Dollar General – Carrington, ND
Fortis Net Lease is pleased to present this 12,141 SF. Dollar General store located in Carrington, North Dakota. The building was a former Shopko which was converted and retrofit for Dollar General with rent commencing in November 2019. The property is encumbered with a Ten (10) Year Double Net (NN) Lease, leaving minimal landlord responsibilities. The lease contains 4 (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.
This Dollar General is highly visible as it is strategically positioned off of ND-200 (seeing 2,263 VPD) near the intersection of 67th Avenue NE (seeing 5,720 VPD). The ten mile population from the site is 2,715 while the three mile average household income $70,884 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 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 7.50% cap rate based on NOI of $98,463.51.
• New 10 Year Double Net (NN) Lease
• Retrofit Construction | Former ShopKo store
• Minimal Landlord Responsibilities
• 4 (5 Year) Options | 10% Increases At Each Option
• Three Mile Household Income $70,884
• Ten Mile Population 2,715
• 2,263 Cars Per Day on ND-200
• 5,720 Cars Per Day on 67th Ave NE
• Investment Grade Dollar Store
• DG Reported 31 Consecutive Quarter of Same Store Sales Growth
• No Competition Within 15 Miles
Instate Broker of Record: Jeff Lunnen | Lunnen Real Estate Services | License #9171