1609 Norwood DrAlgona, IA 50511

Property Details for 1609 Norwood Dr

Year built

1975

Lot size

2.94 AC

Property size (Sq ft)

28,000 SF

Property type

Retail space

APN

22-02-226-006

APU

2202226006

Description

This exceptional investment opportunity presents a 22,000-square-foot retail property in Algona, Iowa, currently leased to Dollar Tree and Family Dollar under a corporate-guaranteed net lease. The lease commenced May 31, 2023, with a remaining term of approximately 8.5 years, and includes five, 5-year options with $0.50/SF rent increases. The property boasts a strong 7.75% cap rate and a net operating income (NOI) of $92,625, with an asking price of $1,196,000 ($54.36/SF). Built in 1975 and renovated in 2023, this single-tenant property sits on a 2.94-acre lot at 1609 E Norwood Dr, Algona, IA 50511. The tenant is responsible for most operating expenses, including taxes, insurance, and utilities, while the landlord maintains the roof, structure, and parking lot. Algona, the county seat of Kossuth County, benefits from its proximity to Fort Dodge, a major commercial center in North Central Iowa, offering diverse economic activity and a strong retail market. This property offers a compelling combination of a low price point, a stable, investment-grade tenant, and a long-term lease, making it an attractive addition to any portfolio.

• CAP approach

  CAP return

  Valuation

  6%

  $6,775,390

  6.5%

  $6,254,206

  7%

  $5,807,477

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,601,382

  Geo Method

  $3,601,382

• Alternative Use

  Use

  Valuation

  Residential

  $5,275,656

  Hospitality

  $4,832,473

  Educational

  $4,020,561

  Medical

  $4,158,834

  Retail

  $6,254,206

Location Insight

City

Algona

County

Kossuth

State

Iowa

Latitude

43.0818

Longitude

-94.2285

Property Tax & Assessments

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