Listed by Wells Net Lease Group
$948,000
Family Dollar Multi-Tenant - Gary, Indiana
Details
Property Type Retail
Sub Type Convenience Store, Storefront
Square Footage 13,690
Net Rentable (SqFt) 13,690
Cap Rate 10.75%
NOI $101,900
Occupancy 100%
Tenancy Multi
Brand/Tenant Family Dollar
Lease Type NN
Lease Term 10
Lease Expiration 07/31/2028
Remaining Term 2
Rent Bumps Yes
Lease Options 6 (Five) Year
Price per SqFt $69
Year Built 1966
Acreage 0.650
Zoning Commercial
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Lease Commencement 08/01/2018
Ground Lease No
Retail | 10.75% CAP | 13,690 SqFt
Marketing description
The subject property is a two tenant former grocery store building with Family Dollar occupying 10,815 sf since 2018 and a beauty supply tenant on a month to month lease occupying 2,875 sf. There are currently two years remaining on the Family Dollar lease with a low rent/sf of $8.74. The property is being offered well below replacement cost at $69/sf and there is upside in replacing the month to month tenant currenlty paying $4/sf at a market rent. The property is well positioned one block from a Walgreens and a grocery anchored shopping center and other national retailers off of Highway 94 in Gary, IN.
Investment highlights
- 2 Tenant Family Dollar Building
- 10.75% Cap Rate
- Recession Resistant Tenant
- Low Price per/sf at $69
- Upside with second tenant month to month (current rent $4/sf)
- One block from Walgreens and national retailers
- Priced at $69/sf well below replacement cost
- Upside Opportunity with month to month tenant
- Located in proximity to National Retailers
- Tenants paying Low rent/sf
- Family Dollar occupied since 2018
Listing Contacts
Listed by Wells Net Lease Group
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$101,900.00
$8,491.67/mo
Valuation Metrics
0
DSCR
10.75%
Cap Rate
10.75%
ROI
Map
Zoning
B3-1 CommercialSpecial CommercialBusiness Limited Service
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