Dollar General – Irons, MI
Fortis Net Lease is pleased to present this 9,100 SF. Dollar General store located in Irons, Michigan. 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 will open soon with rent scheduled to commence August 2019.
This Dollar General is highly visible as it is strategically positioned on W 10 1/2 Mile Road. The ten mile population from the site is 4,921 while the three mile average household income $46,692 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 6.50% cap rate based on NOI of $80,480.
• Brand New 15 Year Absolute NNN Lease
• Zero Landlord Responsibilities
• 4 (5 Year) Options | 10% Increases At Each Option
• Three Mile Household Income $46,692
• Ten Mile Population 4,921
• Investment Grade Dollar Store
• Dollar General Reported 30 Consecutive Quarter of Same Store Sales Growth
• Only Dollar Store within an 8 Mile Radius
• Less than 0.5 Miles From Irons RV Park & Campground Which Sits on 10 Acres & Has 68 Sites