Investment Summary
Price | $1,600,000 |
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 | 2020 |
Building Size | 8,990 SF |
Lot Size | ±0.87 Acres (38,016 SF) |
Status | Sold |
Lead Brokers | Michael T. Yuras, CCIM Executive Managing Director 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
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
» New 2020 upgraded construction with corner entry
INVESTMENT-GRADE CREDIT 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 $27.8 billion
» Dollar General operates more than 16,350 locations in 45 states and has plans for significant future growth
WYOMING RANKED #1 MOST TAX-FRIENDLY STATE IN U.S.
» No state income tax
» Combined state and local sales tax 3rd lowest in U.S.
» Gas tax well below national average
HIGH-TRAFFIC CORNER LOCATION NEAR LARGE SCHOOLS AND EMPLOYERS
» Excellent visibility and access to 15,860 vehicles per day directly in front of the location with 34,603 people living within five miles
» Immediate access to Interstate 80
» Three miles from Laramie’s largest employer, The University of Wyoming (12,627 students, 6,500 employees)
» Within five-mile radius of seven schools with combined enrollment of 3,036 students
» Within three miles of 17 hotels
» Only Dollar General location within 95 miles of the property
Property Description
SOLD
The property is conveniently located at the signalized corner of Snowy Range Road and South Colorado Avenue, with excellent visibility and access to 15,860 vehicles per day directly in front of the location. Traffic to the property is increased by the site’s location near Interstate 80, a major east-west thoroughfare connecting California and New Jersey. The property resides near multiple community hubs and amenities, and is within three miles of 17 hotels, including Fairfield Inn & Suites by Marriott Laramie, Hilton Garden Inn Laramie, Holiday Inn Laramie, and Hampton Inn Laramie.
The site is surrounded by a strong mix of national and local retailers, including Subway, McDonald’s, Safeway, Little Caesars, Chester’s Chicken, Exxon, Honda, and Best Western. Visibility is increased by the site’s proximity to large schools and universities, as it resides three miles from Laramie’s largest employer, The University of Wyoming (12,627 students, 6,500 employees), and within a five-mile radius of seven schools with a combined enrollment of 3,036 students. The location also benefits from being the only Dollar General location with 95 miles of the property.