Dollar General – Cherryfield, ME
Fortis Net Lease is pleased to present this 9,026 SF. Dollar General store located in Cherryfield, Maine. The property is encumbered with a Fifteen (15) Year Absolute NNN Lease, leaving zero 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. The store is currently under construction, with rent commencing in January 2020.
This Dollar General is highly visible as it is strategically positioned on Milbridge Road which sees 1,174 cars per day. The ten mile population from the site is 5,460 while the three mile average household income is $56,282 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 6.75% cap rate based on NOI of $99,711.96.
• Absolute NNN 15 Year Lease | Zero Landlord Responsibilities
• Hard Corner Location
• 4 (5 Year) Options | 10% Rental Increase At Each Option
• Three Mile Household Income $56,282
• Ten Mile Population 5,460
• 1,174 Cars Per Day on Milbridge Road
• Investment Grade Dollar Store with “BBB” Credit Rating
• DG Reported 31 Consecutive Quarter of Same Store Sales Growth
• 1.4 Miles From Cherryfield Elementary School (126+ Students)
• 4.5 Miles From Milbridge Elementary School (118+ Students)
Instate Broker of Record: Frank O’Connor | NAI The Dunham Group | License # BR209748