Current Use by Public Records
- Retail properties & Spaces
Property Details for 217 Spruce St
- Property type
- Retail properties & Spaces
- 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.
Value Estimations
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Location Insight
- Map
- Local Demand
- City
- La Jara
- County
- Conejos
- State
- Colorado
- Longitude
- -105.961
- Latitude
- 37.2755
