Investment Summary
Price | $1,483,630 |
Cap Rate | |
NOI | |
Lease Term | 15 Years |
Lease Type | |
Rental Increases | CPI increase not to exceed 6% every 3 years |
Year Built | 2016 |
Building Size | 9,175 sq. ft. |
Lot Size | 1.23 Acres (53,579 sq. ft.) |
Status | Sold |
Lead Brokers | Michael T. Yuras, CCIM Executive Director 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 |
Investment Highlights
BRAND NEW, 15-YEAR CORPORATE LEASE
» The Lease is guaranteed for 15 years by Family Dollar Stores, Inc
(NASDAQ: “DLTR”)
» Features increasingly rare CPI rental increases every three years
ABSOLUTE TRIPLE NET LEASE
» Tenant is responsible for taxes, insurance, and all maintenance
» No landlord management – ideal for out-of-state investors
» All expenses are paid by the Tenant
RELOCATION STORE
» Tenant has operated successfully in market for decades
» Tenant has transitioned from an in-line shop space (two blocks away) to
free standing building
BRAND NEW CONSTRUCTION
» Building was built in 2016 to Tenant’s specifications
» Located on hard corner allowing for better visibility and access
» Features latest Family Dollar store prototype
Click Here to Download Offering Memorandum
Property Description
SOLD
The subject property is located on the southwest corner of South Davis Avenue, also known as U.S. Highway 278, and Lee Street less than a mile east of downtown Cleveland. The newly constructed store has outstanding visibility and access along South Davis Avenue, which is a major north-south highway that boasts an annual average daily traffic count of approximately 18,000 vehicles in front of the site. The store was relocated from a successful in-line location (within a shopping center) less that two blocks from the property. Cleveland High School, which has more than 600 students enrolled, is nearby. East Side High School (346 students), Nailor Elementary School (307 students), DM Smith Middle School (293 students), and Cypress Park Elementary School (281 students) are all found within a one mile radius of the subject property.