2029 5th S Ave, Fort Dodge, IA 50501-4307
- Retail space
- 13,244 SF
- 1.72 lot acres
Current Use by Public Records
- CVS Photo / (Bike/Boat/Book/etc) Store
- CDReload Instant Bitcoin / Crypto Atm
- Redbox / Cinema / (Bike/Boat/Book/etc) Store
- UPS Access Point location / Courier Service / Postal Service
- CVS / Pharmacy
Property Details for 2029 5th S Ave
- Year built
- 2013
- Construction
- STEEL FRAME
- Lot size
- 1.72 lot acres
- Property type
- Retail space
- APN
- 729228013
- APU
- 729228013
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Oct 18, 2017 | $3,807,376 | Dulgarian Ia LLC | Dbd Nocigs LLC | Special Warranty Deed | — |
Description
This exceptional investment opportunity presents a fee-simple ownership of a CVS Pharmacy located at 2029 5th Ave S, Fort Dodge, IA 50501. The property boasts a 13,244 square foot building on a 1.72-acre lot, constructed in 2013. Currently operating under a 25.3-year absolute NNN lease with a corporate guarantee, the lease commenced October 16, 2015, and expires January 31, 2041, leaving a substantial 16.2 years remaining. The asking price is $3,608,730, representing a price per square foot of $272.48 and a 5.75% cap rate. The property generates a strong net operating income (NOI) of $207,502 annually. Rent bumps are structured with options for flat increases or adjustments based on fair market value. The lease includes ten five-year renewal options. This prime retail location sits on a hard corner with excellent visibility, experiencing over 192,000 annual visits, a 38.4% year-over-year increase. The property benefits from its proximity to a 200-bed hospital, major retailers, and a significant planned retail redevelopment. The surrounding area includes numerous schools, manufacturing facilities, and recreational amenities, contributing to a robust and stable local economy. This is a truly passive investment with zero landlord responsibilities.
Value Estimations
-
Comparable approach
- Method
- Estimation
- AI Estimate
- $1,114,000
Market price range: $349k - $1.11M -
Alternative Use
- Use
- Estimation
- COMMERCIAL (GENERAL)
- $1,130,000
- RESTAURANT
- $1,110,000
- OFFICE BUILDING
- $1,070,000
- MEDICAL BUILDING
- $965,000
- WAREHOUSE, STORAGE
- $950,000
- INDUSTRIAL (GENERAL)
- $760,000
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Location Insight
- Map
- Local Demand
- City
- Fort Dodge
- County
- Webster
- State
- Iowa
- Longitude
- -94.1701
- Latitude
- 42.5007
- CBSA code
- 22700
- CBSA name
- FORT DODGE, IA MICROPOLITAN STATISTICAL AREA
