Available $1,278,607 - Retail - Single Tenant
Investment Offering & Highlights
- ABSOLUTE NNN LEASE STRUCTURE
Zero Landlord responsibilities for operating or capital expenses
- RENT INCREASES BETWEEN OPTIONS
Very attractive 10% rent increases between each 5 year option
- CORPORATE BACKED LEASE
“BBB“ investment grade credit rating by Standard & Poor’s
- POSITIONED DIRECTLY OFF OF INTERSTATE 40
Located off of Interstate 40, a major east-west Highway running through the south-central portion of the US with daily traffic counts in excess of 41,000
- DENSELY POPULATED AREA
Approximately 25,000 residents within a 5-mile radius with projected growth
THE SUBJECT PROPERTY IS A 9,100 SQUARE FOOT DOLLAR GENERAL LOCATED IN GLEN ALPINE, NORTH CAROLINA, WHICH IS APPROXIMATELY 5 MILES FROM DOWNTOWN MORGANTON AND 75 MILES NORTHWEST OF CHARLOTTE. DOLLAR GENERAL SIGNED A 15-YEAR LEASE WHCIH COMMENCED IN AUGUST 2011, LEAVING OVER 5.50 YEARS REAMINING ON THE TENTANT’S INITIAL LEASE TERM. THE LEASE PROVIDES FOR 10% RENT INCREASES BETWEEN EACH FIVE-YEAR RENEWAL OPTION. THE LEASE IS ABSOLUTE NNN PROVIDING ZERO LANDLORD RESPONSIBILITY.
Dollar General is the nation’s largest U.S retail chain with over 16,500 locations with plans to grow by 1,000 stores each year. Dollar General has been in business for over 80 years and has a current net worth of over $6.2 billion with annual revenues in excess of $27 billion. Dollar General is a publicly traded (NYSE: DG) Fortune 500 company with an S&P investment grade credit of BBB.
Located along West Main Street, immediately north of Interstate 40, the subject property benefits from its exposure along the area’s main east-west commercial corridor. Neighboring retailers include Walmart Supercenter, Lowe’s, PetSmart, T.J. Max, Applebee’s, McDonalds, Starbucks, Chick-Fil-A, and many other fast food restaurants, banks, retail and service providers. The property is located within a dense affluent neighborhood with an average household income exceeding $88,000 in a 3-mile radius and approximately 25,000 residents within a 5-mile radius.
- Price: $1,278,607
- Cap Rate: 7.20%
- Lease Term: 5.50 Years Remaining
- Building Size: 9,100 SF
- Lot Size: 1.12 Acres
- Status: Available