3100 11Th StRock Island, IL 61201

For Sale
$2,224,800

Dollar Tree Net Lease, High NOI

Overview

Added:
Dec 11, 2024
Days on market:
93
This exceptional investment opportunity presents a fee-simple ownership of a 13,656 square foot, single-story retail building situated on a 1.53-acre lot in Rock Island, Illinois. The property, completely renovated in 2023, is currently 100% occupied by a Dollar Tree store under a Net Lease (NN+) agreement with a corporate guarantee. The lease commenced November 16, 2023, and has a remaining term of approximately 9.4 years, extending to February 28, 2034, with three, five-year renewal options, each including a rent increase of $6,952.50 ($0.51/SF). The property boasts a strong 7.50% cap rate and a Net Operating Income (NOI) of $166,860. Located at a high-traffic, four-way signalized intersection on 3100 11th St, 61201, the property benefits from excellent visibility and accessibility. The surrounding area features a dense population, with approximately 123,154 residents within a five-mile radius and 276,993 within ten miles, exhibiting an average household income exceeding $106,131 annually within a ten-mile radius. Daily traffic counts at the intersection reach 16,268 vehicles. Strong co-tenancy includes national brands such as McDonald's, O'Reilly Auto Parts, USPS, Dollar General, Conoco, and Shell. The asking price for this exceptional investment is $2,224,800. This property offers a compelling combination of a strong tenant, favorable lease terms, and a prime location, making it an ideal addition to any portfolio. The building was constructed in 1996 and underwent a complete renovation in 2023.

Highlights

  • 2023-renovated Dollar Tree (formerly Walgreens) on a 1.53-acre hard corner lot with a four-way signalized intersection.
  • 9.5 years remaining on a 10-year, corporately guaranteed lease with three, 5-year options including $6,952.50 ($0.51/SF) rent increases per option.
  • Strong demographics: ~123,154 residents within 5 miles and ~276,993 within 10 miles, with average household income exceeding $106,131 annually within 10 miles.
  • High traffic count: 16,268 vehicles daily at the intersection.
  • Excellent co-tenancy with national retailers including McDonald's, O'Reilly Auto Parts, USPS, Dollar General, Conoco, and Shell.
  • Investment-grade tenant (S&P BBB rating): Dollar Tree, the second-largest US discount retailer (over 16,000 locations), demonstrated strong pandemic performance.

Property Details for 3100 11Th St

Property type
Other retail properties, Restaurants
Square Feet
13,656 SF
Year Built/Renovated
1996/2023
Buildings
1
Stories
1
Lot Size (sq. ft)
66,647 SF

Location Insight

City
Rock Island
County
Rock Island
State
Illinois
Latitude
41.4791165
Longitude
-90.5837534
3100 11Th St, Rock Island, Illinois

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3100 11Th St
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