812 Sd-46 Wagner, SD 57380

Property Details for 812 Sd-46

Year built

2006

Lot size

0.81 lot acres

Property size

11,600 SF

Property type

Retail properties

Property subtype

Grocery and convenience stores

Description

This exceptional investment opportunity presents a single-tenant, 11,600 square foot retail property located at 812 SD-46 in Wagner, South Dakota, 57380. The property, built in 2006 and renovated in 2023, sits on a 0.81-acre lot and boasts 43 parking spaces. Currently occupied by a combined Family Dollar and Dollar Tree store, this asset offers a strong, corporate-guaranteed Net Net (NN) lease with a remaining term of approximately 7.9 years, expiring October 31, 2032. The lease commenced October 20, 2005, and includes a significant 7.5% rent increase on November 1, 2027. Five additional five-year renewal options exist, each with a $0.50 per square foot rent increase. The property generates a substantial Net Operating Income (NOI) of $99,760, resulting in a compelling 6.76% cap rate. The asking price is $1,475,000, translating to $127.16 per square foot. Land value is also calculated at $127.15 per square foot. Landlord responsibilities are limited to roof, structure, and parking lot maintenance. The property benefits from its proximity to the Missouri River and its recreational attractions, as well as its location 54.3 miles west of Yankton, SD. The average household income in the area is $52,700. This is a Core+ investment with a strong tenant and a proven track record of success. The combined Family Dollar and Dollar Tree stores have demonstrated sales volumes 20% higher than non-co-branded locations. Dollar Tree, the second largest discount retailer in the US, acquired Family Dollar in 2015 and maintains an investment-grade credit rating of BBB.

Location Insight

City

Wagner

County

Charles Mix

State

South Dakota

Longitude

-98.3074

Latitude

43.0823