SRS Real Estate Partners, LLC is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, corporate guaranteed, Family Dollar investment property located in Las Vegas, Nevada. The tenant, Family Dollar, Inc., recently executed a brand new 10-year lease with 5 (5-year) options to extend. The lease features 5% rental increases at the beginning of each option period, generating healthy NOI growth. The lease is corporate guaranteed by Family Dollar Stores, Inc., a nationally recognized and established tenant with 8,200+ locations. The lease is NNN with landlord responsibilities limited to roof, structure, parking lot repairs (tenant reimburses up to $8,100/Yr), fire sprinklers, and utility lines, making it an ideal, low-management investment for a passive investor. The building is currently under construction and is estimated to be completed in May 2020. The location will feature the brand’s latest 8,320 SF prototype.
The subject property is strategically near the highly trafficked intersection of E. Sahara Avenue and S. Lamb Boulevard, averaging a combined 69,000 vehicles per day. The site is just off Interstate 515 (148,000 VPD), which connects the southeastern suburbs to the Las Vegas Strip. The asset is located 5 miles east of the Las Vegas Strip, which had more than 42 million visitors in 2018. Family Dollar will be positioned near S. Nellis Boulevard, the primary retail thoroughfare in the immediate trade area. Nearby national/credit tenants include Walmart Supercenter, Target, Albertson’s, Aaron’s, Planet Fitness, and more, increasing consumer traffic and draw to the subject trade area. Additionally, Las Vegas has experienced 4.0% annual growth in 2018, well above the 1.6% national average, providing a growing customer base to draw from. Nevada’s favorable business incentives and tax climate are attractive to corporations, thereby creating a robust job market. The 5-mile trade area is supported by a population of 518,000 residents with an average household income of $55,827.