Family Dollar Tree – Audubon, IA
Fortis Net Lease is pleased to present this 10,500 SF. freestanding Family Dollar | Dollar Tree, dual concept store located in Audubon, Iowa. The property offers a Double Net (NN) Lease, leaving minimal landlord responsibilities. The lease contains 4 (5 year) options to renew, each with a $0.50 PSF rental rate increase. The lease is corporately guaranteed by Dollar Tree which holds a credit rating of “BBB-”, which is classified as Investment Grade. The store is currently under construction and on track for a rent start date in early October 2022.
This Family Dollar | Dollar Tree store is highly visible as it is strategically positioned on the hard corner (4-way stop) of South Street and Market Street which sees 5,960 cars per day. It is easily accessible from either street with 2 points of ingress and egress. The ten mile population from the site is 4,683 while the three mile average household income is $61,415 per year, making this location ideal for a Family Dollar | Dollar Tree store. The Subject offering represents an ideal opportunity for a 1031 exchange buyer or a “passive” investor to attain the fee simple ownership of a Family Dollar | Dollar Tree store. This investment will offer a new owner continued success due to the financial strength and the proven profitability of the tenant, one of the nation’s top dollar stores. List price reflects a 6.30% cap rate based on NOI of $111,825.
• Dual Concept Stores See a 20% Increase in Revenue
• 10 Year NN Lease Requiring Minimal Landlord Responsibilities
• 2022 BTS Construction | October 2022 Rent Start
• Four (5 Year) Options | $0.50 PSF Rental Rate Increase
• Hard Corner Location | 4-way Stop | Concrete Parking Lot
• Accessible from Either Street | 2 Points of Ingress/Egress
• Investment Credit Tenant | Standard & Poor’s: ‘BBB-‘
• 5,960 Cars Per Day at Market St & South St
• 3 Mile Average Household Income $61,415
• 10 Mile Population 4,683
Instate Broker of Record: Brian Brockman | Bang Realty, Inc.