Dollar General – Underwood, ND
Fortis Net Lease is pleased to present this 9,100 SF. Dollar General store located in Underwood, North Dakota. 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 commencing in August 2019.
This Dollar General is highly visible as it is strategically positioned on Old US Hwy 83 which sees 1,200 cars per day. The ten mile population from the site is 1,090 while the three mile average household income is $73,811 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 $88,212.
• Absolute NNN 15 Year Lease | Zero Landlord Responsibilities
• Brand New Construction
• 4 (5 Year) Options | 10% Rental Increase At Each Option
• Three Mile Household Income $73,811
• Ten Mile Population 1,090
• 1,200 Cars Per Day on Old US Hwy 83
• Investment Grade Dollar Store with “BBB” Credit Rating
• Dollar General Reported 29 Consecutive Quarter of Same Store
• Easy Access to Highway 83
• Conveniently Located Between Bismarck and Minot, ND
• Only Dollar Store Within 13 Miles
Instate Broker of Record: Jeff Lunnen | Lunnen Real Estate Services Inc | License # 9171