Dollar General – New Salem, ND
Fortis Net Lease is pleased to present this 9,026 SF. Dollar General store located in New Salem, ND. The property is encumbered with a Fifteen (15) Year Absolute NNN Lease, leaving zero landlord responsibilities. The lease contains four (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 under construction with rent commencing in July 2019.
This Dollar General is highly visible as it is strategically positioned on 8th Street which sees 3,460 cars per day. The ten mile population from the site is 1,539 while the three mile average household income is $63,281 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 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 6.80% cap rate based on NOI of $89,916.
• Brand New Absolute NNN Lease | Zero Landlord Responsibilities
• 15 Year Term | 4 (5 Year) Options | 10% Increases at Options
• Three Mile Household Income $63,281
• Ten Mile Population 1,539
• 3,460 Cars Per Day on 8th Street
• Investment Grade Dollar Store
• Dollar General Reported 29 Consecutive Quarter of Same Store Sales Growth
• Only Dollar Store Within 30 Miles
• Located less than 1 Mile off I-94 Exit Towards Downtown New Salem
Instate Broker of Record: Jeff Lunnen | Lunnen Real Estate Services Inc | License # 9171