Dollar General – Hastings, MI
Fortis Net Lease is pleased to present this 9,100 SF Dollar General store located in Hastings, MI. The property is encumbered with a Fifteen (15) Year Absolute NNN Lease, leaving zero landlord responsibilities. The lease contains Four (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 open with rent having commenced on 1/20/2020.
This Dollar General is highly visible and is strategically positioned on M-37 seeing 4,969 cars per day. The ten mile population from the site is 31,481 while the three mile average household income is $67,536 per year, making this location ideal for a Dollar General. The area is experiencing steady growth with the three mile population growth rate at 3.32%. 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 5.90% cap rate based on NOI of $85,984.
• Brand New Absolute NNN Lease | Zero Landlord Responsibilities
• Four (5 Year) Options | 10% Rental Rate Increase at Each
• 4,969 Cars Per Day on M-37
• Three Mile Household Income $67,536
• Ten Mile Population 31,481
• Three Mile Population Growth Rate 3.32%
• Dollar General announced 32nd Straight Quarter of Same Store Sales Growth
• No Competition Within 8 Miles