Dollar General – Boyne Falls, MI

$1,473,197
Price
$93,548
Noi
6.35%
Cap Rate
9,100
Leasable Area
2020
Year Built

CONTACT US REGARDING THIS LISTING

Ben Schultz

Senior Director

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OFFERING MEMORANDUM

Fortis Net Lease is pleased to present this 9,100 SF Dollar General store located in Boyne Falls, MI. The property is encumbered with a Fifteen (15) Year Absolute NNN Lease, leaving zero landlord responsibilities. The lease contains Four (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 store is preparing to begin construction soon with rent commencing in July 2020.

This Dollar General is highly visible and is strategically positioned in Thumb Lake Road just off US Highway 131 S which sees 6,700 cars per day. Only 2 miiles from Boyne Mountain Resort which is a huge tourist attraction offering a ski hill, lodging, golf course, spa, and other amenities. The ten mile population from the site 15,515 while the three mile average household income is $65,450 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 6.35% cap rate based on a NOI of $93,548.

INVESTMENT HIGHLIGHTS
• Brand New 15 Year Absolute NNN Lease
• Zero Landlord Responsibilities
• Four (5 Year) Options | 10% Rental Rate Increase at Each
• 6,700 Cars Per Day on US Highway 131 S
• Three Mile Household Income $65,450
• Ten Mile Population 15,515
• Only 2 Miles from Boyne Mountain Resort and Golf Course | Huge Tourist Attraction
• Dollar General reported 31 Straight Quarter of Same Store Sales Growth
• No Competition Within 7 Mile Radius