Dollar General – Jackson, MI
Fortis Net Lease is pleased to present this 8,030 SF retrofit Dollar General store located in Jackson, Michigan. The property is secured with a ten (10) Year Double Net (NN) Lease, leaving minimal landlord responsibilities. The lease contains a 10% rent increase at year 6 and 4 (5 year) 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 open, with rent having commenced on 4/25/2020.
This Dollar General is highly visible as it is strategically positioned on the corner on Morrell Street (seeing 7,278 cars per day) and Greenwood Avenue (seeing 5,624 cars per day). The five mile population from the site is 84,894 while the three mile average household income is $50,306 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 6.25% cap rate based on NOI of $83,197.00.
• Double Net (NN) Lease | Minimal Landlord Responsibilities
• Retrofit Construction | 10 Year Primary Term
• Corner Location | Concrete Parking Lot
• 10% Rental Rate Increase in Year 6
• Four (5 Year) Options | 10% Rental Increase at Each
• Three Mile Household Income $50,306
• Five Mile Population 84,894
• 7,278 Cars Per Day on Morrell Street | 5,624 Cars Per Day on Greenwood Avenue
• Investment Grade Dollar Store with “BBB” Credit Rating
• DG Reported 30 Consecutive Years of Same Store Sales Growth
• Surrounded by Residential in Downtown Jackson