Dollar General – Kalamazoo, MI
Fortis Net Lease is pleased to present this brand new 9,100 SF. Dollar General store located in Kalamazoo, Michigan. The property is secured with a 15 year Absolute NNN Lease, leaving zero landlord responsibilities. The lease contains 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 currently open with rent having commenced in February 2022.
This Dollar General is highly visible as it is strategically positioned on W Mosel Avenue which sees 8,240 cars per day. The site sits only 3.4 miles from Wester Michigan University! The five mile population from the site is 131,051 while the one mile average household income $53,165 per year, making this location ideal for a Dollar General. This area is also seeing a steady growth in population. 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 5.10% cap rate based on NOI of $94,934.
• 15 Yr Absolute NNN Lease | Zero Landlord Responsibilities
• 2022 BTS Construction
• Four (5 Year) Options | 10% Rent Increases At Each Option
• One Mile Household Income $53,165
• Five Mile Population 131,051
• 8,240 Cars Per Day on W Mosel Avenue
• Investment Grade Dollar Store With “BBB” Credit Rating
• DG Reported 31 Consecutive Years of Same Store Sales Growth
• 3.4 Miles from Western Michigan University!
• 5 Mile Consumer Spending is $1.4 Billion