217 Spruce StLa Jara, CO 81140

Property Details for 217 Spruce St

Property size (Sq ft)

9,180 SF

Property type

Retail properties

Property subtype

Drug stores

Description

This exceptional investment opportunity presents a 9,180-square-foot Family Dollar store located at 217 Spruce Street, La Jara, Colorado, 81140. The property sits on a large 45,000-square-foot parcel and benefits from a highly favorable Net Net (NN) lease structure, minimizing landlord responsibilities. Family Dollar, an investment-grade tenant (S&P: BBB), has occupied the location since 2005 and has exercised two five-year lease options, with two more remaining, expiring December 31, 2025. The property boasts a current cap rate of 9.50% and a strong net operating income (NOI) of $87,780, with the next rent increase scheduled for January 1, 2025, to $8,046.50 monthly ($96,558 annually), resulting in a projected cap rate increase to 9.6%. The convenient location off Highway 285 sees approximately 6,200 vehicles per day. The tenant pays property taxes and reimburses the landlord for insurance. This is the only Family Dollar within a 10-mile radius, ensuring market dominance and long-term stability. The asking price is $924,000, translating to $100.65 per square foot. This is a rare opportunity to acquire a well-established, high-performing retail property with a strong tenant and significant upside potential.

Location Insight

City

La Jara

County

Conejos

State

Colorado

Latitude

37.2755

Longitude

-105.961

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].