Dollar General – Mullins, SC
Fortis Net Lease is pleased to present this 8,122 SF. Dollar General store located in Mullins, South Carolina. The property is secured with a twenty (20) year Double Net (NN) Lease, leaving minimal landlord responsibilities, with 8 years left on the primary term. Original term was 15 years and Dollar General has twice extended the term an additional five years after having great success in this market. The lease contains 2 (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 is currently open with rent having commenced in October 2004. Dollar General has initiated an LED lighting upgrade (free to Landlords) for this site which will improve night time aesthetics to the outdoor lights.
This Dollar General is highly visible as it is strategically positioned on the hard corner of Legion Road and North Main Street which sees 5,560 cars per day. The ten mile population from the site is 29,616 while the three mile average household income $40,052 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 6.87% cap rate based on NOI of $54,988.
• Double Net (NN) Lease | Minimal Landlord Responsibilities
• Hard Corner Location | 8 Years Remaining in Primary Term
• Upgraded LED Lighting Project Underway | No Cost to Landlord
• 2 (5 Year) Options | 10% Increases At Each Option
• Three Mile Household Income $40,052
• Ten Mile Population 29,616
• 5,560 Cars Per Day on North Main Street
• Investment Grade Dollar Store With “BBB” Credit Rating
• DG Reported 30 Consecutive Years of Same Store Sales Growth
• Located on a Main Thoroughfare
• Extended Primary Term Twice Proving Commitment & Success in Market
Instate Broker of Record: Brian Brockman | Bang Realty, Inc.