Dollar General – Bitely, MI
Fortis Net Lease is pleased to present this new 10,640 SF. Dollar General Plus store located in Bitely, Michigan. The property is secured with a 15 year Absolute NNN Lease leaving zero landlord responsibilities. The lease contains 5% rental rate increases every 5 years including at each of the 5 (5 year) options to renew! The lease is corporately guaranteed by Dollar General Corporation which holds a credit rating of “BBB”, which is classified as Investment Grade. The store completed construction & successfully opened for business in August 2023.
This Dollar General is highly visible as it is strategically positioned on the hard corner of W 15 Mile Road and Woodbridge Avenue which sees 3,522 cars per day, in a limited competition area with the next dollar store 6 miles away. The 10 mile population from the site is 8,158 while the 3 mile average household income is $51,423 per year, making this location ideal for a Dollar General. This area is seeing great growth with the 10 mile population growth rate at 5.44%. 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 small box discount retailer. List price reflects a 6.75% cap rate based on NOI of $96,159.
INVESTMENT HIGHLIGHTS
• New 15 Year Absolute NNN Lease
• Zero Landlord Responsibilities
• 5% RENT INCREASES EVERY 5 YEARS!
• Corner Site | Seeing 3,522 Cars Per Day
• 2023 BTS Plus Size | Plus Size Construction
• 5 (5 Year) Options | 10% Increases At Each Option
• Three Mile Household Income $51,423
• Ten Mile Population 8,158 | Expected 5.44% Growth
• Investment Grade Dollar Store With “BBB” Credit Rating
• Concrete Parking Lot
• Limited Competition Area | Next Dollar Store 6 Miles Away