Dollar General – Velva, ND
Fortis Net Lease is pleased to present this 9,100 SF. retrofit Dollar General store located in Velva, North Dakota. The property offers a 10 year Double Net (NN) Lease, leaving minimal landlord responsibilities. The lease contains four (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 under construction with rent scheduled to commence in August 2020.
This Dollar General is highly visible as it is strategically positioned on the corner of Prospect Street and S. Main Street, just off of West St (Highway 52) which sees 4,411 cars per day. The ten mile population from the site is 2,192 while the three mile average household income is $82,622 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 7.15% cap rate based on NOI of $89,090.
• Double Net (NN)) Lease | Minimal Landlord Responsibilities
• 2020 Retrofit Design
• Four (5 Year) Options | 10% Rental Increase At Each Option
• Three Mile Household Income $82,622
• Ten Mile Population 2,192
• 4,411 Cars Per Day on West Street (Highway 52)
• Investment Grade Dollar Store with “BBB” Credit Rating
• DG Reported 30 Consecutive Years of Same Store Sales Growth
• No Competition Within 20 Miles | Only Dollar Store Serving the Community
• Minot-Bismarck-Dickinson DMA
Instate Broker of Record: Jeff Lunnen | Lunnen Real Estate Services | License #9171