Portfolio - DG Market & 40 Unit Apartment - Assumable Debt
DG Market - 12,668 SF - Carries Meat & Produce | 40-Unit Apartment Complex - Strong Historical Occ
Marketing description
- Stabilized Rental Income with Potential for Rent Growth
- Absolute Net Lease for Dollar General Requires Zero Landlord Responsibilities
- Guaranteed Income from Dollar General for 11.5 Years
- Dollar General is an Investment Grade Tenant - "BBB"
- 12,668SF Oversized Dollar General Market Carries Meat & Produce
- Recent Renovations on The Lofts at Cottage Hill Over $1M
- Strong Economic Growth in Montgomery, AL
- Ability to Increase NOI Annually at The Lofts of Cottage Hill Through Various Methods
- 5 Mile Demos: DG - 23,535 | The Lofts - 102,841
Investment highlights
Fortis Net Lease & Partners Realty is pleased to offer this assumable debt portfolio consisting of a 12,668sf Dollar General Market located in Brookport, IL and a 40-unit apartment located in Montgomery, AL. This portfolio offers the best of both worlds; stabilized income via a zero landlord responsibility 10.5 year lease with Dollar General and a 40-unit apartment complex. The apartment complex allows for NOI growth via the 'RUBS' method, paid preferred parking, short term rentals, coin operated laundry, etc. The stabilized income from the Dollar General helps to balance out down months with lease turnover on the apartments. The combination of properties is a unique fit and allows exposure to two different asset classes that would to compliment each other and provide the seller with increased cashflow consistency than outright ownership of the multifamily property. The purchase price reflects a 6.60% cap rate on $307,523.76 NOI putting the price at $4,662,000
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