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Dollar General - Davenport, Iowa

2217 Rockingham Rd, Davenport, IA 52802

Listing Price: $407,500

Cap Rate
8.50%
Tenant Name
Dollar General
Years Remaining On Lease
1.1
Gross SF
9,265
Guarantor
No Guarantee
Rentable SF
9,265
Price/Gross SF
$43.98
Lease Type
Double Net
Rent Per Square Feet
$3.74

Investment Overview

Marcus and Millichap is pleased to exclusively offer for sale the Dollar General located at 2217 Rockingham Rd, Davenport, Iowa 52802. This investment opportunity is being offered at $407,500 which represents a 8.50 percent capitalization rate. The subject property sits on a 0.38-acre parcel lot and consists of 9,265 rentable square feet. The site was built in 1961 and renovated in 2010. Dollar General has operated at this location for 25+ years and currently has 1 year and 2 months remaining on a double net lease agreement. There are no options remaining, presenting an opportunity to bring the below market rents to market. Landlord is responsible for roof, structure, and parking lot and receives reimbursements from Dollar General for taxes, insurance, and common area maintenance. This property benefits from strong demographics with over 141,000 residents living within a five-mile radius and approximately 12,500 vehicles passing the store daily. The surrounding population is projected to remain steady through 2026. Dollar General is paying below market rent of $3.74 per square foot, with market rents exceeding $12 per square foot. Notable national tenants in the local area include Nestle-Purina, Family Dollar, Burger King, BP, Sherwin Williams, HyVee Grocery, Kwik Trip, and Rent-A-Center. Davenport, Iowa is the county seat of Scott County and is located on the Mississippi River in eastern Iowa. Despite its name, the Quad Cities are composed of five cities: Davenport and Bettendorf, Iowa; and Rock Island, Moline and East Moline, Illinois. These cities combined are the largest metropolitan area on the Mississippi River between Minneapolis and St. Louis and has a population of more than 383,000 residents. Being located on the Mississippi River, the Quad Cities serve as a major manufacturing hub and benefit from unparalleled access to markets both nationally and internationally. There are four interstates and over a dozen state and federal highways, putting the Quad Cities within a five-hour truck drive to Chicago, Milwaukee, St Louis, Kansas City, Des Moines, Indianapolis, and Omaha. Notable manufacturers located in Quad Cities include 3M, Kraft, Heinz, Nestle Purina, Sears Manufacturing, & John Deere

Investment Highlights

  • New Roof Installed In 2016 With 15 Year Transferable Warranty
  • New HVAC System Installed In 2017
  • Over 12,500 Vehicles Pass The Site Daily

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s) IA: B63379000

    Iowa

Discount

Dollar General - Davenport, Iowa

Listing Price: $407,500

Cap Rate
8.50%
Tenant Name
Dollar General
Years Remaining On Lease
1.1
Gross SF
9,265
Guarantor
No Guarantee
Rentable SF
9,265
Price/Gross SF
$43.98
Lease Type
Double Net
Rent Per Square Feet
$3.74

Investment Highlights

  • New Roof Installed In 2016 With 15 Year Transferable Warranty
  • New HVAC System Installed In 2017
  • Over 12,500 Vehicles Pass The Site Daily

Investment Overview

Marcus and Millichap is pleased to exclusively offer for sale the Dollar General located at 2217 Rockingham Rd, Davenport, Iowa 52802. This investment opportunity is being offered at $407,500 which represents a 8.50 percent capitalization rate. The subject property sits on a 0.38-acre parcel lot and consists of 9,265 rentable square feet. The site was built in 1961 and renovated in 2010. Dollar General has operated at this location for 25+ years and currently has 1 year and 2 months remaining on a double net lease agreement. There are no options remaining, presenting an opportunity to bring the below market rents to market. Landlord is responsible for roof, structure, and parking lot and receives reimbursements from Dollar General for taxes, insurance, and common area maintenance. This property benefits from strong demographics with over 141,000 residents living within a five-mile radius and approximately 12,500 vehicles passing the store daily. The surrounding population is projected to remain steady through 2026. Dollar General is paying below market rent of $3.74 per square foot, with market rents exceeding $12 per square foot. Notable national tenants in the local area include Nestle-Purina, Family Dollar, Burger King, BP, Sherwin Williams, HyVee Grocery, Kwik Trip, and Rent-A-Center. Davenport, Iowa is the county seat of Scott County and is located on the Mississippi River in eastern Iowa. Despite its name, the Quad Cities are composed of five cities: Davenport and Bettendorf, Iowa; and Rock Island, Moline and East Moline, Illinois. These cities combined are the largest metropolitan area on the Mississippi River between Minneapolis and St. Louis and has a population of more than 383,000 residents. Being located on the Mississippi River, the Quad Cities serve as a major manufacturing hub and benefit from unparalleled access to markets both nationally and internationally. There are four interstates and over a dozen state and federal highways, putting the Quad Cities within a five-hour truck drive to Chicago, Milwaukee, St Louis, Kansas City, Des Moines, Indianapolis, and Omaha. Notable manufacturers located in Quad Cities include 3M, Kraft, Heinz, Nestle Purina, Sears Manufacturing, & John Deere

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s): IA: B63379000

    Iowa

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