Dollar General – Newaygo, MI
Fortis Net Lease is pleased to present this brand new 10,640 SF. Dollar General Plus size store located in Newaygo, Michigan. The property is secured with a 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 is currently open with rent having commenced in mid-January 2023.
This Dollar General is highly visible as it is strategically positioned on the corner of Cypress Avenue & E 88th Street which sees 7,282 cars per day, with quick and easy access to Highway 131 (which sees 23,568 cars per day). The ten mile population from the site is 33,846 while the three mile average household income is $71,071 per year, making this location ideal for a Dollar General. This area is experiencing great growth with the three mile population growth rate at 5.61%. 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 6.00% cap rate based on NOI of $88,835.
INVESTMENT HIGHLIGHTS
• 15 Yr Absolute NNN Lease | Zero Landlord Responsibilities
• 2023 BTS Construction | Now Open!
• Five (5 Year) Options | 10% Rent Increases At Each Option
• Three Mile Household Income $71,071
• Ten Mile Population 33,846
• 7,282 Cars Per Day at Cypress Avenue & E 88th Street
• 23,568 Cars Per Day on Highway 131
• Investment Grade Dollar Store With “BBB” Credit Rating
• DG Reported 32 Consecutive Years of Same Store Sales Growth
• Quick & Easy Access to Highway 131
• Located Across from Northern Trail Bar & Grill