Morehead City, NC - Dollar Tree

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an NN leased, Dollar Tree investment property located in Morehead City, North Carolina. The tenant, Dollar Tree Stores, Inc., has approximately 10 years remaining lease with 3 (5-year) options to extend and converted this store from a Family Dollar to a Dollar Tree, demonstrating their commitment to the site. The lease features flat rent in the initial term and approximately 4% rental increases at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is NN with limited landlord responsibilities making it an ideal, low-management investment opportunity for a passive investor.

Dollar Tree is located on Arendell St, averaging 30,000 vehicles passing by daily. Arendell St is a major retail thoroughfare serving the city of Morehead City. The asset is an outparcel to Morehead Plaza, a 99,000+ square foot shopping center, featuring tenants such as Big Lots, Tractor Supply Co., Lowes Foods, and more. The subject property is also located less than a mile from Carteret Health Care, a 135 bed, 41,000+ square foot hospital serving the Morehead City area. Other nearby national/credit tenants include Walmart, Lowe’s Home Improvement, Harris Teeter, Chick-fil-A, KFC, Dunkin’, and more, further increasing consumer traffic to the site. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. The 5-mile trade area is supported by a population of over 19,500 with an average household income of $96,636.