quality materials, distinct Dollar General Market design elements, and state-of-the-art features
• The Dollar General Market is located near the signalized, hard-corner intersection of Lincoln Highway and 6th Street
• The site benefits from its close proximity to US Highway 30, a major thoroughfare averaging over 16,300 vehicles passing daily
• The asset benefits from excellent visibility via significant street frontage and a large pylon sign
• The asset is located in a dense retail corridor, with numerous nearby national/credit tenants including Starbucks, McDonald’s, Subway, Anytime Fitness, Ace Hardware, State Farm, HR Block, and more
• In addition, Dollar General Market is located in close proximity to a shopping corridor that features national/credit tenants such as McDonald’s, Dollar General, Casey’s, and Anytime Fitness, further increasing consumer traffic to the site
• Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site
• The 10-mile trade area is supported by approximately 62,600 residents and 41,200 employees, providing a direct consumer base from which to draw
• Residents within 5 miles of the subject property boast an affluent average household income of $106,384
• Nevada is located approximately 10 miles from Iowa State University, which had a student population of 30,177 in 2023
• The lease features 5% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation
• The lease is guaranteed by Dollar General Corporation (S&P: BBB)
• Tenant pays for CAM, insurance and maintains all aspects of the premises
• Landlord responsibilities include taxes (reimbursed by tenant)
• Ideal, low-management investment for a passive investor
• Brand new 2024 construction featuring high quality materials, distinct Dollar General Market design elements, and state-of-the-art features
• The Dollar General Market is located near the signalized, hard-corner intersection of Lincoln Highway and 6th Street
• The site benefits from its close proximity to US Highway 30, a major thoroughfare averaging over 16,300 vehicles passing daily
• The asset benefits from excellent visibility via significant street frontage and a large pylon sign
• The asset is located in a dense retail corridor, with numerous nearby national/credit tenants including Starbucks, McDonald’s, Subway, Anytime Fitness, Ace Hardware, State Farm, HR Block, and more
• In addition, Dollar General Market is located in close proximity to a shopping corridor that features national/credit tenants such as McDonald’s, Dollar General, Casey’s, and Anytime Fitness, further increasing consumer traffic to the site
• Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site
• The 10-mile trade area is supported by approximately 62,600 residents and 41,200 employees, providing a direct consumer base from which to draw
• Residents within 5 miles of the subject property boast an affluent average household income of $106,384
• Nevada is located approximately 10 miles from Iowa State University, which had a student population of 30,177 in 2023
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
10,640 SF
Building Class
C
Year Built
2024
Price
$2,265,000
Price Per SF
$213
Cap Rate
7%
NOI
$158,459
Tenancy
Single
Building Height
1 Story
Loading Docks
1 Exterior
Building FAR
0.19
Lot Size
1.30 AC
Zoning
NEC - Commercial
Parking
43 Spaces (4.04 Spaces per 1,000 SF Leased)
PROPERTY TAXES
| Parcel Number | 11-06-370-200 | Improvements Assessment | $53,600 |
| Land Assessment | $127,500 | Total Assessment | $181,100 |
PROPERTY TAXES
Parcel Number
11-06-370-200
Land Assessment
$127,500
Improvements Assessment
$53,600
Total Assessment
$181,100
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Dollar General - Nevada, IA | 115 W Lincoln Hwy
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