2216 18th Ave S
Saint Petersburg, FL 33712
Dollar General · Retail Property For Sale

Marcus and Millichap is pleased to exclusively offer for sale the Dollar General located at 2216 18th Ave S in Saint Petersburg, Florida. The site was built to suit for Dollar General in 2011 and consists of 9,002 rentable square feet. This investment is being offered at $2,300,000, which represents a 6.51 percent capitalization rate. Dollar General is subject to an original 15 year absolute NNN lease, which allows for no landlord responsibilities. This lease agreement contains a rare and desirable 3% increase in years 11-15 of the base term, in addition to five, five year renewal options with 10 percent rental increases in each. The lease is corporately guaranteed by Dollar General, who has a BBB credit rating by Standard & Poor’s. This 1.45 acre parcel encompasses an entire block between 22 St S and 23 St S, and has multiple points of ingress/egress. The site benefits from 14,000 passing vehicles per day along 18 Ave S and is located under 1 mile from Interstate 275 which experiences traffic counts in excess of 110,000 vehicles per day. St. Petersburg is home to over 257,000 residents, which makes it the fifth largest city in Florida. There is a very high barrier to entry in the St. Petersburg market, with over 99% of land being developed. The highly desirable downtown district is located approximately two miles from the subject property and is currently undergoing numerous redevelopment projects. Tropicana Field is home to the Tampa Bay Rays major league baseball team with over 1.25 million visitors annually and located just 5 minutes from the Dollar General site. There are numerous schools, colleges, museums, restaurants, parks and retail stores located in the nearby areas.