$1 Auction -REIT Sale | Former Dollar General 2505 280th St 9,092 SF Retail Building Montrose, IA 52639 $210,159 CAD ($23.11 CAD/SF)

Marcus & Millichap is pleased to present the opportunity to acquire a vacant, free-standing retail/commercial building located at 2505 280th Street in Montrose, Iowa 52639 (the “Property”). Formerly occupied by Dollar General, the Property is offered at a substantial discount to replacement cost, presenting an exceptional opportunity for an owner-user or investor to acquire a highly visible commercial asset with compelling value-add potential. FIRST BID MEETS RESERVE!
Constructed in 2011, the Property consists of a one-story, free-standing commercial building totaling ±9,092 gross square feet situated on a ±1.88-acre (±82,036 SF) parcel with 38 surface parking spaces. The site benefits from excellent visibility and accessibility via a single curb cut and frontage along both 280th Street and U.S. Highway 61 (Blues Highway) with ±7,034 VPD. Formerly occupied by Dollar General under a triple net (NNN) lease, the Property is fully built out for retail use and presents an attractive opportunity for owner occupancy, lease-up, adaptive reuse, or repositioning at market rental rates (CoStar estimated retail rents of $8-12 PSF). Located in an unzoned area of Lee County, the Property offers exceptional flexibility for a broad range of retail, commercial, flex, industrial, warehouse, contractor, and service-oriented uses, providing long-term adaptability for a variety of owner-users and investors.
The Property is strategically located in Montrose, Iowa, within Lee County, along U.S. Highway 61 (Blues Highway) and the Mississippi River corridor, one of southeastern Iowa’s primary north-south transportation routes. Positioned just ±20-min from the Illinois border, the Property draws consumers and businesses from SE Iowa, western Illinois, and northeastern Missouri while benefiting from convenient access to Keokuk, Fort Madison, and the broader tri-state region. Nearby national and regional retailers in Keokuk (±15-min), including Walmart Supercenter, Hy-Vee, ALDI, Dollar Tree, Walgreens, Ace Hardware, and numerous local businesses reinforce the area’s established commercial presence and consistent consumer activity. Supported by excellent regional connectivity, prominent highway frontage, and convenient access to Iowa City (±90-min) and Davenport (±2-hrs), the Property is well positioned for owner occupancy, re-leasing, adaptive reuse, or long-term value-add repositioning. The surrounding 5-mi trade area provides a stable consumer base that supports a variety of retail, commercial, flex, service-oriented, and light industrial uses. The surrounding 5-mi trade area has more than ±3,100 residents with an average household income (AHHI) exceeding $77,000, providing a stable consumer base that supports a variety of retail, commercial, and service-oriented uses.