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Dollar General, Carthage, NY

Dollar General, Carthage, NY


Investment Summary

Price $1,965,000
Cap Rate 6.50%
NOI $127,716
Lease Term 15 years
Lease Type Absolute NNN lease, with tenant responsible for all taxes, insurance, maintenance, and repair, including roof, structure, and parking lot
Rental Increases 10% rental increases every five (5) years in option periods
Year Built 2023
Building Size 10,640 SF
Lot Size 2.16 acres
Status Available
Lead Brokers Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Vincent Aicale
Vice Chairman
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Vice Chairman
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

NEW 15-YEAR ABSOLUTE NNN LEASE WITH CORPORATE GUARANTY
» New 15-year absolute NNN lease to major national tenant with over 19,000 locations nationwide
» Guaranteed by Dollar General Corporation (NYSE: “DG”; over $37B in 2023 revenue)
» 10% rental increases every five (5) years in option periods
» No landlord management, with the tenant responsible for taxes, insurance, and all maintenance, including roof, structure, and parking lot
» Ideal investment opportunity for a passive or out-of-area investor

ACROSS THE STREET FROM THE FORT DRUM MILITARY BASE ENTRANCE
» Premier location only a few hundred feet away from the entrance to Fort Drum, one of the largest military installations in the United States (15,000 military service members, 3,700 civilian personnel)
» Fort Drum is home to nearly 20,000 servicemen, civilians, and contractors, providing the Dollar General with a stable and captive customer base
» Limited competition in the locale, funneling potential customers from both Carthage and Fort Drum to the site and improving store revenue

STRONG LOCAL DEMOGRAPHICS – TOURIST AREA
» This Dollar General is located in a high-traffic outdoor tourism area near the U.S./Canadian border, with proximity to tourist attractions such as the Thousand Islands region, further enhancing the store’s growth potential and attractiveness to prospective buyers
» The surrounding area boasts strong growth predictions, with annual household income for the approximate 20,000 people that live within a one-mile radius of the site predicted to experience 12.5% growth by 2028
» The property is located only nine miles away from the city of Watertown, the largest population center in the area with over 25,000 residents, another secure customer base for the site

NEW 2023 CONSTRUCTION TO LATEST PROTOTYPE
» New high-quality 2023 construction built to the latest Dollar General prototype
» Large pylon sign located in front of store to generate additional visibility and traffic

Property Description

» Strategically positioned across the street from Fort Drum, one of the largest military installations in the United States, the store benefits from a steady flow of military personnel and their families, ensuring consistent foot traffic and revenue potential
» With thousands of military personnel stationed at Fort Drum, this Dollar General store enjoys a captive audience of potential customers
» This Dollar General location is distinguished as one of very few general retailers in the surrounding area, increasing traffic and store revenue
» Located in Carthage, New York, a historic village with rich heritage and picturesque surroundings, this Dollar General store is poised for success. The village’s diverse economy, coupled with its proximity to tourist attractions such as the Thousand Islands region, further enhances the store’s growth potential and attractiveness to prospective buyers
» The surrounding area boasts strong growth predictions, with annual household income for the roughly 20,000 people that live within a one-mile radius of the site predicted to experience 12.5% growth by 2028
» The property is located only nine miles away from the city of Watertown, the largest population center in the area with over 25,000 residents, another secure customer base for the site

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