Dollar General – West Olive, MI
Fortis Net Lease is pleased to present this 2021 BTS, 9,100 SF. Upgraded Dollar General store located in West Olive, Michigan. The property offers a Fifteen (15) Year Absolute NNN Lease, leaving zero landlord responsibilities. The lease contains 4 (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 has been open and operating successfully since December 2021.
This Dollar General is highly visible as it is strategically positioned on Lake Michigan Drive which sees 8,602 cars per day. It sits only 10 miles from Grand Valley State University! The ten mile population from the site is 110,215 while the three mile average household income is $98,109 per year, making this location ideal for a Dollar General. This area is also experiencing great growth with the 5 mile population growth rate at 5.39% and the consumer spending is $1.3 Billion! 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 4.85% cap rate based on NOI of $97,800.
• 15 Year Absolute NNN Lease | Zero Landlord Responsibilities
• 2021 BTS Upgraded Construction | Now Open!
• Only 10 Miles from Grand Valley State University!
• 4 (5 Year) Options | 10% Increases At Each Option
• Three Mile Household Income $98,109
• Ten Mile Population 110,215 | Expected 4.78% Growth
• Five Mile Population Growth Rate 5.39%
• 8,602 Cars Per Day on Lake Michigan Drive
• 4,043 Cars Per Day on 120th Avenue
• 5 Mile Consumer Spending $1.3 Billion!
• Investment Grade Dollar Store With “BBB” Credit Rating
• DG Reported 31 Consecutive Years of Same Store Sales Growth
• No Competition Within 7+ Miles