Dollar General Plus with Bumps 1138 Lake St

Fortis Net Lease is pleased to present this brand new 10,640 SF. Dollar General Plus store located in Tawas City, Michigan - an attractive tourist area on the East coast of the state. The property is secured with a 15 year Absolute NNN Lease leaving zero landlord responsibilities. The lease contains 5% rental rate increases every 5 years including at each of the 5 (5 year) options to renew! The lease is corporately guaranteed by Dollar General Corporation which holds a credit rating of “BBB”, which is classified as Investment Grade. The store is currently under construction with rent and store opening on track for February 2025.
This Dollar General is highly visible as it is strategically positioned on W Lake Street which sees 7,446 cars per day. The 10 mile population from the site is 11,235 while the 3 mile average household income is $62,575 per year, making this location ideal for a Dollar General. The Subject offering represents an ideal opportunity for a 1031 exchange buyer or a “passive” investor to attain the fee simple ownership of Dollar General. This investment will offer a new owner continued success due to the financial strength and the proven profitability of the tenant, the nation’s top small box discount retailer. List price reflects a 6.65% cap rate based on NOI of $137,163.