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Family Dollar NN Investment | 8.1% Cap Rate 511 Frazier Street 10,500 SF Retail Building Troy, TN 38260 $1,471,300 ($140.12/SF) 8.10% Cap Rate
Investment Highlights
- Recent Construction: ±10,500 SF Family Dollar built in 2023 and is situated on a ±1.11-acre corner parcel in Troy, Tennessee
- Corporate Guaranteed Lease with Recession Resilient Tenant: Family Dollar is a proven discount retailer as demonstrated during the pandemic
- 7-mile radius has an average household income of $73,413
- Lease Structure: 10-Year NN lease runs through January 31, 2034, and has four 5-year renewal options, each with a $0.50/SF rent increase
- Strategic Location: Troy, located in northwest Tennessee’s Obion County, has a population of 6,638 within a 7-mile radius
- It is just over 100 miles northeast of Memphis. Broker of Record: Michael Bull, CCIM - TN License #339898
Executive Summary
This ±10,500 SF, Family Dollar built in 2023, is on a ±1.11-acre parcel at the corner of Frazier St. and U.S. Hwy 51 (Jere B. Ford Memorial Hwy) in Troy, Tennessee. Traffic counts on U.S. Hwy 51 near the property are 11,510 VPD.
The corporate guaranteed, 10-year NN lease runs through January 31, 2034, and has four 5-year renewal options, each with a $0.50/SF rent increase.
Landlord responsibilities include roof, structure, capital repairs to parking lot and payment of property taxes and property insurance & liability insurance. Tenant responsibilities include all other maintenance, including HVAC, liability insurance and full reimbursement of Landlord’s property insurance premium and property taxes.
Troy, a town in Obion County, is located in the northwest corner of Tennessee. Obion County is among the top five corn producing counties in the state. Troy is just over 26 miles north of Dyersburg, TN, approximately 93 miles south of Cape Girardeau, MO and approximately 108 miles northeast of Memphis. The population within a 7-mile radius is 6,638 with an average household income of $73,413.
The lease is guaranteed by Family Dollar, who was recently purchased by two private equity firms and who has over 7,500 stores in 49 states. Family Dollar specializes in providing value and a large product and limited grocery selection to smaller communities such as Troy. They provide investors with a proven retail concept with a long-term track record. This property is priced at $1,471,300 with an 8.1% cap rate.
The corporate guaranteed, 10-year NN lease runs through January 31, 2034, and has four 5-year renewal options, each with a $0.50/SF rent increase.
Landlord responsibilities include roof, structure, capital repairs to parking lot and payment of property taxes and property insurance & liability insurance. Tenant responsibilities include all other maintenance, including HVAC, liability insurance and full reimbursement of Landlord’s property insurance premium and property taxes.
Troy, a town in Obion County, is located in the northwest corner of Tennessee. Obion County is among the top five corn producing counties in the state. Troy is just over 26 miles north of Dyersburg, TN, approximately 93 miles south of Cape Girardeau, MO and approximately 108 miles northeast of Memphis. The population within a 7-mile radius is 6,638 with an average household income of $73,413.
The lease is guaranteed by Family Dollar, who was recently purchased by two private equity firms and who has over 7,500 stores in 49 states. Family Dollar specializes in providing value and a large product and limited grocery selection to smaller communities such as Troy. They provide investors with a proven retail concept with a long-term track record. This property is priced at $1,471,300 with an 8.1% cap rate.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
10,500 SF
Building Class
C
Year Built
2023
Price
$1,471,300
Price Per SF
$140.12
Cap Rate
8.10%
NOI
$119,175
Tenancy
Single
Building Height
1 Story
Building FAR
0.22
Lot Size
1.11 AC
Opportunity Zone
Yes
Parking
28 Spaces (2.67 Spaces per 1,000 SF Leased)
Frontage
210’ on Frazier Street
Amenities
- Wheelchair Accessible
- Storage Space
- Air Conditioning
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
-
- Retailer
- -
- -
-
Jan 0000
Family Dollar began in 1959 as a discount variety store chain and grew from a neighborhood retail concept into a nationwide business serving everyday shopping needs. The company focuses on affordable family essentials and carries food and beverages, paper products, health and beauty supplies, pet food, home products, apparel and accessories, seasonal goods, and electronics. Family Dollar supports convenient value shopping through national brands, private-label items, and digital savings tools across the United States.
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
|
|
Retailer | - | - | Jan 0000 |
Somewhat walkable
30/100
Exceptionally drivable
100/100
Somewhat bikeable
20/100
Property Taxes
| Parcel Number | 093-065.00 | Improvements Assessment | $25,700 |
| Land Assessment | $16,425 | Total Assessment | $42,125 |
Property Taxes
Parcel Number
093-065.00
Land Assessment
$16,425
Improvements Assessment
$25,700
Total Assessment
$42,125
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Family Dollar NN Investment | 8.1% Cap Rate | 511 Frazier Street
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