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345 E 20th St
Dubuque, IA 52001
Strong Performing Location $300M Development · Retail Property For Sale
INVESTMENT HIGHLIGHTS
- 2 Walgreens locations that are situated W of Dubuque's downtown area. This location serves E Dubuque with the next closest store 18 mi away to the E.
- 1.5 miles E, Schmidt Island has begun development on a 7-story 90-room hotel, an outdoor concert amphitheater, and a PinSeekers (2026 completition).
- MercyOne Dubuque Medical Center (263 Beds-1,500 Employees) & UnityPoint Health-Finley Hospital (126 Beds-940 Employees) within 2 miles.
- September of 2024, Kinseth Hospitality Company purchased a 13-acre lot to build two-connected Marriott hotels for a combined 160 hotel rooms.
EXECUTIVE SUMMARY
We are pleased to market for sale the Walgreens property located at 345 East 20th Street, Dubuque, IA 52001 ("The Property"). Walgreens has been operating at this location for over 16 years and has approximately ±8.5 years of firm term remaining before the option periods. The Property in an absolute net lease with no landlord obligations whatsoever.
This high-performing location reports above-average sales, reinforcing its role as a vital pharmacy provider for East Dubuque. It is the only Walgreens serving the eastern portion of the city, with the next closest store located roughly 18 miles to the east.
The Property is situated less than two miles from two major healthcare institutions, MercyOne Dubuque Medical Center (263 beds, 1,500 employees) and UnityPoint Health-Finley Hospital (126 beds, 940 employees) driving consistent consumer demand.
The surrounding area is experiencing significant growth, highlighted by the $300 million Schmidt Island development just 1.5 miles east, which will include a seven-story hotel, outdoor amphitheater, and PinSeekers golf entertainment venue, all scheduled to open by the end of 2026. Additionally, Kinseth Hospitality Company has purchased a nearby 13-acre site for two connected Marriott hotels totaling 160 rooms, also expected to be completed by late 2026.
This high-performing location reports above-average sales, reinforcing its role as a vital pharmacy provider for East Dubuque. It is the only Walgreens serving the eastern portion of the city, with the next closest store located roughly 18 miles to the east.
The Property is situated less than two miles from two major healthcare institutions, MercyOne Dubuque Medical Center (263 beds, 1,500 employees) and UnityPoint Health-Finley Hospital (126 beds, 940 employees) driving consistent consumer demand.
The surrounding area is experiencing significant growth, highlighted by the $300 million Schmidt Island development just 1.5 miles east, which will include a seven-story hotel, outdoor amphitheater, and PinSeekers golf entertainment venue, all scheduled to open by the end of 2026. Additionally, Kinseth Hospitality Company has purchased a nearby 13-acre site for two connected Marriott hotels totaling 160 rooms, also expected to be completed by late 2026.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Drug Store
Building Size
14,568 SF
Building Class
C
Year Built
2009
Price
$3,280,000
Price Per SF
$225.15
Cap Rate
10%
NOI
$328,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.29
Lot Size
1.17 AC
Opportunity Zone
Yes
Zoning
C-2 - Neighborhood Shopping Center
Parking
55 Spaces (3.8 Spaces per 1,000 SF Leased)
Frontage
270’ on Washington Street
AMENITIES
- Air Conditioning
PROPERTY TAXES
| Parcel Number | 10-24-215-028 | Improvements Assessment | $1,766,900 |
| Land Assessment | $389,900 | Total Assessment | $2,156,800 |
PROPERTY TAXES
Parcel Number
10-24-215-028
Land Assessment
$389,900
Improvements Assessment
$1,766,900
Total Assessment
$2,156,800
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