Dollar General
7,500 SF | Retail Building | Traverse City, MI 49685 | $1,699,288 ($227/SF) | 6.60% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $1,699,288
- Property Type
-
Retail
- Square Feet
- 7,500 SF
- Price / Square Foot
- $227
Listing Contacts
Bryan Bender
Verified Profile
- Property Info
Property Overview
Fortis Net Lease is pleased to present this 2024 BTS, 7,500 SF. Upgraded Dollar General store located in Traverse City, Michigan. The property offers a Fifteen (15) Year Absolute NNN Lease, leaving zero landlord responsibilities. The lease contains 5% rent increases every 5 years including at each of the 5 (5 year) options to renew. The lease is corporately guaranteed by Dollar General Corporation which holds a credit rating of “BBB”, which is classified as Investment Grade. The store has completed construction & successfully opened for business in July 2024.
This Dollar General is highly visible as it is strategically positioned on the corner of N Long Lake Road & W Long Lake Road, seeing 5,663 cars per day. It is located in a limited competition area with the next dollar store over 6 miles away. The 10 mile population from the site is 70,496 while the 3 mile average household income is $93,416 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 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 6.60% cap rate based on NOI of $112,153.
This Dollar General is highly visible as it is strategically positioned on the corner of N Long Lake Road & W Long Lake Road, seeing 5,663 cars per day. It is located in a limited competition area with the next dollar store over 6 miles away. The 10 mile population from the site is 70,496 while the 3 mile average household income is $93,416 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 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 6.60% cap rate based on NOI of $112,153.
Property Details
- Class
- C
- Year Built
- 2024
- Stories
- 1
- Property Subtype
- Grocery/Convenience Store
- Lot Size (sq. ft)
- 130,680 SF
Highlights
- 2 Points of Ingress/Egress | Accessible from Both Streets
- 5% RENT INCREASES EVERY 5 YEARS!!
- 3 Mile Household Income $93,416
- Now Open | July 2024
- Hard Corner Location | 5,663 Cars Per Day
- 10 Mile Population 70,495 & Growing
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