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1420 Main st 10,640 SF Retail Building Niles, MI 49120 $1,731,135 ($162.70/SF) 6.55% Cap Rate
Investment Highlights
- 5% Rent Increases Every 5 Years during the Primary Term
- Five Mile Population 34,114
- 15 Year Absolute NNN Lease
- Seeing 11,101 Cars Per Day
- Concrete Parking Lot
- 2023 BTS Plus Size | Plus Size Construction
Executive Summary
Fortis Net Lease is pleased to present this 10,640 SF. Dollar General Plus store located in Niles, Michigan. The property is secured with a 15 year Absolute NNN Lease leaving zero landlord responsibilities. The lease contains 5% rent increases every 5 years including at each of the 5 (5 year) options to renew! The lease is corporately guaranteed by Dollar General Corporation which holds a credit rating of “BBB”, which is classified as Investment Grade. The store completed construction & successfully opened for business in October 2023.
This Dollar General is highly visible as it is strategically positioned on E Main Street which sees 11,101 cars per day. The 5 mile population from the site is 34,114 while the 1 mile average household income is $55,911 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 small box discount retailer. List price reflects a 6.55% cap rate based on NOI of $113,389.32.
This Dollar General is highly visible as it is strategically positioned on E Main Street which sees 11,101 cars per day. The 5 mile population from the site is 34,114 while the 1 mile average household income is $55,911 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 small box discount retailer. List price reflects a 6.55% cap rate based on NOI of $113,389.32.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Convenience Store
Building Size
10,640 SF
Building Class
C
Year Built
2023
Price
$1,731,135
Price Per SF
$162.70
Cap Rate
6.55%
NOI
$113,389
Tenancy
Single
Building Height
1 Story
Building FAR
0.08
Lot Size
2.96 AC
Zoning
C-1 - Commercial
Frontage
190’ on East Main Street
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
-
- Retailer
-
99,999 SF
-
$9.99
-
Lorem Ipsum
-
Jan 0000
Dollar General is a national discount retailer operating multiple neighborhood-scale stores throughout New Port Richey, Florida. The Massachusetts Avenue location serves surrounding residential neighborhoods with a broad assortment of everyday necessities at low price points. The store offers groceries, snacks, health and beauty products, cleaning supplies, basic apparel, paper goods, seasonal items, and private-label merchandise.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
|
Retailer | 99,999 SF | $9.99 | Lorem Ipsum | Jan 0000 |
Nearby Major Retailers
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1420 Main st
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