Dollar General & Dance – Stevenson, AL
Fortis Net Lease is pleased to present this 12,000 SF building leased to Dollar General and a Dance Studio located in Stevenson, Alabama. Dollar General operates on a Double Net (NN) Lease (leaving minimal landlord responsibilities) with 2.75 years remaining on the primary term. There is One (5 Year) option to renew 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 Dance Studio will operate on a brand new 3 year Absolute NNN Lease, which will began 5/1/2023 and has 3% annual increases. Landlord is responsible for roof, structure and parking lot. Tenant is responsible for repairs up to $500.
This Dollar General & Dance Studio building is highly visible as it is strategically positioned on US-72 which sees 12,404 cars per day and adjacent to a Credit Union. The ten mile population from the site is 11,923 while the three mile average household income is $49,806 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 8.00% cap rate based on the NOI of $60,700.32.
INVESTMENT HIGHLIGHTS
• 2 Tenant Building Anchored by Dollar General
• Double Net (NN) Dollar General Lease | 2.75 Yrs Remaining
• One (5 Year) Option | 10% Increase At Option
• Brand New Double Net (NN) Lease with Dance Studio
• 3% Annual Rent Increases for Dance Studio
• Three Mile Household Income $49,806
• Ten Mile Population 11,923
• 12,404 Cars Per Day on US-72
• Investment Grade Dollar Store With “BBB” Credit Rating
• On Main Thoroughfare Connecting Cities
• Tenant is Responsible for Repairs up to $500
Instate Broker of Record: Brian Brockman | Bang Realty