Dollar General – Manton, MI
Fortis Net Lease is pleased to present this brand new 10,640 SF. Dollar General Plus store located in Manton, Michigan. The property is secured with a 15 year Absolute NNN Lease leaving zero landlord responsibilities. The lease contains 5% rent increases every 5 years including at each of the 5 (5 year) options to renew. 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 under construction with rent & store opening on track for March 2024.
This Dollar General is highly visible as it is strategically positioned off of N Highway 131 which sees 6,100 cars per day, only 12 miles North of Cadillac. The 10 mile population from the site is 12,495 while the 3 mile average household income is $59,685 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 6.50% cap rate based on the initial NOI of $108,316.
INVESTMENT HIGHLIGHTS
○ Brand New 15 Year Absolute NNN Lease
○ Zero Landlord Responsibilities
○ 5% RENT INCREASES EVERY 5 YEARS!!
○ 6,100 Cars Per Day | On Main Thoroughfare
○ Concrete Parking Lot
○ 12 Miles North of Cadillac Michigan
○ 2024 BTS Plus Size | Plus Size Design
○ 5 (5 Year) Options | 5% Increases At Each Option
○ Three Mile Household Income $59,685
○ Ten Mile Population 12,495
○ Investment Grade Dollar Store With “BBB” Credit Rating