Dollar General – Niles, MI
Fortis Net Lease is pleased to present this 9,100 SF. Dollar General store located in Niles, Michigan. 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 in November 2019.
This Dollar General is highly visible as it is strategically positioned on Old US 31 which sees 4,492 cars per day. The five mile population from the site is 24,771 while the two mile average household income $79,538 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 6.50% cap rate based on NOI of $85,800.
• Brand New 15 Year Absolute NNN Lease
• Zero Landlord Responsibilities
• Concrete Parking Lot
• 4 (5 Year) Options | 10% Increases At Each Option
• Two Mile Household Income $79,538
• Five Mile Population 24,771
• 4,492 Cars Per Day on Old US 31
• Investment Grade Dollar Store with “BBB” Credit Rating
• Dollar General Reported 31 Consecutive Quarter of Same Store Sales Growth
• Only 18 Miles from South Bend, IN
• Just 5 Miles From Niles Scream Park (Popular Tourist Attraction)