Dollar General – Lake City, FL
Fortis Net Lease is pleased to present this 9,100 SF. Dollar General store located in Lake City, Florida. The property is encumbered with a Fifteen (15) Year Absolute NNN Lease, leaving zero landlord responsibilities. The lease contains a 3% rental increase in year 11 and also 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 July 2011.
This Dollar General is highly visible as it is strategically positioned on the signalized corner of NW Bascom Norris Drive and US-441 S which sees 7,284 cars per day. The five mile population from the site is 29,626 while the one mile average household income is $45,017 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 7.1% cap rate based on NOI of $126,898.
• Absolute NNN Lease | Zero Landlord Responsibilities
• 15 Year Term / 4 (5 Year) Options
• 3% Rental Increase in Year 11 | 10% Rental Increase At Each Option
• One Mile Household Income $45,017
• Five Mile Population 29,626
• One Mile Population Growth Rate 7.73%
• 7,284 Cars Per Day on US-441 South
• Investment Grade Dollar Store with “BBB” Credit Rating
• Dollar General Reported 29 Consecutive Quarter of Same Store Sales Growth
• Centrally Located Surrounded by Major FL Cities
Instate Broker of Record: Michael Orden | Naples Real Estate Consultants | License # BK3224663