This property is Off-Market

16630 S Highway 301
Summerfield, FL 34491 ·

9,026 SF · Retail For Sale

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Dollar General | New 15-Yr Absolute NNN Lease

Price N/A Occupancy 100%
Building Size 9,026 SF No. Stories 1
Property Type Retail Tenancy Single
Property Sub-type
Free Standing Bldg
More...
  • Restaurant
  • Retail (Other)
  • Retail Pad
Year Built 2011
Property Use Type Net Lease Investment with 10+ years left on lease Lot Size 1.10 AC
Cap Rate 7.25%
Listing ID: 17825563 Date Created: 09/10/2012 Last Updated: 10/10/2012

Description

The subject property is a new freestanding Dollar General located in Summerfield, Florida. The brand new 15 year absolute NNN lease commenced August, 2011. There is a 3% rental increase in year 11 of the primary lease term and additional 10% rental increases in each of the (4) five year option periods. This is an excellent opportunity for an investor to purchase a stable, long term investment with zero landlord responsibility.

The site is located next to a busy signalized intersection at the southwest corner of Highway 42 and US Highway 301. The property has excellent visibility along Highway 42 (4 lane divided highway), the major east-west thoroughfare and retail corridor running through Summerfield. The property fronts US Highway 301, which is a newly constructed 4 lane divided highway. Highway 301 is a major north-south highway that runs all the way from the Sarasota-Bradenton-Venice MSA northeast to the Greater Jacksonville area. Traffic counts at the subject property currently exceed 24,000 vehicles per day (US Hwy 301: 13,400 vehicles per day & Highway 42: 11,000 vehicles per day).

This Dollar General benefits tremendously from its close proximity (less than 1 mile) to The Villages, a master-planned age-restricted retirement community with over 5,000 houses. Additionally with the closest dollar store located over 3 miles away from the subject property, there is virtually zero competition for this Dollar General with the trade area population far exceeding Dollar General' s requirements (3 mile population exceeds 20,000). Dollar General expects to do approximately $1.7M in store sales at this location, far exceeding their national average.

Summerfield is a rapidly growing community in central Florida located approximately 20 minutes south of Ocala, 1 hour outside Orlando, and 1½ hours outside Tampa. Summerfield is located in Marion County and part of the Ocala, FL Metropolitan Statistical Area. Between 2000 and 2011, there was a 107% increase in population within a 3 mile radius of the property and a 95% increase within a 5 mile radius.

Highlights

  • New 15 Year Absolute Net Lease - Corporate Guarantee
  • S&P Rated: BBB-Investment Grade Tenant ($4.6 Billion Net Worth)
  • Over 62,000 Population in Five (5) Mile Radius; 107% Population Growth Over Last 10 Years
  • Signalized Intersection with Average Daily Traffic Counts Exceeding 24,000 Vehicles per Day
  • Located Within 1 Mile from "The Villages," a Huge Retirement Community with 5,000+ Houses
  • Income Tax Free State

Research

16630 S Highway 301, Summerfield, FL 34491 (Marion County)

Property Record Data - Historical Listings, current tax, mortgage, owners & tenant info for this property

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