Corporate Guaranteed Dollar
For Sale
Contact for pricing
1815 SPAKENBURG RD, Holmen, WI 54636
Brand-new Dollar General is under construction with an absolute net lease and corporate guarantee.
Property Size10,640 SF
Price / SF$191.26
Days on Market120
Property Features for 1815 SPAKENBURG RD
General Information
Standard status
Active
Size
10,640 SF
Property subtype
Retail
Investment Type
Net Lease
Net Operating Income
$153,380
Building Details
Year Built
2026
Tenancy
Single
Listing Agency:
Colliers - Los Angeles - Orange County, California
Listed By:
Eric Carlton · License #CA 01809955
(949) 724-5561
Source:
Crexi
Added: May 11
Changed: Sep 3
Last Checked: Sep 7 at 11:04AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Colliers - Los Angeles - Orange County, California
Investment Insights
Based on property information with market context.
A brand-new corporate guaranteed Dollar General is currently under construction at 1815 Spakenburg Rd in Holmen, WI. The property is being built as a single-tenant retail asset with a 10,640 SF building on 1.2 acres, and it includes an upgraded brick and masonry facade.
The site is located on Spakenburg Road and is adjacent to State Highway 35 and US Highway 53.
The offering is subject to a 15-year absolute net lease with 25 years of option periods. Rent increases are scheduled every 5 years.
The site is located on Spakenburg Road and is adjacent to State Highway 35 and US Highway 53.
The offering is subject to a 15-year absolute net lease with 25 years of option periods. Rent increases are scheduled every 5 years.
Key Highlights
- Brand‑new 10,640 SF Dollar General building on 1.2 acres in Holmen, WI, currently under construction (Year built: 2026).
- 15‑year absolute net lease with 25 years of option periods.
- Rent increases every 5 years per lease terms.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$162,888
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.00%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,257,760
$3.3M
Cap Rate 7%
$2,326,971
$2.3M
Cap Rate 9%
$1,809,867
$1.8M
Market Conditions
NOI Build-Up for 10,640 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$229.8K $21.60/SF
− Vacancy
−$12.6K −$1.19/SF
EGI
$217.2K $20.41/SF
− OpEx
−$54.3K −$5.10/SF
NOI
$162.9K $15.31/SF
Area
La Crosse County, WI
Vacancy
5.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,257,760
Cap Rate 7%
$2,326,971
Cap Rate 9%
$1,809,867
Alternative Uses
Best Use
Specialty Retail
$2.33M
$2.04M – $2.71M
NOI $162,888 @ 7.0% cap · market cap 8.00%
Second Best
Retail
$1.53M
$1.34M – $1.78M
NOI $107,028 @ 7.0% cap · market cap 5.26%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 54636, WI
16,338
Population
6,517
Households
2.5
Avg Household Size
39
Median Age
35%
College-Educated
97%
High-School Grad
83.0 sq mi
ZIP Area
197
Density / Sq Mi
$91,156
Median Household Income
$47,699
Median Earnings
$1,145
Median Rent
$290,600
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Brand-new Dollar General is under construction with an absolute net lease and corporate guarantee.
Where is this grocery and convenience store located?
The property is located at 1815 SPAKENBURG RD Holmen, WI.
What is the asking price?
The asking price for this property is $2,035,000.
What are key features of this property?
This property features: Brand‑new 10,640 SF Dollar General building on 1.2 acres in Holmen, WI, currently under construction (Year built: 2026).; 15‑year absolute net lease with 25 years of option periods.; Rent increases every 5 years per lease terms.
