Overview

Description

We are pleased to present this 10,640 SF. Dollar General store located in Rockford, Iowa. The property is secured with a 15 year, Absolute NNN Lease, leaving zero landlord responsibilities. The lease contains five (5 year) options to renew, each with a 10% increase. The lease is corporately guaranteed by Dollar General Corporation which holds a credit rating of “BBB”, which is classified as Investment Grade. The store is currently completing construction with rent and opening on track for mid December 2023.

This Dollar General is highly visible as it is strategically positioned on the corner of 2nd Street SE & Main Avenue which sees 2,430 cars per day. This is a limited competition area with the next dollar store nearly 10 miles away. The ten mile population from the site is 4,718 while the three mile average household income is $87,623 per year, making this location ideal for a Dollar General. The Subject offering represents an ideal opportunity for a 1031 exchange buyer or a “passive” investor to attain the fee simple ownership of a Dollar General. This investment will offer a new owner continued success due to the financial strength and the proven profitability of the tenant, the nation’s top dollar store. List price reflects a 6.40% cap rate based on NOI of $104,267.64.

Highlights

• 15 Year Absolute NNN Lease | Zero Landlord Responsibilities
• Five (5 Year) Options | 10% Rental Increase At Each Option
• Three Mile Household Income $87,623
• Ten Mile Population 4,718
• Corner Site | 2,430 Cars Per Day at 2nd Street & Main Avenue
• Investment Grade Dollar Store with "BBB" Credit Rating
• DG Reported 32 Consecutive Quarters of Same Store Sales Growth
• Limited Competition Area | Next Dollar Store Nearly 10 Miles Away

Documents

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