1610 2nd St Cherokee, IA 51012-2230

This exceptional investment opportunity presents a 25,178 square foot Family Dollar Tree and Dollar General store located on a 4.93-acre corner lot at the intersection of Hwy 4 and Hwy 59 in Cherokee, Iowa. The property boasts a strong 7.75% cap rate and a substantial net operating income (NOI) of $128,155. Secured by an investment-grade tenant (S&P: BBB), the property features a 10-year net-net lease with approximately 8.2 years remaining, commencing January 31, 2023, and expiring January 31, 2033. The lease includes five, 5-year options with $0.50/SF rent increases during each option period. The tenant, a Fortune 500 company, is responsible for most operating expenses, including routine parking lot maintenance, landscaping, HVAC, insurance, taxes, and utilities. Landlord responsibilities are limited to roof, structure, and parking lot. The property benefits from its strategic location in Cherokee, the county seat, near Western Iowa Tech College, a Hy-Vee distribution center, and Cherokee Regional Medical Center. Cherokee enjoys proximity to Sioux City, Iowa's fourth-largest city, offering a robust regional economy supported by multiple colleges, a major airport, and numerous national retailers. This prime location ensures high visibility and strong tenant performance, making it an attractive investment opportunity with significant long-term potential. The property was built in 2015 and underwent renovations in 2023.