Brand New BTS Dollar General

2303 S I-75 Business Loop, Grayling, MI

$1,588,500

Price

6.4%

Cap Rate

$101,664

NOI

Overview
Cap Rate
6.4%
NOI
$101,664
Building Size
9,100 sqft
Lot Area
1 acres
Lease Type
Absolute Net
Year Built
2018
Price Per Sqft
$174.56
Zoning
Commercial
Description

Fortis Net Lease is pleased to present this 9,100 SF Dollar General store located in Grayling, MI. The property is encumbered with a Fifteen (15) Year Absolute NNN Lease, leaving zero landlord responsibilities. The store is classified as a relocation store, proving the success of the local market. The parking lot is full concrete. The lease contains Four (5) Yr. Options to renew, each with a 10% rental rate 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 open, with rent having commenced on 9/30/2018.

This Dollar General is highly visible and is strategically positioned in Grayling, MI. The five mile population from the site exceeds 6,000 while the one mile average household income exceeds $39,000 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 $101,664.

Highlights
  • Brand New Absolute NNN Lease | Zero Landlord Responsibilities
  • Relocation Store | Proven Success in Community
  • 15 Year Term | Four (5 Year) Options
  • 17,500 Cars Per Day
  • One Mile Household Income $39,000
  • Five Mile Population Exceeds 6,000
  • Major National Tenant Nearby Include O'Reilly Auto Parts, McDonalds, Wendy's, KMart, and Walgreens
  • Five Mile Population Exceeds 5,500
  • Dollar General announced 31st Straight Quarter of Same Store Sales Growth
Documents

Location
Gallery