Dollar General – North Adams, MI
Fortis Net Lease is pleased to present this brand new 9,026 SF. Dollar General store located in North Adams, Michigan. The property offers a Fifteen (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 under construction with rent on track to commence in July of 2021.
This Dollar General is highly visible as it is strategically positioned on Knowles Road which sees 3,182 cars per day, directly across from North Adams-Jerome Elementary and High School serving over 405 students. The ten mile population from the site is 33,134 while the three mile average household income is $59,687 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 5.60% cap rate based on the NOI of $91,884.84.
• New 15 Year Absolute NNN Lease | Zero Landlord Responsibilities
• 5 (5 Year) Options | 10% Increases At Each Option
• Three Mile Household Income $59,687
• Ten Mile Population 33,134
• 3,182 Cars Per Day on Knowles Road
• Investment Grade Dollar Store With “BBB” Credit Rating
• DG Reported 31 Straight Years of Same Store Sales Growth
• Located on Main Thoroughfare Going into Downtown North Adams
• Only 7 Miles from Hillsdale College | Directly Across From North
• Adams-Jerome Elementary & High School Serving 405+ Students
• No Competition Within 7+ Miles