Dollar General – Norwood, NC
Fortis Net Lease is pleased to present this 9,100 SF. Dollar General store located in Norwood, North Carolina. 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 under construction, with rent projected to commence in August 2020.
This Dollar General is highly visible as it is strategically positioned on the corner of Little Street and Highway 138 which sees 3,000 cars per day. The ten mile population from the site is 37,891 while the three mile average household income is $49,572 per year, making this location ideal for a Dollar General. This area is also seeing steady growth. 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 6.35% cap rate based on NOI of $112,128.
• Absolute NNN 15 Year Lease | Zero Landlord Responsibilities
• 4 (5 Year) Options | 10% Rental Increase At Each Option
• Three Mile Household Income $49,572
• Ten Mile Population 37,891
• 3,000 Cars Per Day on Highway 138
• Investment Grade Dollar Store with “BBB” Credit Rating
• Dollar General Reported 32 Consecutive Quarter of Same Store Sales Growth
• Across the Street From Aquadale Elementary School (300+ Students)
• No Competition Within 6 Miles
Instate Broker of Record: James Wilson | Pulliam Properties, Inc. | License #C3903