Dollar General – Wyoming, MI
Fortis Net Lease is pleased to present this 8,737 SF. retrofit Dollar General store located in Wyoming (Grand Rapids), Michigan. The property is encumbered with a Ten (10) Year Double Net (NN) Lease, leaving minimal landlord responsibilities and includes a 10% rental rate increase at year 6. 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 open with rent having commenced in March 2019.
This Dollar General is highly visible as it is strategically positioned on Division Avenue South which sees 18,821 cars per day. The five mile population from the site is 255,348 while the one mile average household income $53,288 per year, making this location ideal for a Dollar General. This area is also experiencing great growth with the one mile population growth rate at 4.22%. 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 6.65% cap rate based on NOI of $81,125.96.
• 10 Year Double Net Lease | 9.5 Years Remaining on Primary Term
• Minimal Landlord Responsibilities
• 10% Rental Rate Increase in Year 6
• 4 (5 Year) Options | 10% Increases At Each Option
• One Mile Household Income $53,288
• One Mile Population Growth Rate 4.22% Growth
• Five Mile Population 255,348 With Expected 4.07% Growth
• Three Mile Population 106,910 With Expected 3.69% Growth
• 18,821 Cars Per Day on Division Avenue South
• $2.17 Billion in Consumer Spending Within 5 Miles
• Investment Grade Dollar Store With “BBB” Credit Rating
• DG Reported 31 Consecutive Quarter of Same Store Sales Growth