1609 Norwood Dr Algona, IA 50511-1163

This exceptional investment opportunity presents a 22,000-square-foot retail property in Algona, Iowa, currently leased to Dollar Tree and Family Dollar under a corporate-guaranteed net lease. The lease commenced May 31, 2023, with a remaining term of approximately 8.5 years, and includes five, 5-year options with $0.50/SF rent increases. The property boasts a strong 7.75% cap rate and a net operating income (NOI) of $92,625, with an asking price of $1,196,000 ($54.36/SF). Built in 1975 and renovated in 2023, this single-tenant property sits on a 2.94-acre lot at 1609 E Norwood Dr, Algona, IA 50511. The tenant is responsible for most operating expenses, including taxes, insurance, and utilities, while the landlord maintains the roof, structure, and parking lot. Algona, the county seat of Kossuth County, benefits from its proximity to Fort Dodge, a major commercial center in North Central Iowa, offering diverse economic activity and a strong retail market. This property offers a compelling combination of a low price point, a stable, investment-grade tenant, and a long-term lease, making it an attractive addition to any portfolio.