- Absolute NNN Lease (Zero Responsibilities)
- 15 Year Term | Five (5 Yr.) Options | 10% bumps
- Household Income Within 1 Mile OF $39K
- Five Mile Population exceeds 4,500
- Corporate Guarantee | “BBB”
Fortis Net Lease is pleased to present this 9,026 SF Dollar General store located in Newberry, MI. The property is encumbered with a Fifteen (15) Year Absolute NNN Lease, leaving zero landlord responsibilities. The lease contains Five (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. Construction is complete, the rent commenced on 6/15/2016.
This Dollar General will be highly visible and as it is strategically positioned M-123, a main thoroughfare in Newberry, MI. The five mile population from the site exceeds 4,500 while the one mile median 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 6.65% cap rate based on NOI of $83,348.04.