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Future Mart | Adjacent to Walmart 2502 17th St 50,336 SF Retail Building Spirit Lake, IA 51360 $3,911,000 ($77.70/SF) 6.75% Cap Rate
Investment Highlights
- Long-Term Lease Structure | Four (4) Five-Year Renewal Options | Dominant Regional Tenant
- Positioned Along High-Traffic Retail Corridor | Adjacent to Major Retail and Automotive Users
- NNN Lease | Fee Simple Ownership | Limited Landlord Responsibilities
- Strong Demographics In 5-Mile Trade Area
Executive Summary
SRS Real Estate Partners is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an NNN leased Furniture Mart USA investment property located in Spirit Lake, Iowa. The tenant, Furniture Mart USA, Inc., is operating under a long-term lease through June 2031 with four (5-year) options to extend, demonstrating its continued commitment to the location. Furniture Mart USA is one of the largest furniture retailers in the Midwest, operating numerous locations throughout the region under the Furniture Mart and Ashley brands. The lease provides stable cash flow with limited landlord responsibilities, creating an attractive investment opportunity backed by an established regional operator. Additionally, major roof, HVAC, and parking lot replacement costs are shared 1/3 tenant and 2/3 landlord, further limiting ownership obligations. This property is being offered exclusively as part of a two-property portfolio with the Yankton, SD Furniture Mart property and must be purchased together.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
50,336 SF
Building Class
C
Year Built
1984
Price
$3,911,000
Price Per SF
$77.70
Cap Rate
6.75%
NOI
$264,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.31
Lot Size
3.72 AC
Zoning
C-2 - Hwy Commercial District
Parking
175 Spaces (3.48 Spaces per 1,000 SF Leased)
Frontage
358’ on 17th St
Amenities
- Dedicated Turn Lane
- Pylon Sign
- Signage
Fairly walkable
40/100
Exceptionally drivable
100/100
Somewhat bikeable
20/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 07-05-151-020 | Improvements Assessment | $2,329,100 |
| Land Assessment | $525,300 | Total Assessment | $2,854,400 |
Property Taxes
Parcel Number
07-05-151-020
Land Assessment
$525,300
Improvements Assessment
$2,329,100
Total Assessment
$2,854,400
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