Dollar General – DeFuniak Springs, FL
Fortis Net Lease is pleased to present this 9,100 SF. upgraded Dollar General store located in DeFuniak Springs, Florida. The property offers 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 will begin construction soon with rent scheduled to commence in October 2020.
This Dollar General is highly visible as it is strategically positioned on the hard corner of Norwood Road and US Highway 90 which sees 5,146 cars per day. The ten mile population from the site is 21,031 while the three mile average household income is $57,579 per year, making this location ideal for a Dollar General. The area is experiencing great growth with the three mile population growth rate at 15.77%! 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 5.85% cap rate based on the NOI of $105,876.
• New 15 Year Absolute NNN Lease
• Income Tax Free State!
• Zero Landlord Responsibilities
• Hard Corner Location | Upgraded Construction
• 4 (5 Year) Options | 10% Increases At Each Option
• Three Mile Household Income $57,579
• Ten Mile Population 21,031
• Three Mile Population Growth Rate 15.77%
• 5,146 Cars Per Day on Highway 90
• Investment Grade Dollar Store With “BBB” Credit Rating
• DG Reported 33 Consecutive Quarters of Same Store Sales Growth
Instate Broker of Record: Michael Orden| Naples Real Estate Consultants | License # BK3224663