Family Dollar
Retail | 8.41% CAP | 8,400 SqFt
Marketing description
Horvath & Tremblay is pleased to present the exclusive opportunity to purchase a freestanding Family Dollar investment property located at 989 Main Street in West Warwick, Rhode Island (the “Property”). Family Dollar has occupied this build-to-suit location since 2017 and has 4+ years remaining on their lease with seven (7), 5-year renewal options. The lease features attractive rent increases at the start of each renewal option.
Family Dollar is positioned at the intersection of Maple Street, East Main Street, and Main Street (RI Route 115), the area’s primary commercial and commuter corridor. The Property enjoys outstanding frontage and visibility and is within 1-mile of municipal offices, the West Warwick Civic Center, and several area schools including the West Warwick High School. The Property is surrounded by densely developed residential neighborhoods that provide a built-in customer base. Additionally, The Property is 1.8-miles from RI Route 2 and 3-miles from Interstates 95 and 295. West Warwick is located in central Rhode Island and is approximately 12-miles south of Providence, RI.
Investment highlights
LEASE TERM: Family Dollar has occupied this build-to-suit location since 2017 and has 4+ years remaining on their lease with seven (7), 5-year renewal options.
ATTRACTIVE RENT INCREASES: The lease includes attractive 5% rent increases at the start of each of the first six (6) option periods and a 10% rent increase at the start of the seventh option period, providing a steady increase in income and an attractive hedge against inflation.
MINIMAL LANDLORD RESPONSIBILITIES: Family Dollar has a Double Net Lease with minimal Landlord responsibilities. Family Dollar is responsible for all operating expenses and maintenance of the property, the Landlord is responsible for the roof, structure, and parking lot replacement.
INVESTMENT GRADE CREDIT: The Family Dollar lease is guaranteed by Dollar Tree Stores, Inc., a publicly traded company with a market cap of $29.01 Billion (as of 03/29/2024). Dollar Tree Stores, Inc. had revenues in excess of $30.604 Billion in 2023 and operates over 16,000 locations throughout the country (Dollar Tree & Family Dollar).
STRATEGIC RETAIL LOCATION: Family Dollar is positioned at the intersection of Maple Street, East Main Street, and Main Street (RI Route 115), the area’s primary commercial and commuter corridor. The Property enjoys outstanding frontage and visibility and is within 1-mile of municipal offices, the West Warwick Civic Center, and several area schools including the West Warwick High School. The Property is also 1.8-miles from RI Route 2 and 3-miles from Interstates 95 and 295.
TRAFFIC COUNTS: Approximately 28,900 vehicles per day pass the Property at the signalized intersection of Main Street, E Main Street and Maple Ave.
DEMOGRAPHICS: Over 59,400 people live within 3-miles of the Property with an average household income of $107,796. More than 126,700 people live within 5-miles of the Property with an average household income of $121,737.
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