Listed by Matthews
$1,731,000
Dollar General | Spartanburg, SC | NNN
Details
Property Type Retail
Sub Type Convenience Store, Storefront
Square Footage 10,566
Units 1
Cap Rate 6.60%
NOI $114,216
Occupancy 100%
Tenancy Single
Brand/Tenant Dollar General, Dollar Tree
Lease Type NNN
Lease Term 15
Lease Expiration 02/28/2038
Remaining Term 11.7
Rent Bumps Yes
Lease Options Five (5), Five (5)-Year Options
Price per SqFt $164
Year Built 2023
Buildings 1
Stories 1
Acreage 1.360
Parking Spaces 29 spaces
Parking Per SqFt 2.74
Investment Type Net Lease
Tenant Credit Credit Rated, Corporate Guarantee
Lease Commencement 03/01/2023
Ground Lease No
Ownership Fee Simple
10,566 SF | Investment Grade Guarantor (BBB) | 5-Mile Population of 52,105
Investment highlights
Optimal Lease Structure:
- True NNN lease with no landlord responsibilities
- Original 15-year base term with 11.5+ years remaining
- Corporately guaranteed lease by Dollar General Corporation
- Large building footprint of 10,566 SF, which allows DG to offer more grocery items
- Fundamentally low base rent of $10.81 PSF
Best-in-Class Tenant:
- Investment-grade credit ratings: BBB (Stable) from S&P and Baa3 (Stable) from Moody's
- Generated $43.1 Billion in trailing 12-month net sales and operates 20,900+ stores across 48 states
- Ranked #111 on the Fortune 500 (2025) and has appeared on the list every year since its 2009 IPO
- Recognized among Fortune's World's Most Admired Companies and Newsweek's America's Most Loved Brands in 2025
Strong Market Demographics:
- Current population of 67,638 within a 15-minute drive time, projected to grow to 70,417 by 2030 (+4.1%)
- 91,642 daytime/workday population driving consistent daily traffic
- 5-year projected population growth rate of 4.11%
- Average household income of $78,000, projected to reach $86,500 by 2030 (+11.0%)
- Median owner-occupied home value of $201,800, projected to reach $226,300 by 2030 (+12.2%)
- Median age of 41 with a notable 65+ population — a key Dollar General core shopper segment
Greenville/Spartanburg MSA Advantages:
- Home to 40+ Fortune 500 companies and 250+ international firms from 28 countries, making the region one of the Southeast's most globally connected business markets
- Major employers include BMW Manufacturing (11,000+ employees), Michelin North America (9,000+ employees), GE Vernova, Prisma Health, and Bon Secours St. Francis Health System
- BMW Plant Spartanburg, the company's largest facility worldwide, generates a $26.7 Billion annual economic impact and exported more than $10 Billion in vehicles in 2024
- Manufacturing investment remains strong, with $8+ Billion announced in 2024 and an additional $4.2 Billion committed across Greenville and Spartanburg Counties in 2025
- The industrial market recorded 11.3 Million square feet of net absorption in 2025, while vacancy fell 276 basis points, supporting continued Class A rent growth
- Inland Port Greer recently doubled its cargo capacity, providing access to 43% of the U.S. population within a one-day truck drive
- Isuzu North America broke ground on a $280 Million, 1 Million-square-foot assembly plant in Greenville County in 2025, with operations expected to begin in 2027
- The technology sector continues to expand, highlighted by NorthMark Strategies' $2.8 Billion high-performance computing campus in Spartanburg, with initial operations planned for 2026
- Tourism generated a $2.5 Billion economic impact in Greenville County in 2024, while the Greenville-Anderson-Greer MSA was named a Top 10 Hottest Housing Market for 2025 and is projected to surpass 1 million residents by 2027
Listing Contacts
Listed by Matthews
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Loan Amount
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Annual Debt Service
$--
$--
Annual Cash Flow
$114,216.00
$9,518.00/mo
Valuation Metrics
0
DSCR
6.6%
Cap Rate
6.6%
ROI
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Zoning
PR SpecialPartial Restriction
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