Overview

Description

This NN leased Family Dollar in Louisville, KY is now one of the best deals in the region with a recent price reduction, almost 8.5 years remaining on the term and now at a 7% cap rate! In addition, Family Dollar spent $350,000 on an interior and exterior renovation in 2021, demonstrating a strong commitment to the location which they have occupied for over 38 years. Improvements include an updated façade, new signage, interior remodeling and store expansion by ± 1,250 SF of floor space.

This store is located on busy Taylor Boulevard with over 20,000 VPD just down the street from the world famous Churchill Downs, home of the Kentucky Derby. There are also major national retailers and the University of Louisville nearby. The three-mile population is over 118,000 with an average household income of almost $55,000 in this high density area making this an ideal Family Dollar location.

In conjunction with the remodel, Family Dollar executed a new 10-year NN lease which runs through January of 2032 along with five 5-year renewal options. Family Dollar reimburses the landlord for taxes and insurance. The landlord has responsibility for roof, structure, parking lot and repairs over $300 per occurrence.

This offering has a very low rent/SF of $10.33. Along with a strong corporate guaranty by Family Dollar, a subsidiary of Dollar Tree, this offering is one of the best large metro dollar store opportunities, priced at $1,180,800 or a 7% cap rate.

Louisville, KY

Highlights

• One of the best large city dollar store deals with a motivated seller, price adjusted to $1,180,800 at a 7% cap rate
• Recently exercised 10-year NN lease extension through January of 2032 with 5 extension options
• Major 2021 store expansion with interior and exterior renovations paid by tenant of $350,000
• Almost 20k VPD at this busy urban location near world famous Churchill Downs (home of the Kentucky Derby)
• Three mile population over 118,514 and average household income of $55,000-the “sweet spots” for Family Dollar
• Long term successful location with operating history of over 38 years
• Immediate area has many national retailers and the University of Louisville
• Corporate guaranteed lease with Family Dollar, a subsidiary of Dollar Tree
• Broker of Record: Justin Baker, TRIO Commercial Property Group, LLC | jbaker@triocpg.com | 502-454-0911 | Kentucky License #204053

Documents

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