Dollar General Market – Old Town, FL
Fortis Net Lease is pleased to present this brand new 10,640 SF Dollar General Market store located in Old Town, Florida. 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 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 store opening & rent on track to start in December 2024.
This Dollar General Market is highly visible as it is strategically positioned on the corner of NE 512th Avenue & NE Hwy 531 which sees 4,250 cars per day. The 10 mile population from the site is 20,383 while the 3 mile average household income is $60,959 per year, making this location ideal for a Dollar General. This area is seeing great growth with the 10 mile growth rate at 7.10%! 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 6.40% cap rate based on NOI of $154,244.
INVESTMENT HIGHLIGHTS
• Brand New 15 Year Absolute NNN Lease
• Zero Landlord Responsibilities
• Dollar General Market | Produce and Fresh Meats
• 5% RENT INCREASES EVERY 5 YEARS!!
• Corner Location Seeing 4,250 Cars Per Day
• 2024 BTS Construction | Plus Size Footprint
• 5 (5 Year) Options | 5% Increases At Each Option
• Three Mile Household Income $60,959
• Ten Mile Population 20,383 | Expected 7.10% Growth Rate!
• Investment Grade Dollar Store With “BBB” Credit Rating
• Corporate Guaranty
Instate Broker of Record: Brian Brockman | Bang Realty