Dollar General – Carrington, ND

$1,297,413
Price
$97,306
Noi
7.50%
Cap Rate
12,141
Leasable Area
2019
Year Built

CONTACT US REGARDING THIS LISTING

Ben Schultz

Senior Director

DOWNLOAD LINKS

OFFERING MEMORANDUM

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.

INVESTMENT HIGHLIGHTS
• 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