Dollar General – Mount Vernon, IL
Fortis Net Lease is pleased to present this 9,100 SF. Dollar General store located in Mount Vernon, Illinois. The property is encumbered with 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 currently open with rent having commenced on October 26, 2013.
This Dollar General is highly visible as it is strategically positioned on 10th Street which sees 8,063 cars per day near the intersection at Veterans Memorial Drive which sees 11,639 cars per day . The ten mile population from the site is 31,674 while the three mile average household income $51,672 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 7.0% cap rate based on NOI of $88,073.
• Relocation Store | PROVEN Success in the Market
• 15 Year Absolute NNN Lease | Zero Landlord Responsibilities
• 4 (5 Year) Options | 10% Increases At Each Option
• Three Mile Household Income $51,672
• Ten Mile Population 31,674
• 11,639 Cars Per Day on Veterans Memorial Drive
• 8,063 Cars Per Day on 10th Street
• Investment Grade Dollar Store With “BBB” Credit Rating
• DG Reported 30 Consecutive Years of Same Store Sales Growth
Instate Broker of Record: Eli Schultz | Fortis Net Lease