Family Dollar NN Investment Opportunity | Spencer, TN
$1,523,100
250 Taft Dr, Spencer, TN 38585
10,500 sqft
Building Size
1.3063 acres
Lot Area
Details:
Highlights:
- Recession Resilient Tenant: Family Dollar is a proven discount retailer in a location with minimal retail, grocery, and consumer goods.
- Recent Construction: 2023 built ±10,500 SF Family Dollar store on a ±1.25-acre parcel at a strategic corner location.
- Lease Structure: Limited Landlord responsibilities include roof, structure, parking lot capital expenses, and general liability insurance. Tenant responsibilities include grounds and general maintenance including HVAC system, liability insurance, and reimbursement of property tax and insurance to the Landlord.
- Corporate Guaranteed Lease: Corporate guaranteed 10-year NN lease through July 30, 2033, with five 5-year renewal options and $0.50/SF rent increases at each option.
- Bull Realty Tennessee License #: 259046
Description:
Family Dollar selected this site well! It sits at the intersection of four laned State Road 111 and Taft Drive in Spencer, TN. Built in 2023, the large ±10,500 SF store sits on ±1.25 acres. The Van Buren County Administrative Offices are across the street.
Family Dollar provides Spencer with value shopping of consumer and household items along with a limited grocery selection which is important to an area with most similar options at least 15 miles away.
Spencer, the county seat of Van Buren County, is equidistant between Nashville and Knoxville in eastern Tennessee. Known for nature and tourism, Spencer is nestled by Fall Creek Falls State Park, one of the highest falls in the Eastern US (over 256 feet) with over 26,000 acres of park land. The area is also becoming known for its growing tiny home communities. The population within a 10-mile radius is 11,416 with an average household income of $66,991. A downtown revitalization plan is underway.
The 10-year NN+ lease runs through July 31, 2033, with five 5-year renewal options. Landlord responsibilities are limited. Tenant responsibilities include all maintenance, including HVAC, liability insurance and full reimbursement of property insurance premium and property taxes to the Landlord. The lease is guaranteed by Family Dollar, operating over 7,500 stores in 49 states. They provide landlords with a proven retail tenant, steady cashflow, and a long-term track record.
This property is offered at $1,523,100 with an 8.1% cap rate.
Corner site at the intersection of four-lane State Road 111 and Taft Drive in Spencer, TN, directly across from the Van Buren County Administrative Offices.
Documents:
| Title | ||
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| Offering_Memorandum.pdf |
Location
Gallery
