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2258 Springvale Rd 9,026 SF 100% Leased Retail Building Morristown, TN 37813 $1,250,000 ($138.49/SF) 6.18% Cap Rate
Investment Highlights
- Absolute NNN 15 Year Lease | Zero Landlord Responsibilities
- Five (5 Year) Options | 10% Rental Increase At Each Option
- 1,3,5 - Mile Population Growth
- Hard Corner Location | 9,000+ Cars Per Day Visibility
- Three Mile Household Income $61,118
- Investment Grade Dollar Store with "BBB" Credit Rating
Executive Summary
Fortis Net Lease is pleased to present this 9,026 SF Dollar General store located in Morristown, Tennessee. The property is secured with a Fifteen (15) Year Absolute NNN Lease, leaving zero landlord responsibilities. The lease contains 5 (5-year) options to renew, each with a 10% rental rate increase. The lease is corporately guaranteed by Dollar General Corporation, which holds a credit rating of “BBB”, which is classi?ed as Investment Grade. The store, originally opened in 2016, continues to perform exceptionally well. This Dollar General is highly visible as it is strategically positioned on the corner of Enka Hwy and Springvale Rd, which sees over 9,000 cars per day. The ?ve-mile population from the site is 35,254 while the ?ve-mile average household income is $61,118 per year, making this location ideal for a Dollar General. This area is experiencing great growth with the 1-mile population growth rate at 3%. The Subject offering represents an ideal opportunity for a 1031 exchange buyer or a “passive” investor to attain the fee simple ownership of a Dollar General. This investment will offer a new owner continued success due to the ?nancial strength and the proven pro?tability of the tenant, the nation’s top dollar store. List price re?ects a 6.18% cap rate based on NOI of $77,250.
Property Facts
Sale Type
Investment NNN
Sale Conditions
Property Type
Retail
Building Size
9,026 SF
Building Class
B
Year Built
2016
Price
$1,250,000
Price Per SF
$138.49
Cap Rate
6.18%
NOI
$77,250
Percent Leased
100%
Building Height
1 Story
Zoning
B
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
- Dollar General
- -
- 9,026 SF
- $8.55
- Triple Net
- Jun 2031
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
| Dollar General | - | 9,026 SF | $8.55 | Triple Net | Jun 2031 |
Property Taxes
| Parcel Number | 051-029.00 | Improvements Assessment | $321,440 |
| Land Assessment | $329,200 | Total Assessment | $650,640 |
Property Taxes
Parcel Number
051-029.00
Land Assessment
$329,200
Improvements Assessment
$321,440
Total Assessment
$650,640
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2258 Springvale Rd
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