Dollar General Convenience
For Sale
Contact for pricing
307 Center Avenue South, Mitchellville, IA 50169
Built in 2011, the property is identified as a Dollar General location in Mitchellville, Iowa.
Property Size9,026 SF
Price / SF$107.63
Days on Market90
Property Features for 307 Center Avenue South
General Information
Standard status
Active
Size
9,026 SF
Property subtype
Retail
Net Operating Income
$77,720
Additional Details
Cap Rate
8%
Building Details
Year Built
2011
Listing Agency:
Matthews
Listed By:
Connor Olandt · License #CA 01985082
Source:
Crexi
Added: Jun 2
Changed: Aug 30
Last Checked: Aug 30 at 1:46AM
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 Matthews
Investment Insights
Based on property information with market context.
This grocery and convenience store property is identified as a Dollar General location at 307 Center Avenue South in Mitchellville, Iowa. The building was constructed in 2011 and is offered for sale.
The property carries an 8% cap rate and is situated near Des Moines. Its location within Mitchellville provides a defined municipal setting for this established convenience-retail asset.
The property carries an 8% cap rate and is situated near Des Moines. Its location within Mitchellville provides a defined municipal setting for this established convenience-retail asset.
Key Highlights
- Dollar General grocery and convenience store property
- 8% cap rate
- Constructed in 2011
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
$83,249
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
8.57%
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%
$1,664,980
$1.7M
Cap Rate 7%
$1,189,271
$1.2M
Cap Rate 9%
$924,989
$925.0K
Market Conditions
NOI Build-Up for 9,026 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
$130.0K $14.40/SF
− Vacancy
−$11.0K −$1.22/SF
EGI
$118.9K $13.18/SF
− OpEx
−$35.7K −$3.95/SF
NOI
$83.2K $9.22/SF
Area
Polk County, IA
Vacancy
8.50%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
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%
$1,664,980
Cap Rate 7%
$1,189,271
Cap Rate 9%
$924,989
Alternative Uses
Best Use
Specialty Retail
$1.64M
$1.44M – $1.92M
NOI $115,149 @ 7.0% cap · market cap 11.85%
Second Best
Retail
$1.19M
$1.04M – $1.39M
NOI $83,249 @ 7.0% cap · market cap 8.57%
Theoretical Best
Flex RnD
$8.69M
$7.60M – $10.14M
NOI $608,208 @ 7.0% cap · market cap 62.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
115
Businesses Nearby
8k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Casey's General Store
Shops & Services
5,089 visits/mo
0.1 miles
Dollar General
Shops & Services
2,787 visits/mo
0.1 miles
Demographics for 50169, IA
3,372
Population
1,161
Households
2.9
Avg Household Size
40
Median Age
17%
College-Educated
92%
High-School Grad
45.6 sq mi
ZIP Area
74
Density / Sq Mi
$81,625
Median Household Income
$34,271
Median Earnings
$789
Median Rent
$211,100
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Built in 2011, the property is identified as a Dollar General location in Mitchellville, Iowa.
Where is this grocery and convenience store located?
The property is located at 307 Center Avenue South Mitchellville, IA.
What is the asking price?
The asking price for this property is $971,501.
What are key features of this property?
This property features: Dollar General grocery and convenience store property; 8% cap rate; Constructed in 2011
