Family Dollar – New Orleans, LA
Fortis Net Lease is pleased to present this 8,500 SF. freestanding Family Dollar store located in New Orleans, Louisiana. The property offers a Double Net (NN) Lease, leaving minimal landlord responsibilities. Family Dollar recently exercised their first option to renew the lease, showing their commitment to the location. The lease contains 3 (5 year) options to renew, each with a 10% rental rate increase. The lease is corporately guaranteed by Dollar Tree Stores, Inc. which holds a credit rating of “BBB-”, which is classified as Investment Grade. The store is currently open and operating with rent having commenced in December of 2011.
This Family Dollar is highly visible as it is strategically positioned at the I-10 Service Road which sees 9,382 cars per day, and Bullard Avenue which sees 21,278 cars per day. The site is also just off of the I-10 exit which sees 52,672 cars per day. The five mile population from the site is 75,119 while the one mile average household income is $55,140 per year, making this location ideal for a Family Dollar. The Subject offering represents an ideal opportunity for a 1031 exchange buyer or a “passive” investor to attain the fee simple ownership of a Family Dollar. This investment will offer a new owner continued success due to the financial strength and the proven profitability of the tenant, one of the nation’s top dollar stores. List price reflects a 7.5% cap rate based on NOI of $139,400.
• Double Net (NN) Lease | Minimal Landlord Responsibilities
• Recently Extended Lease
• 3 (5 Year) Options to Renew | 10% Rental Increases at Each Option
• Concrete Parking Lot
• One Mile Household Income $55,140
• Five Mile Population 75,119
• 9,382 Cars Per Day on I-10 Service Road
• 21,278 Cars Per Day on Bullard Avenue
• 52,672 Cars Per Day on I-10
• Corporate Guarantee with “BBB-” Credit Rating
• Surrounded by Major National Tenants
• New Orleans MSA
Instate Broker of Record: Brian Brockman | Bang Realty, Inc.