4 Morgan St Ilion, NY 13357

Property Details for 4 Morgan St

Year built

2004

Lot size

1.30 lot acres

Property size

14,599 SF

Property type

Retail properties

Property subtype

Retail space

Description

This exceptional investment opportunity presents a fee-simple interest in a 14,599 square foot Dollar Tree storefront in Ilion, NY. The property, built in 2004 and renovated in 2024, sits on a 1.3-acre lot at a hard corner signalized intersection with high visibility. A new 10.2-year net lease (NN) commenced December 18, 2024, and expires February 28, 2035, offering a remaining lease term of 10.3 years. The lease includes four, five-year options with a 10% rent increase in each option period. The tenant, Dollar Tree Stores, Inc., is backed by a corporate guarantee, providing investment security. The property boasts a strong NOI of $165,756, resulting in a 6.63% cap rate and a price per square foot of $171.24. The asking price is $2,500,000. The location benefits from high traffic volume (27,577 vehicles per day plus) and proximity to other major retailers, including Walgreens, McDonald's, Aldi, Dollar General, O'Reilly Auto Parts, Dunkin' Donuts, and Kinney Drugs. The surrounding area has a population exceeding 22,506 within a 3-mile radius, with an average household income of $84,143. This all-brick building with a drive-thru offers limited landlord responsibilities, making it an ideal low-management investment. Dollar Tree's presence is strategically positioned to capitalize on the success of a nearby high-performing Dollar General store. This is a prime opportunity for passive investors seeking a stable, high-return investment with a strong tenant and favorable lease terms.

Location Insight

City

Ilion

County

Herkimer

State

New York

Longitude

-75.0352

Latitude

43.0165