1609 18th St Spirit Lake, IA 51360-1244

This exceptional investment opportunity presents a fully stabilized, 14,700-square-foot shopping center in Spirit Lake, Iowa. The property, built in 2019, sits on a 1.3-acre lot at 1609 18th St, boasting 100% occupancy with a strong tenant mix. Anchored by a Dollar Tree, the center benefits from a diverse tenant base including three additional local businesses, all operating under triple-net (NNN) leases. The current Net Operating Income (NOI) stands at $158,916, yielding an attractive 8.25% cap rate. The strategic location offers excellent visibility along 18th Street, with proximity to major retailers such as Walmart Supercenter, Hy-Vee, and Great Lakes Mall, ensuring high traffic flow. Zero lease rollover is anticipated until September 2026, providing long-term stability and predictable income. The absence of competing dollar stores in the immediate area further enhances the investment's appeal. This property presents a compelling opportunity for investors seeking a stable, high-performing retail asset with significant upside potential through future rent increases. The asking price is $1,927,000.