Dollar General – Willsboro, NY
Fortis Net Lease is pleased to present this brand new 9,026 SF. Dollar General store located in upstate New York in the city of Willsboro. This upgraded building features exterior Hardy Board siding on wood framing, exterior Stone Knee wall, vaulted ceilings, and no interior columns (offering a clear span). The property is secured with a 15 year Absolute NNN Lease leaving zero landlord responsibilities. The lease contains 3 (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 just completed construction and successfully opened for business on October 18, 2022.
This Dollar General is highly visible as it is strategically positioned on NY-22 which sees 1,756 cars per day. It is the only dollar store serving this community (no competition within 12+ miles). The ten mile population from the site is 14,440 while the three mile average household income $81,131 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 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 6.20% cap rate based on NOI of $109,189.92.
INVESTMENT HIGHLIGHTS
• 15 Year Absolute NNN Lease | Zero Landlord Responsibilities
• Upstate New York | Lakeside Opportunity – 3 Miles to Lake Champlain
• Limited Competition | Closest Dollar Store is 12+ Miles Away
• 2022 BTS RARE Upgraded Construction | Wood Framed Building, Vaulted Ceiling, Gable Roof – Best in Class Construction
• Now Open | October 18, 2022
• Essential Retailer | Internet, Pandemic, & Recession Proof Retailer
• 3 (5 Year) Options | 10% Increases At Each Option
• Three Mile Household Income $81,131
• Ten Mile Population 14,440
• Investment Grade Dollar Store With “BBB” Credit Rating
• DG Reported 32 Consecutive Quarters of Same Store Sales Growth
• Easily Accessible from NY-22 | 1,756 VPD
Instate Broker of Record: Bean Schultz | Fortis Net Lease