Rare Abs Net Family Dollar
8,400 SF | Retail Building | Princess Anne, MD 21853 | $1,913,083 ($228/SF) | 6.75% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $1,913,083
- Property Type
-
Retail
- Square Feet
- 8,400 SF
- Price / Square Foot
- $228
Listing Contacts
Ken Jacobsmeyer
Verified Profile
Brian Hosey
Verified Profile
- Property Info
Property Overview
Marcus & Millichap is pleased to present the Family Dollar opportunity in Princess Anne, MD to your clients and prospects. This property was built in 2016 and signed a rare 16 year term w/ six (5-yr) options and 10% rent increases every 5 years. The Family Dollar is located on Mount Vernon Rd, which is the main intersection along US Hwy 13 (Ocean Hwy) with a daily traffic count of +/- 26,000.
The town of Princess Anne lies in Somerset County, which is a popular destination for history buffs due to 300 +/- structures in the National Register of Historic Places database. The county is surrounded by over 600 miles of shoreline along Chesapeake Bay, making it a wonderful departure form the major metros (DC, Baltimore, Philadelphia) to enjoy fishing, boating, and hunting.
This is a wonderful opportunity to acquire a well-located, absolute net leased property with a credit-rated company (NASDAQ: DLTR). The next rental increase is on April 1, 2027 and presents the new owner with a blended rate of return of 7.17% at the given price thru 3/31/2032. There are no Landlord responsibilities throughout the Term of the Lease, making it the most passive type of investment out there.
There are few points to consider when discussing this store with clients:
1) This is the ONLY Family Dollar in Princess Anne, MD. The next closest store is 12+ miles to the North and 16+ miles to the South.
2) The Dollar Tree across the street from Subject was built in 1998, sits on 0.47 acres, and is only 7,180 sqft. For comparison, the Subject Property is newer (2016), larger (8,400 sqft), and has more property (0.81 acres).
3) Dollar General also recognized this as a suitable market in addition to Family Dollar. They built a location a few years after FD planted their flag in Princess Anne.
The town of Princess Anne lies in Somerset County, which is a popular destination for history buffs due to 300 +/- structures in the National Register of Historic Places database. The county is surrounded by over 600 miles of shoreline along Chesapeake Bay, making it a wonderful departure form the major metros (DC, Baltimore, Philadelphia) to enjoy fishing, boating, and hunting.
This is a wonderful opportunity to acquire a well-located, absolute net leased property with a credit-rated company (NASDAQ: DLTR). The next rental increase is on April 1, 2027 and presents the new owner with a blended rate of return of 7.17% at the given price thru 3/31/2032. There are no Landlord responsibilities throughout the Term of the Lease, making it the most passive type of investment out there.
There are few points to consider when discussing this store with clients:
1) This is the ONLY Family Dollar in Princess Anne, MD. The next closest store is 12+ miles to the North and 16+ miles to the South.
2) The Dollar Tree across the street from Subject was built in 1998, sits on 0.47 acres, and is only 7,180 sqft. For comparison, the Subject Property is newer (2016), larger (8,400 sqft), and has more property (0.81 acres).
3) Dollar General also recognized this as a suitable market in addition to Family Dollar. They built a location a few years after FD planted their flag in Princess Anne.
Property Details
- Class
- B
- Year Built
- 2016
- Stories
- 1
- Property Subtype
- Storefront Retail/Office, Grocery/Convenience Store, Freestanding, Storefront
- Lot Size (sq. ft)
- 35,284 SF
Highlights
- Rare 16 Yr Primary Term | 8 Years Remaining | Absolute Net Lease
- Strong Corp. Guaranty | NASDAQ: DLTR | Moody's "BBB"
- 10% Rent Bump on 4/1/27 & in each of the Six Options
- Located at major intersection of town (US Hwy 13/Mt. Vernon Rd)
- University of Maryland Eastern Shore is less than 1 mile away
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