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Updated: 03.08.24 Posted: 02.11.24 Status: Sold    

Summary

Price $1,336,492
Built/Renov 2016
Tenant Dollar General
Cap Rate 6.49%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 9,100
Lease Start 11-01-2017
#Units 19,294
Price/SF $146.87
Expiration 10-31-2032
Tenant Type Dollar/Discount
NOI $86,672
R. Term 7.3
Ownership Fee Simple
Rent/SF $9.52
Increases 10.0%/8/yrs
Pop 5Mi 2,105
Lot/AC 1.05
Options 4/5yrs/10%
AHHI 5Mi $70,685

Highlights

  • Dollar General has 8+ years remaining on the current lease term with 4 (5-year) options to extend
  • The lease features 10% rental increases at the start of each option period

  • Absolute NNN | Zero landlord responsibilities
  • Corporate guarantee | Investment grade tenant

Location Description

Dollar General is strategically located on Main Ave W, fronting Hwy 2, with access to 7,921 vehicles passing by daily. This prime location is further enhanced by the limited competition in the area, with the next closest Dollar General store is 9.5 miles away in Cohasset, MN. Additionally, the property is within close proximity to Essentia Health-Deer River Hospital and Clinic, a 24-hour...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Dollar General
  • Guarantor:Corp T and Rated
  • Company:Dollar General Corp.
  • # Units:19,294
  • Tenant S&P: BBB
  • Moody’s: Baa2
  • Stock: NYSE: DG

About Tenant

Dollar General Corporation (NYSE: DG) is an American chain of variety stores. As of 2023, Dollar General operates more than 19,200 stores in 47 states and Mexico. The stores deliver everyday low...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 845 1,239 1,999
2023 Total Population : 872 1,278 2,056
2023 Employed Civilian Pop : 325 488 801
2023 Total Businesses : 90 116 136
2023 Average Household Income : $ 60,265 $ 64,529 $ 68,414
2023 Total Consumer Spending : $ 20 M $ 30 M $ 50 M
2023 Median Age : 42 42 43
2023 Total Households : 378 530 838
2023 Pop Age 25+: Bachelor's Degree : 85 134 223
2023 Average Home Value : $ 178,909 $ 196,197 $ 211,989
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
County Road 139 Main Ave 2022 126 0.08 mi
Division Street 3rd Ave NW 2022 3,450 0.26 mi
Division St 5th Ave NE 2017 3,500 0.27 mi
Division St 2nd Ave NW 2019 3,350 0.29 mi
Division St 7th Ave NW 2019 3,450 0.33 mi
US 2;MN 6 Division St 2022 6,400 0.36 mi
1st Street Northeast NE 3rd Ave 2022 920 0.37 mi
US Highway 2 Hwy 46 2022 6,100 0.37 mi
1st St NE 6th Ave NE 2013 590 0.40 mi
1st Street Northeast 1st Ave NE 2022 510 0.44 mi

Listing Broker

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