Listed by Matthews
$1,461,685
Dollar General - Johnson City, TN
Details
APN 047K B 01701
Property Type Retail
Sub Type Dollar store, Dollar general
Square Footage 9,026
Cap Rate 7.00%
NOI $102,318
Occupancy 100%
Tenancy Single
Brand/Tenant Dollar General, Dollar Tree
Lease Type Absolute NNN
Lease Term 15
Lease Expiration 01/31/2035
Remaining Term 9
Rent Bumps Yes
Lease Options Five (5), 5-Years
Year Built 2020
Year Renovated 2026
Stories 1
Acreage 1.500
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Lease Commencement 02/01/2020
Ground Lease No
Near ESTU Campus | $1.4M | 9 Years | Abs.NNN | Strong VPD
Investment highlights
- Top U.S. Destination for Relocation | "Tri-Cities" Region of East TN - Johnson City is experiencing a surge in consumer demand & record population growth due to the number of Americans relocating to tax-free states with lower costs of living.
- Annual Growth Rate - 0.85%
- Growth Since 2020 - 5.30%
- Tri-Cities' 5-Year Projected Growth - 1.20%
- Notable Tenant Investment + Renovations | Future Site-Level Commitment - despite having a newly constructed building in 2020, Dollar General recently remodeled this store to accommodate for the impressive consumer demand, showing strong store performance, significant investment in the future, & a long-term commitment to this location.
- College Town | Nearby to East Tennessee State University (ETSU) in Johnson City, TN
- Home to Nearly 14k+ Students - popular university choice of both Tennessee & Virginia residents.
- Prominent Medical School | The Quillen College of Medicine - frequently ranked in the top-tier for primary care & rural healthcare (specifically throughout Appalachia). One of only 3 medical schools in Tennessee.
- Primary Thoroughfare Connecting Johnson City to Elizabethton, TN - strategically positioned by a strong residential pocket & located on the main connector between JC & Elizabethton, two growing cities in East TN.
- Corporate Guarantee | Investment Grade Credit Rating: "BBB" (S&P)
- Approx. 21k+ locations with plans for future expansion.
- Investment Grade Credit Rating "BBB" (S&P)
- 34 Consecutive Quarters of Sales Growth
- Proven track record as an essential retailer + recession resistant tenant - historically profitable during downturns in the U.S. Economy.
- Won the Silver Globe Business Excellence Award for their COVID-19 response.
- Recently Constructed + Renovated | Large Building + Parcel
- Building - +9,100 SF
- Parcel - +1.50 AC
- Year Built/Renovated - 2020/2026
- Attractive Long-Term Lease | Abs.NNN | 10% Rental Increases
- Zero Landlord responsibilities.
- Approx. nine (9) years remaining in the initial term of the lease with five (5) renewal periods of five (5) years each.
- Rent will increase by 10% in each renewal option.
Listing Contacts
Listed by Matthews
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$102,318.00
$8,526.50/mo
Valuation Metrics
0
DSCR
7%
Cap Rate
7%
ROI
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