Investment Summary
Price | $2,478,000 |
Cap Rate | 5.85% |
NOI | $144,934 |
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 | 12,480 SF |
Lot Size | 3.88 acres (169,056 SF) |
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 Ryan Forsyth Vice Chairman 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 Vincent Aicale Vice Chairman 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 |
Investment Highlights
NEW 15-YEAR ABSOLUTE NNN LEASE WITH CORPORATE GUARANTY
» 15-year absolute NNN lease to major retail tenant
» Guaranteed by Dollar General Corporation (NYSE: “DG”)
» Dollar General Market offers a wide range of products, including groceries, household essentials, personal care items, and much more
» Fixed rent in the initial term with 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 an out-of-area investor
MAJOR NATIONAL TENANT WITH STRONG FINANCIALS
» Dollar General’s annual revenue exceeds $37.8B
» Dollar General ranked #108 on Fortune 500 list in 2022
» Dollar General Corporation is rated “BBB” by Standard & Poor’s and “Baa2” by Moody’s
» Dollar General operates 19,371+ locations in 47 states with plans for significant future growth
EXCELLENT LOCATION NEXT TO HIGH SCHOOL AND NO NATIONAL CREDIT GROCERY COMPETITION
» Located at the intersection of U.S. Route 2 and Education Way (combined 11,061 AADT)
» Prominently located across from Libby High School (340 students)
» As the only Dollar General location in the city, this market will be an extremely attractive grocery store option for Libby residents
» Close proximity to many of Wheatland’s major community hubs including Flathead Valley Community College – Lincoln County Campus and Venture Inn and Restaurant (Northwest Montana’s finest place to stay, featuring a full service restaurant, pool and hot tub, and unlimited outdoor recreation)
» Community of 8,191 residents supported by an average annual household income of $62,139 within a five-mile radius of the site
» Projected population and income increases within 1-, 3-, and 5-mile radii, poising Libby and Dollar General Market for steady concurrent growth
NEW 2023 HIGH-QUALITY CONSTRUCTION
» High-quality upgraded 2023 construction built to latest Dollar General Market prototype
» Large 3.88-acre site features ample parking (50 total spaces)
Property Description
» New 15-Year Absolute NNN Lease: Guaranteed by Dollar General Corporation and no landlord management of this property, proving to be an ideal investment opportunity for a passive investor
» High-Visibility Hard Corner Location: This Dollar General Market is located at the intersection of U.S. Route 2 / 9th Street West and Education Way (combined 11,061 AADT)
» Essential Retail Option: This Dollar General Market is the only location in Libby and one of the only grocery store options in the area, allowing for no competition and increased customer loyalty
» Ideal Nearby Customer Base: The property is situated across from Libby High School (340 students), providing increased convenience for students and families in Libby
» Growing Demographics: The population count and average annual household income within 1, 3, and 5-mile radii are projected to increase by 2028, potentially leading to a wider customer base as well as increased customer spending
» New 2023 Construction: The location features a high-quality upgraded 2023 construction along a vital northern corridor, ideal for capturing passing residents and visitors