Dollar General – Bemidji, MN
Fortis Net Lease is pleased to present this 10,640 SF. Dollar General Plus store located in Bemidji, Minnesota. The property is secured with a 15 year Absolute NNN Lease leaving zero landlord responsibilities. The lease contains 4 (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 is currently open with rent having commenced in January 2022.
This Dollar General is highly visible as it is strategically positioned on Irvine Avenue which sees 4,550 cars per day. The ten mile population from the site is 32,606 while the five mile average household income $91,800 per year, making this location ideal for a Dollar General. This area is experiencing great growth with the 5 mile population growth rate at 5.75%. 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 5.55% cap rate based on NOI of $95,670.
• New 15 Year Absolute NNN Lease
• Zero Landlord Responsibilities
• 2022 BTS Plus Size Construction
• 4 (5 Year) Options | 10% Increases At Each Option
• Three Mile Household Income $91,800
• Ten Mile Population 32,606 | Expected 5.32%
• Five Mile Population Growth Rate 5.75%
• 4,550 Cars Per Day on Irvine Avenue
• Investment Grade Dollar Store With “BBB” Credit Rating
• DG Reported 32 Consecutive Quarters of Same Store Sales Growth
• Easy Access to Highway 71 | Only 1 Mile From Exit/Entrance