Listed by Matthews
$1,545,844
Dollar General | Charlotte MSA | Upgraded Construction
Details
Property Type Retail
Sub Type Convenience Store
Square Footage 9,002
Cap Rate 6.75%
NOI $104,334
Occupancy 100%
Tenancy Single
Brand/Tenant Dollar General, Dollar Store
Lease Type Absolute NNN
Lease Term 15
Lease Expiration 04/30/2031
Remaining Term 5
Rent Bumps Yes
Lease Options Four, 5-Year Options Remaining
Class B
Year Built 2011
Acreage 1.550
Investment Type Net Lease
Tenant Credit Credit Rated, Corporate Guarantee
Lease Commencement 05/01/2011
Ground Lease No
Ownership Fee Simple
Abs NNN | Recent Lease Renewal
Marketing description
2011 build-to-suit construction for Dollar General. Premium construction building with no metal sides (exterior is EFIS and Brick). Absolute NNN lease with zero management responsibility. Corporately guaranteed lease from Dollar General Corporation. Proven location and market - Dollar General exercised their first renewal option with no landlord concessions. Traffic counts on Union Rd exceed 20,000 vehicles daily. 3-Mile population of 61,011 residents. 5-Mile population of 113,582 residents. Average household income of $86,761 annually (sweet-spot for a discount retailer). Gastonia is a suburb of Charlotte, the largest city in NC with an estimate MSA population of more than 2.8 million residents.
Investment highlights
- 2011 build-to-suit construction for Dollar General
- Premium construction building with no metal sides (exterior is EFIS and Brick)
- Absolute NNN lease with zero management responsibility
- Corporately guaranteed lease from Dollar General Corporation
- Proven location and market - Dollar General exercised their first renewal option with no landlord concessions
- Traffic counts on Union Rd exceed 20,000 vehicles daily
- 3-Mile population of 61,011 residents
- 5-Mile population of 113,582 residents
- Average household income of $86,761 annually (sweet-spot for a discount retailer)
- Gastonia is a suburb of Charlotte, the largest city in NC with an estimate MSA population of more than 2.8 million residents
- Dollar General operates ±21,000 locations and plans to continue their expansion for the foreseeable future
- Dollar General has an investment-grade credit rating of BBB (S&P)
- Dollar General was considered an essential retailer and has proven to be one of the most profitable companies through the COVID-19 pandemic
- Dollar General has a market cap of ± 25 billion
Listing Contacts
Listed by Matthews
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$104,334.00
$8,694.50/mo
Valuation Metrics
0
DSCR
6.75%
Cap Rate
6.75%
ROI
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