Dollar General,
Utica, NY Investment Summary
| Price | $1,515,000 |
| Cap Rate | |
| NOI | |
| Lease Term | 15 Years |
| Lease Type | NNN, with Tenant Responsible for All Taxes, Insurance, Maintenance, and Repair, Including Roof, Structure, and Parking Lot |
| Rental Increases | 10% Rental Increases in Option Periods |
| Year Built | 2019 |
| Building Size | 9,100 SF |
| Lot Size | 2.50 acres (108,900 SF) |
| Status | Sold |
| Lead Brokers | Michael T. Yuras, CCIM Cushman & Wakefield 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Senior Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 Vincent Aicale Cushman & Wakefield 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Cushman & Wakefield 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 |
Investment Highlights
NEW 15-YEAR NNN LEASE WITH CORPORATE GUARANTY
» Guaranteed by Dollar General Corporation (NYSE: “DG”)
» Tenant is responsible for taxes, insurance, and all maintenance, including roof, structure, and parking lot
» No landlord management
» Ideal investment opportunity for an out-of-area investor
MAJOR NATIONAL TENANT WITH STRONG FINANCIALS
» Dollar General Corporation is rated “BBB” by Standard & Poor’s and “Baa2” by Moody’s
» Dollar General’s yearly revenues exceed $25.6 billion
» Dollar General operates more than 15,000 locations in 44 states and has plans for significant future growth
HIGH-EXPOSURE LOCATION WITH LARGE CUSTOMER BASE
» Located on Highway 5, with excellent visibility and access to 12,230 vehicles per day
» Highway 5 offers convenient access to Interstate 90 (24,222 AADT), one of the region’s primary transportation corridors
» Centrally located minutes from downtown Utica, several major retail centers, and a number of large schools and universities
» Located in a densely populated area, with 64,699 residents living within a five-mile radius
NEW 2019 UPGRADED CONSTRUCTION
» Upgraded construction with brick façade
» Large 2.5-acre parcel
» Built to Dollar General’s exact specifications, demonstrating long-term commitment to the location
» New building, limiting deferred maintenance or capital costs
Property Description
SOLD
The property is located on Highway 5, with excellent visibility and access to 12,230 vehicles per day. Highway 5 offers convenient access to Interstate 90 (24,222 AADT), one of the region’s primary transportation corridors. The property is surrounded by a strong mix of local tenants and retailers. A number of major national and regional retailers are located a short distance from the property, including Walmart Supercenter, Bass Pro Shops, Lowe’s, Burlington, Price Chopper, Big Lots, Aldi, and many others.
The property is centrally located just minutes from downtown Utica and popular tourist attractions like Utica Zoo and the Mohawk River. The property is also close to several of the area’s major universities, including Mohawk Valley Community College (7,400 students), Utica College (3,685 students), and SUNY Polytechnic Institute (3,023 students). Other nearby schools include General Herkimer Elementary School, with 716 students, and John F. Kennedy Middle School, with 638 students. Additionally, the property benefits from its location in a densely populated area, with 64,699 residents living within a five-mile radius.
