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South New Berlin, NY - Dollar General

$1,317,000

6286 State Highway 23, South New Berlin, NY 13843

Active
Last Updated: 04/01/2025

7.35

Cap Rate

96,816

NOI

Details:
Cap Rate:    7.35%
NOI:    $96,816
Building Size:    9,026 sqft
Lot Area:    1.98 acres
Occupancy:    100%
Lease Type:    Absolute Net
Year Built:    2021
Tenancy:    Single
Description:

• The tenant has 11 years of firm term remaining with an additional 3 (5-year) option periods to extend
• The lease features 10% rental increases at the beginning of each option period, growing NOI and hedging against inflation
• The lease is corporate guaranteed by Dollar General, Corp., an investment grade (S&P: BBB), nationally recognized, and an established discount store with more than 20,345 location as of August 2024
• Tenant pays for CAM, insurance, and maintains all aspects of the premises
• Landlord is responsible for paying taxes directly; however, gets reimbursed by the tenant
• Ideal, management-free investment for a passive investor

• Strategically located along State Highway 23 (4,800 VPD), one of the main roadways in the trade area and leading to Norwich
• The site is the only discount store within South New Berlin, creating a large consumer draw for the immediate trade area
• The closest discount store is 8 miles from the site
• The asset, which was built in 2021, features a state-of-the-art design using high quality materials
• The asset benefits from excellent visibility via significant street frontage and a large monument sign
• More than 2,860 residents and 436 daytime employees support the 5-mile trade area
• Residents within 3-, 5-, and 10-miles of the subject boast a healthy average household income of $88,089, $94,401 and $84,154 respectively

Map:
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