Dollar General – Iron River, WI
Fortis Net Lease is pleased to present this corner entry 9,100 SF Dollar General store located in Iron River, WI. The property is secured with a Fifteen (15) Year Absolute NNN Lease, leaving zero landlord responsibilities. The lease contains Five (5 year) 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 store has been open & operating successfully since the end of March 2020.
This Dollar General is highly visible and is strategically positioned on the hard corner of US Highway 2, which sees 6,513 cars per day, accessible by both Oneida Street and Front Street. The ten mile population from the site is 3,577 while the three mile average household income is $68,779 per year, making this location ideal for a Dollar General. The area is experiencing great growth with the 3 mile population growth rate at 10.79%. 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 small box discount retailer. List price reflects a 6.65% cap rate based on NOI of $89,900.04.
INVESTMENT HIGHLIGHTS
• New Absolute NNN Lease
• Zero Landlord Responsibilities
• 11.75 Years Remaining on Primary Term
• Plus Size Construction BTS 2020
• Hard Corner Location | Two Points of Ingress and Egress
• Five (5 Year) Options | 10% Rental Rate Increase at Each
• 6,513 Cars Per Day at US Highway 2 & Oneida Street
• Three Mile Household Income $68,779
• Ten Mile Population 3,577 | Expected 7.97%
• Three Mile Population Growth Rate 10.79%
• Corporate Guaranty | BBB Investment Grade Tenant
• Located on Main Thoroughfare