1102 Chatburn Ave, Harlan, IA 51537
- Retail space
- 9,016 SF
- 0.92 lot acres
Current Use by Public Records
- Dollar General / Discount Store
- Western Union / Bank / Credit Union
- Redbox / Cinema / (Bike/Boat/Book/etc) Store
- FedEx OnSite / Postal Service / Courier Service
Property Details for 1102 Chatburn Ave
- Year built
- 2005
- Lot size
- 0.92 lot acres
- Property type
- Retail space
- APN
- 833150000014
- APU
- 833150000014
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Jul 5, 2019 | $807,500 | Guidoson LLC | Dgia LLC | Warranty Deed | $605k · Central State Bank |
Description
This exceptional investment opportunity presents a fee-simple ownership of a 9,014 square foot Dollar General store located at 1102 Chatburn Ave, Harlan, IA 51537. Built in 2005 and remodeled in 2023, this single-tenant property boasts a corporate-guaranteed, Net-Net lease with a remaining term of approximately 3.4 years, plus two five-year renewal options with 12% rent bumps. The property sits on a 0.92-acre lot and features a concrete parking lot. Landlord responsibilities are limited to roof, structure, and parking lot maintenance. The tenant, Dollar General, is responsible for repairs under $1,000 and snow removal. The tenant also contributes $563.38 monthly towards common area maintenance. This location is a top performer, ranking in the top 5% of all Iowa Dollar General stores and the top 11% nationally, based on Placer AI data. The property offers a stabilized investment with a 7.94% cap rate and a strong NOI of $73,434. The asking price is $925,000, translating to $102.62 per square foot. The property's prime location on Chatburn Avenue, a main thoroughfare with an AADT of 6,400, serves a population of 5,797 within a 5-mile radius, boasting an average household income of $85,321. This is a rare opportunity to acquire a high-performing, low-maintenance retail asset with a strong tenant and significant upside potential. The property's APN is 833150000014.
Value Estimations
-
AI approach
- Method
- Estimation
- ML approach
- $330,000
-
Comparable approach
- Method
- Estimation
- AI Estimate
- $690,000
Market price range: $235k - $691k -
Alternative Use
- Use
- Estimation
- RETAIL STORES
- $510,000 Current use
- WAREHOUSE, STORAGE
- $770,000 Change: +50% Conversion: Difficult
- INDUSTRIAL (GENERAL)
- $610,000 Change: +20% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- Harlan
- County
- Shelby
- State
- Iowa
- Longitude
- -95.3237
- Latitude
- 41.6459
