Dollar General – Kalkaska, MI
Fortis Net Lease is pleased to present this 9,100 SF. Dollar General store located in Kalkaska, 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 is currently open with rent having commenced in February 2020.
This Dollar General is highly visible as it is strategically positioned on M-72 which sees 4,500 cars per day. The ten mile population from the site is 8,936 while the five mile average household income $57,345 per year, making this location ideal for a Dollar General. This area is also experiencing great growth with the three mile population growth rate at 8.06%. 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 6.25% cap rate based on NOI of $87,040.
• Brand New Construction | 15 Year Absolute NNN Lease
• Zero Landlord Responsibilities
• 4 (5 Year) Options | 10% Increases At Each Option
• Five Mile Household Income $57,345
• Five Mile Population Growth Rate 5.66% Growth
• Three Mile Population Growth Rate 8.06%
• Ten Mile Population 8,936 With Expected 3.47% Growth
• 4,500 Cars Per Day on M-72
• Investment Grade Dollar Store With “BBB” Credit Rating
• DG Reported 30 Consecutive Years of Same Store Sales Growth