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900 Cove St SE 10,000 SF Retail Building Bondurant, IA 50035 $2,572,414 ($257.24/SF) 7.25% Cap Rate
Investment Highlights
- Concrete parking lot which allows for little-to-no maintenance Five
- Corporately guaranteed lease by Dollar Tree Stores, Inc
- Five, 5-year renewal options, all of which include attractive rental increases
Executive Summary
2024 build-to-suit construction for Dollar Tree
±10 year NN+ lease with limited landlord responsibilities
Explosive growth in Bondurant with over 15% population increase since 2020
Des Moines MSA (less than ± 10 miles from subject property)
5 mile population in excess of 33,360 residents
10 mile population in excess of 175,479 residents
The subject property comes with a 20-year transferable roof warranty
Extremely strong average household income of $132,029 annually proving an affluent surrounding community to support the store for years to come
Dollar Tree acquired Family Dollar in 2015 and they are considered to be the second largest discount retailer in the United States with more than 16,000 locations
Dollar Tree is one of the few retailers that thrived through the COVID pandemic and witnessed a sharp increase in same-store sales / profitability
Investment Grade Credit Tenant – S&P Rated BBB
±10 year NN+ lease with limited landlord responsibilities
Explosive growth in Bondurant with over 15% population increase since 2020
Des Moines MSA (less than ± 10 miles from subject property)
5 mile population in excess of 33,360 residents
10 mile population in excess of 175,479 residents
The subject property comes with a 20-year transferable roof warranty
Extremely strong average household income of $132,029 annually proving an affluent surrounding community to support the store for years to come
Dollar Tree acquired Family Dollar in 2015 and they are considered to be the second largest discount retailer in the United States with more than 16,000 locations
Dollar Tree is one of the few retailers that thrived through the COVID pandemic and witnessed a sharp increase in same-store sales / profitability
Investment Grade Credit Tenant – S&P Rated BBB
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Storefront Retail/Office
Building Size
10,000 SF
Building Class
B
Year Built
2024
Price
$2,572,414
Price Per SF
$257.24
Cap Rate
7.25%
NOI
$186,500
Tenancy
Single
Building Height
1 Story
Building FAR
0.64
Lot Size
0.36 AC
Nearby Major Retailers
Property Taxes
| Parcel Number | 231/00222-865-022 | Improvements Assessment | $148,900 |
| Land Assessment | $66,400 | Total Assessment | $215,300 |
Property Taxes
Parcel Number
231/00222-865-022
Land Assessment
$66,400
Improvements Assessment
$148,900
Total Assessment
$215,300
Contacts
-
Scotty Latimer -
Brett Baumgartner -
Josh Bishop -
Matthews Real Estate Investment Services
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900 Cove St SE
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