Dollar General – Morristown, TN
Fortis Net Lease is pleased to present this 9,026 SF Dollar General store located in Morristown, Tennessee. The property is secured with 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, originally opened in 2016, continues to perform exceptionally well.
This Dollar General is highly visible as it is strategically positioned on the corner of Enka Hwy and Springvale Rd, which sees over 9,000 cars per day. The five-mile population from the site is 35,254 while the five-mile average household income is $61,118 per year, making this location ideal for a Dollar General. This area is experiencing great growth with the 1-mile population growth rate at 3%. The Subject offering represents an ideal opportunity for a 1031 exchange buyer or a “passive” investor to attain the fee simple ownership of a 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 6.18% cap rate based on NOI of $77,250.
INVESTMENT HIGHLIGHTS
• Absolute NNN 15 Year Lease | Zero Landlord Responsibilities
• Hard Corner Location | 9,000+ Cars Per Day Visibility
• Five (5 Year) Options | 10% Rental Increase At Each Option
• Three Mile Household Income $61,118
• 1,3,5 – Mile Population Growth
• Investment Grade Dollar Store with “BBB” Credit Rating
• DG Reported 31 Consecutive Quarter of Same Store Sales Growth
• Low Competition in Over 5 Miles
• On a Main Thoroughfare
Instate Broker of Record: Brian Brockman | Bang Realty