Dollar General – Lake City, MI
Fortis Net Lease is pleased to present this brand new 9,100 SF. Dollar General store located in Lake City, Michigan. The property offers 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 has completed construction and opened for business on 7/18/2021.
This Dollar General is highly visible as it is strategically positioned on the corner of Bacon Street and W Houghton Lake Road which sees 7,524 cars per day and adjacent to Lake City High School. The ten mile population from the site is 14,110 while the three mile average household income $59,269 per year, making this location ideal for a Dollar General. The area is also experiencing steady growth. 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 5.35% cap rate based on NOI of $88,900.
• 15 Year Absolute NNN Lease | Zero Landlord Responsibilities
• Brand New 2021 BTS Construction
• Corner Location | Now Open!
• Located on Main Thoroughfare Into Downtown Lake City
• 4 (5 Year) Options | 10% Increases At Each Option
• Three Mile Household Income $59,269
• Ten Mile Population 14,110 and Growing
• 7,524 Cars Per Day on W Houghton Lake Road
• Investment Grade Dollar Store With “BBB” Credit Rating
• DG Reported 31 Consecutive Years of Same Store Sales Growth
• Across from Roger’s Grocery Store & Next to Lake City High School