Dollar General
Brand New Dollar General 5 Year Lease Extension - With Vacancy Upside
Marketing description
Dollar General presents an attractive net-leased retail investment at 4668 W Grand River Ave, Webberville, MI 48892. This 14,500 SF asset sits on 3.19 acres and is anchored by an investment-grade (BBB-rated) Dollar General that has operated at the site since 2010, underscoring its long-term commitment to the location.
The tenant recently exercised a new 5-year lease extension through February 2031 with no renewal concessions, reinforcing the strength of the tenancy. The property offers a compelling blend of stable in-place income and future upside. Dollar General occupies 10,000 SF and pays below-market rent of approximately $5.42 PSF, supporting long-term occupancy durability. In addition, approximately 4,500 SF of adjacent vacant space creates a clear value-add opportunity for an investor to lease up, subdivide for multiple users, and grow NOI over time.
Existing improvements in the vacant space, including subflooring and electrical infrastructure, may help reduce future buildout costs. Additional highlights include a recent new roof completed in 2023, frontage along Grand River Ave with traffic counts of 6,338 VPD, and pricing below replacement cost.
Investment highlights
- Investment Grade Tenant (BBB Rated) – Leased to Dollar General, one of the nation's largest discount retailers with a proven operating history and strong credit profile.
- 16+ Years of Occupancy – Dollar General has successfully operated at this location since 2010 and recently exercised its second renewal option in 2026, demonstrating a long-term commitment to the site.
- No Renewal Concessions Granted – Tenant exercised its option without receiving rent concessions, tenant improvement allowances, or landlord incentives.
- Value-Add Opportunity Through Lease-Up – Approximately 4,500 SF of adjacent vacant space provides an opportunity to create additional income and increase overall property value.
- Below-Market Rent Basis – Current Dollar General rent equates to approximately $5.42 PSF, providing a competitive occupancy cost and long-term tenant stability.
- Priced Below Replacement Cost – Opportunity to acquire the asset at a basis significantly below the cost to develop a comparable property today.
- Existing Improvements in Place – Vacant space includes existing subflooring, electrical infrastructure, and other improvements, reducing future tenant buildout costs.
- Potential for Multiple Tenants – Additional space may be subdivided to accommodate one or two additional retail users, creating flexibility and upside potential.
- Future Income Growth Potential – Lease-up of the vacant space presents a clear path to increasing NOI and enhancing overall asset value.
- Established Retail Location – Positioned within a longstanding retail corridor with a stable tenant mix and strong local consumer draw.
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