Dollar General – Westport, WA

$2,685,026
Price
$151,704
Noi
5.65%
Cap Rate
9,026
Leasable Area
2020
Year Built

CONTACT US REGARDING THIS LISTING

Ben Schultz

Senior Director

DOWNLOAD LINKS

OFFERING MEMORANDUM

Fortis Net Lease is pleased to present this 9,026 SF. Upgraded Dollar General store located in Westport, Washington. The property is secured with a 15 year Absolute NNN Lease, leaving zero landlord responsibilities. The lease contains three (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 preparing to begin construction with rent commencing in July.

This Dollar General is highly visible as it is strategically positioned on S. Montesano Street which sees 5,600 cars per day. Located just 2 miles form the Westport Marina, this area sees many tourists throughout the year. The ten mile population from the site is 12,841 while the three mile average household income is $58,672 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 an 5.65% cap rate based on NOI of $151,704.

INVESTMENT HIGHLIGHTS
• “Essential Retail” Dollar General in Huge Tourist Area
• Washington is an Income Tax Free State!
• Absolute NNN Lease | Zero Landlord Responsibilities
• Upgraded Construction Design
• Three (5 Year) Options | 10% Rental Increase At Each Option
• Three Mile Household Income $58,672
• Ten Mile Population exceeds 12,840
• 5,600 Cars Per Day on S. Montesano Street
• Investment Grade Dollar Store with “BBB” Credit Rating
• DG Reported 32 Consecutive Quarters of Same Store Sales Growth
• Only Dollar Store Within 20+ Miles

 

Instate Broker of Record: Tom O’Brien | Pacific Commercial Brokers | License # 18559