Dollar General
Retail | 7.75% CAP | 9,026 SqFt
Marketing description
This is a Dollar General property located at 506 U.S. Route 66 in Milan, NM 87021. The property features a recently executed 5-year lease extension, demonstrating the tenant's long-term commitment to the site.
The lease is structured as an Absolute NNN lease with zero landlord responsibilities, offering a truly passive investment opportunity. The tenant is responsible for all taxes, insurance, and maintenance, eliminating ownership risk.
The property benefits from strong visibility with 15,916 vehicles per day along U.S. Route 66. Over 13,139 people reside within a 5-mile radius, providing a solid consumer base. The 9,026 SF prototype store is a proven, efficient layout for Dollar General operations, aligning with the tenant's most successful and widely utilized store format.
Constructed in 2011, the property offers relatively modern improvements with limited near-term capital needs. The lease includes 10% rental increases in each option period, providing strong built-in NOI growth.
Located near the Grants-Milan Municipal Airport and surrounded by national retailers including KFC, McDonald's, Sonic, Wells Fargo, and Walmart, the property is positioned in a strong retail corridor.
Investment highlights
- Tenant: Dollar General has recently exercised a 5-year lease extension, demonstrating long-term commitment to the site. The lease includes 10% rental increases in each option period, providing strong built-in NOI growth.
- Lease Structure: Absolute NNN lease with zero landlord responsibilities, offering a truly passive investment. Tenant is responsible for all taxes, insurance, and maintenance, eliminating ownership risk.
- Traffic Counts: The property benefits from strong visibility with 15,916 vehicles per day. High traffic exposure supports consistent store performance and long-term tenant stability.
- Demographics: Over 13,139 people reside within a 5-mile radius, providing a solid consumer base. The surrounding population supports daily-needs retail and repeat visitation.
- Building Size: The 9,026 SF prototype store is a proven, efficient layout for Dollar General operations. This size aligns with the tenant's most successful and widely utilized store format.
- Year Built: Constructed in 2011, the property offers relatively modern improvements with limited near-term capital needs. Newer vintage reduces risk compared to older Dollar General assets.
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