Spirit Lake Retail Center 1609 18th St

14,700 SF 100% Leased Retail Building Spirit Lake, IA 51360 $1,927,000 ($131/SF) 8.25% Cap Rate

Investment Highlights

  • 14,700 Square Foot Multi-Tenant Retail Center Located just down the street from a Walmart Supercenter
  • Zero Lease Rollover until September 2026
  • Strong Mix of National Credit Retailer Including Dollar Tree (NASDAQ: “DLTR”) with Local E-Commerce Resistant Tenants
  • Fully Stabilized Retail Center Offered at 100% Leased
  • Triple Net Leases with Very Minimal Landlord Responsibility
  • Long-Term Leases with Zero Lease Rollover until 2024 | Dollar Tree (66% of GLA) is Leased thru January 2027

Executive Summary

Marcus & Millichap is pleased to present the Spirit Lake Retail Center in Spirit Lake, IA. The 14,700 square foot building is positioned on 1.30 acres with excellent exposure along 18th Street. Spirit Lake Retail Center is perfectly positioned just down the street from a Walmart Supercenter which is a major draw to this corridor contributing to the healthy traffic counts nearby. The subject property is also in close proximity to Great Lakes Mall, Hy-Vee, and the Lakes Regional Healthcare Center.. There is no dollar store in the Spirit Lake market and minimal competition nearby for the other tenants providing additional security in the deal. Other retail traffic drivers include nearby including Pizza Ranch, Jersey Mike’s Subs, Fareway Grocery, Pure Fishing, Polaris, O’Reilly Auto Parts, among others. Spirit Lake Retail Center is currently 100 percent leased, and is fully stabilized, with zero lease rollover until September of 2026. The center is anchored by Dollar Tree and three local tenants. There is upside in capturing the future rent bumps in the renewal options. All four of the
leases are classified as triple net.

Financial Summary (Actual - 2023) Click Here to Access

Annual Annual Per SF
Gross Rental Income - -
Other Income - -
Vacancy Loss - -
Effective Gross Income - -
Net Operating Income $99,999 $9.99

Property Facts

Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Office
Building Size
14,700 SF
Building Class
B
Year Built
2019
Price
$1,927,000
Price Per SF
$131
Cap Rate
8.25%
NOI
$158,916
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.26
Lot Size
1.30 AC
Zoning
C
Parking
60 Spaces (4.08 Spaces per 1,000 SF Leased)
Frontage
261 FT on 18th Street

Amenities

  • Air Conditioning
Bike Score®
Very Bikeable (71)

Nearby Major Retailers

Hy-Vee
Starbucks
WW (Weight Watchers)
Northwest Bank
Scooter's Coffeehouse
CrossFit

PROPERTY TAXES

  • Listing ID: 33869277

  • Date on Market: 11/14/2024

  • Last Updated:

  • Address: 1609 18th St, Spirit Lake, IA 51360