Dollar General Market – Norwood, NC
Fortis Net Lease is pleased to present this brand new 12,480 SF. Dollar General Market store located in Norwood, North Carolina – part of the Charlotte Market. Dollar General Market stores sell produce and fresh meats and are a necessary addition to the areas they serve. The property is secured with a 15 year Absolute NNN Lease leaving zero landlord responsibilities. The lease contains a 5% rent increases every 5 years during the primary term and 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 an opening & rent start date on track for May 2024.
This Dollar General Market is highly visible as it is strategically positioned on US 52 S which sees 8,502 cars per day, on the main thoroughfare connecting cities. The ten mile population from the site is 34,942 while the three mile average household income is $74,033 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 dollar store. List price reflects a 6.40% cap rate based on NOI of $167,448.
INVESTMENT OFFERINGS:
• New 15 Yr Absolute NNN Lease | Zero Landlord Responsibilities
• Part of the Charlotte Market
• Dollar General Market Stores sell Produce and Fresh Meats
• 5% RENTAL RATE INCREASES EVERY 5 YEARS IN PRIMARY TERM
• 2024 BTS Construction | Upgraded Architectural Design
• 5 (5 Year) Options | 5% Increases At Each Option
• Three Mile Household Income $74,033
• Ten Mile Population 34,942
• 8,502 VPD on US 52 S
• Investment Grade Dollar Store With “BBB” Credit Rating
• DG Reported 32 Consecutive Quarters of Same Store Sales Growth
• On Main Thoroughfare into Connecting Cities
Instate Broker of Record: Brian Brockman | Bang Realty