2020 Spring Garden Ave
Pittsburgh, PA 15212
Retail Property For Sale

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 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 9.17% cap rate based on NOI of $77,950. Instate Broker of Record: Jason Wolf | Wolf Commercial Real Estate | License # RM422074