Dollar General – Ludington, MI
Fortis Net Lease is pleased to present this 2023 BTS, 10,640 SF. Upgraded Dollar General store located in Ludington, Michigan – an extremely popular MI tourist destination. The property offers a Fifteen (15) Year Absolute NNN Lease, leaving zero landlord responsibilities. The lease contains 5 (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 has been open and operating successfully since February 2023.
This Dollar General is highly visible as it is strategically positioned on the corner of W Dewey Road and N Jebavy Drive which sees 4,488 cars per day. The ten mile population from the site is 21,052 while the three mile average household income is $79,853 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 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 “small box” discount retailer. List price reflects a 6.10% cap rate based on NOI of $96,697.
• 15 Year Absolute NNN Lease | Zero Landlord Responsibilities
• 2023 BTS Upgraded & Plus Size Construction
• Opened in February 2023 | Corner Location
• Concrete Parking Lot
• 5 (5 Year) Options | 10% Increases At Each Option
• Three Mile Household Income $79,853
• Ten Mile Population 21,052 & Growing
• 4,488 Cars Per Day on N Jebavy Drive
• Investment Grade Dollar Store With “BBB” Credit Rating
• DG Reported 32 Consecutive Years of Same Store Sales Growth
• Located on Main Thoroughfare in West Michigan’s Top Summer Destinations