Dollar General – Luther, MI
Fortis Net Lease is pleased to present this brand new 9,100 SF. Dollar General store located in Luther, 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 is open and operational with rent having commenced in March of 2021.
This Dollar General is highly visible as it is strategically positioned on E. Old M-63 nestled amongst the local homes and businesses. The ten mile population from the site is 4,867 while the three mile average household income $48,103 per year, making this location ideal for a Dollar General. This area is also seeing 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 5.60% cap rate based on NOI of $85,280.
• 15 Year Absolute NNN Lease | Zero Landlord Responsibilities
• Brand New 2021 BTS Construction
• Concrete Parking Lot | Opened in March 2021
• 4 (5 Year) Options | 10% Increases At Each Option
• Three Mile Household Income $48,103
• Ten Mile Population 4,867 | Expected 2.94% Growth
• Investment Grade Dollar Store With “BBB” Credit Rating
• DG Reported 31 Consecutive Years of Same Store Sales Growth
• No Competition in 14+ Miles!
• Near Many Popular Tourist Destinations in Northern Michigan