Family Dollar – Pittsburgh, PA
Fortis Net Lease is pleased to present this 7,000 SF. freestanding Family Dollar store located in Pittsburgh, Pennsylvania. Family Dollar recently exercised their 2nd option, providing 5 new years on their Double Net (NN) Lease. Family Dollar is responsible for taxes (paid monthly as reserves), insurance, common area maintenance, parking lot repairs, and HVAC repairs/replacement (excluding replacements during the last 2 years of any extended lease term). The lease contains 3 (5 year) options to renew remaining, 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. Family Dollar is required to report sales at this location with the most recently reported figures from 2018 at over $1.4M.
This Family Dollar is highly visible as it is strategically positioned on Spring Garden Avenue which sees 3,080 cars per day, just a short distance off of I-279 which sees 108,174 cars per day. The five mile population from the site is 359,025 while the one mile average household income is $52,499 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 9.0% cap rate based on NOI of $78,650.
• Double Net (NN) Lease | Minimal Landlord Responsibilities
• Recently Exercised 2nd Option | Proven Success in Market
• 2018 Reported Sales $1.4 Million | Sales Trending Upwards
• 3 (5 Year) Options to Renew | 10% Rental Increases at Each Option
• One Mile Household Income $52,499
• Three Mile Population 153,757
• Five Mile Population 359,025
• 3,080 VPD on Spring Garden Ave | 108,174 VPD on I-279
• 5 Mile Consumer Spending $3.443 Billion
• Corporate Guarantee with “BBB-” Credit Rating
• Only 2.5 Miles From Downtown Pittsburgh
Instate Broker of Record: Jason Wolf | Wolf Commercial Real Estate | License # RM422074