900 Cove St Bondurant, IA 50035

Property Details for 900 Cove St

Year built

2024

Lot size

1.72 lot acres

Property type

Drug stores

Property subtype

Grocery and convenience stores

Description

This exceptional investment opportunity presents a brand-new, 2024-built Dollar Tree store in Bondurant, Iowa. The property boasts a 10-year net lease (NN+) with a corporate guarantee from Dollar Tree Stores, Inc., a credit-rated investment-grade tenant. The lease commenced February 6th, 2025, and expires February 28th, 2035, offering significant long-term stability. The property features a 1.72-acre lot with a concrete parking lot, minimizing maintenance needs. The building is situated in a high-growth area, with Bondurant experiencing over 15% population growth since 2020. The property benefits from proximity to the Des Moines MSA, serving a 5-mile population exceeding 33,360 residents and a 10-mile population exceeding 175,479. The strong average household income of $132,029 further underscores the area's affluent demographics. The lease includes five, 5-year renewal options, each with attractive rental increases of $5,000 (or $0.50 per square foot). The property's Net Operating Income (NOI) is $186,500, yielding a 7.25% cap rate on the $2,572,414 asking price. A 20-year transferable roof warranty provides additional peace of mind. This is a rare opportunity to acquire a high-performing retail asset with a strong tenant and excellent long-term prospects. The property is located at 900 Cove St SE, Bondurant, IA 50035.