Dollar General Plus Store,
Hastings, NY Investment Summary
| Price | $1,782,000 |
| Cap Rate | |
| NOI | |
| Lease Term | 15 Years |
| Lease Type | Absolute NNN, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Including Roof, Structure, And Parking Lot |
| Rental Increases | 10% Rental Increases In Option Periods |
| Year Built | 2021 |
| Building Size | 10,640 SF |
| Lot Size | 2.307 Acres (100,493 SF) |
| Status | Sold |
| 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 Executive Managing Director 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Executive Managing Director 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 |
Investment Highlights
NEW 15-YEAR ABSOLUTE NNN LEASE WITH CORPORATE GUARANTY TO GROWING RETAIL TENANT
» New 15-year Absolute NNN corporate lease to growing retail tenant (NYSE: “DG”)
» 10% rental increases in option periods, providing a hedge against inflation
» No landlord management, with the tenant responsible for taxes, insurance, and all maintenance, including roof, structure, and parking lot
» Ideal investment opportunity for an out-of-area investor
MAJOR NATIONAL TENANT WITH STRONG FINANCIALS
» Dollar General’s annual revenue exceeds $27.8 billion
» Dollar General Ranked #119 on Fortune 500 list (11 consecutive years of Fortune 500 ranking growth)
» Dollar General Corporation is rated “BBB” by Standard & Poor’s and “Baa2” by Moody’s
» Dollar General operates more than 16,368 locations in 45 states and has plans for significant future growth
STRATEGIC LOCATION
» Strategically located along U.S. Highway 11 (8,670 AADT) with beneficial proximity to Interstate 81 (24,024 AADT)
» Proximity to Hastings-Mallory Elementary School (402 students)
» Population of 126,654 within a 15-mile radius of the location, providing a consistent customer base for the site
» Average annual household income of $86,721 within 15 miles and projected to increase 13 percent by 2026
» Gateway to major tourist attractions and recreational areas, including Lake Ontario (22 miles), one of the five Great Lakes of North America
» 30 minutes from Downtown Syracuse (148,620 residents)
» 76 miles from the United States and Canada border
NEW 2021 CONSTRUCTION
» High-quality construction (PLUS store format) completed in 2021
» Ample and easily accessible parking on site
Property Description
SOLD
This Dollar General is strategically located along U.S. Highway 11 (8,670 AADT) with beneficial proximity to Interstate 81 (24,024 AADT). The property is minutes from Hastings-Mallory Elementary School (402 students) and less than three miles from The Last Ride Haunted House & Hayride, a local attraction increasing area traffic. The location is a gateway to major tourist attractions and recreational areas, including Lake Ontario, one of the five Great Lakes of North America, located just 22 miles from the site. The property is 30 minutes from Downtown Syracuse, the fifth-largest city in New York (148,620 residents) and 76 miles from the United States and Canada border. The site resides in a populous area, with 126,654 residents living within a 15-mile radius of the property, providing a consistent customer base for the site. The average annual household income is $86,721 within 15 miles and is projected to increase 13 percent by 2026, poising Dollar General and Hastings for concurrent growth.
