470 N Main St
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470 N Main St
10,500 SF Retail Building Reading, MI 49274 $1,571,656 ($150/SF) 7.85% Cap Rate
Investment Highlights
- New Construction Family Dollar Tree Combination Store Concept | 2023 Build-To-Suit
- 10-Year Initial Double-Net Lease with (4) Five-Year Options | $0.50/SF Rent Increases in Each Option
- Limited Competition: One of Only Two Dollar Stores within Six Miles
- “Family Dollar Stores, INC.” Lease Entity | Publicly-Traded (NYSE: DLTR / S&P: BBB)
- Main Street Location
- 19 Miles Southeast of Coldwater | 45 Miles Southwest of Jackson
Executive Summary
ADDITIONAL INVESTMENT OPPORTUNITIES AVAILABLE / PORTFOLIO OR INDIVIDUAL SALE OPTIONS
* See Offering Memorandum Or Contact Listing Broker For More Details.
Marcus & Millichap is pleased to present the newly constructed, corporate, Dual Concept Family Dollar Tree located at 470 N Main Street in Reading, Michigan. This 10,500-squarefoot building has an entrance directly off N Main Street. Family Dollar Tree (Standard & Poor’s BBB STABLE) is operating on an initial 10-year lease lease with thee five-year options to renew. Each option will contain a $0.50 per square-foot rent increase. Family Dollar Tree is subject to a corporately guaranteed double-net lease with limited landlord responsibilities.
Dollar Tree acquired Family Dollar, Inc in July 2015. Together they are considered the nation’s largest small box discount retailer, operating nearly 16,500 stores nationwide (1,200 Combo Stores as of FY 2023). Family Dollar operates under a landlord friendly net-lease structure. As a result, freestanding Family Dollar retail stores provide an attractive combination of a long-term lease and a growing market concept that continues to capture value conscious shoppers, which boosts store productivity. Family Dollar Tree’s relatively small footprint allows the company to open new stores in rural areas and small towns, as well as in large urban neighborhoods. With the stores uniformly laid out and stocked, store managers are able to focus on providing good customer service. This concept for a self-serve, cash and carry neighborhood discount store in low to middle income neighborhoods.
The subject property is well-positioned on Main Street, just on the north edge of town. This Family Dollar Tree benefits from its ability to serve local residents as it is one of only two dollar stores in town and the next nearest being six miles away.
Reading is a community located in Hillsdale County of south-central Michigan. The asset is 16 minutes from Hillsdale, 28 minutes from Coldwater and an hour from Battle Creek and Jackson.
This Family Dollar Tree provides an investor with a stabilized investment grade asset with limited landlord responsibilities.
* See Offering Memorandum Or Contact Listing Broker For More Details.
Marcus & Millichap is pleased to present the newly constructed, corporate, Dual Concept Family Dollar Tree located at 470 N Main Street in Reading, Michigan. This 10,500-squarefoot building has an entrance directly off N Main Street. Family Dollar Tree (Standard & Poor’s BBB STABLE) is operating on an initial 10-year lease lease with thee five-year options to renew. Each option will contain a $0.50 per square-foot rent increase. Family Dollar Tree is subject to a corporately guaranteed double-net lease with limited landlord responsibilities.
Dollar Tree acquired Family Dollar, Inc in July 2015. Together they are considered the nation’s largest small box discount retailer, operating nearly 16,500 stores nationwide (1,200 Combo Stores as of FY 2023). Family Dollar operates under a landlord friendly net-lease structure. As a result, freestanding Family Dollar retail stores provide an attractive combination of a long-term lease and a growing market concept that continues to capture value conscious shoppers, which boosts store productivity. Family Dollar Tree’s relatively small footprint allows the company to open new stores in rural areas and small towns, as well as in large urban neighborhoods. With the stores uniformly laid out and stocked, store managers are able to focus on providing good customer service. This concept for a self-serve, cash and carry neighborhood discount store in low to middle income neighborhoods.
The subject property is well-positioned on Main Street, just on the north edge of town. This Family Dollar Tree benefits from its ability to serve local residents as it is one of only two dollar stores in town and the next nearest being six miles away.
Reading is a community located in Hillsdale County of south-central Michigan. The asset is 16 minutes from Hillsdale, 28 minutes from Coldwater and an hour from Battle Creek and Jackson.
This Family Dollar Tree provides an investor with a stabilized investment grade asset with limited landlord responsibilities.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Storefront
Building Size
10,500 SF
Building Class
C
Year Built
2023
Price
$1,571,656
Price Per SF
$150
Cap Rate
7.85%
NOI
$123,375
Tenancy
Single
Building Height
1 Story
Building FAR
0.14
Lot Size
1.70 AC
Zoning
C-1 - Commercial
Parking
42 Spaces (4 Spaces per 1,000 SF Leased)
Frontage
94 FT on North Main Street
Amenities
- Pylon Sign
- Signage
- Air Conditioning
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $0 | Total Assessment | $498,900 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$498,900
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