DG – Rapid River, MI
Fortis Net Lease is pleased to present this 9,100 SF Dollar General store located in Rapid River, 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. The rent commenced on 4/3/2016.
This Dollar General is highly visible and is strategically positioned in Rapid River, MI. The Ten mile population from the site exceeds 11,500 while the Three mile median household income exceeds $47,000 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 $86,908.
• Brand New Absolute NNN Lease
• 15 Year Term | Five (5 Year) Options
• Three Mile Income Exceeds $47,000
• Ten Mile Population Exceeds 11.,500
• Corporate Guarantee “BBB”
• Only Investment Grade Dollar Store
• Site Benefits from 11,645 Cars