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15 YR. ABSOLUTE NNN LEASE | 651 WEST MAIN STREET, SMITHFIELD, VA 23430
Evan K. Langert, Esq.Director-Leasing and Investment Sales1111 Benfield Blvd. Suite 250Millersville, MD 21108443.529.0505 direct410.729.7700 o�[email protected]
DOLLAR GENERAL | ABSOLUTE NNNINVESTMENTOPPORTUNITY
CONFIDENTIALITY AND DISCLAIMERAll materials and information received or derived from KW Commerical / The Langert Group, its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty by KW Commercial / The Langert Group its directors, officers, agents, advisors, or affiliates as to completeness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, suitability, financial performance of the property, projected financial performance of the property for any party’s intended use or any and all other matters. Neither KW Commercial / The Langert Group its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. KW Commercial / The Langert Group will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing.
15 YR. ABSOLUTE NNN LEASE | 651 WEST MAIN STREET. SMITHFIELD, VA 23430
INVESTMENT OVERVIEW 01INVESTMENT SUMMARY
INVESTMENT OVERVIEW
TENANT 02TENANT OVERVIEW
AREA OVERVIEW 03ELEVATIONS
SITE PLAN
AREA MAP
AERIAL MAP
DEMOGRAPHICS 04AREA DEMOGRAPHICS
15 YR. ABSOLUTE NNN LEASE | 651 WEST MAIN STREET. SMITHFIELD, VA 23430
TABLE OF CONTENTS
INVESTMENT
OVERVIEW
15 YR. ABSOLUTE NNN LEASE | 651 WEST MAIN STREET. SMITHFIELD, VA 23430
INVESTMENT OVERVIEW
15 YR. ABSOLUTE NNN LEASE | 651 WEST MAIN STREET. SMITHFIELD, VA 23430
INVESTMENT SUMMARY
MARKET PRICECURRENT NOICAP RATEPRICE PER SQ FTRENT PER SQ FT
$1,697,680$106,105.506.25% Cap$176.67$11.41
TENANTGUARANTORLEASE TYPELEASE STARTLEASE ENDBUMPSOPTIONSOPT. BUMPS
Dolgencorp, LLCDollar General CorporationAbsolute NNN Lease08/201408/2029Flat During TermFive (5 Yr.) Extensions10% At Each Option
FINANCIAL OVERVIEW
YEAR BUILTACREAGESQUARE FEETARCHITECTUREFOUNDATIONROOFHVACPARKING
Absolute NNN Dollar General (Zero Responsibilities)15 Year Term | Five (5 Yr.) Options | 10% Bumps at EachUpgraded Construction All Four Sides BrickPopulation Within 10 Miles Exceeds 28,722Highly Affluent Customer BaseAverage Household Income Within 3 Miles of $70,411Corporate Guarantee by DG which Carries a “BBB” Rating
2014+/- 1 Acre9,301UpgradedConcrete BlockStanding Seam RoofGround MountedAmple
PROPERTY OVERVIEW
INVESTMENT HIGHLIGHTS
INVESTMENT SUMMARY
LEASE SUMMARY
Evan K. Langert, Esq.Director-Leasing and Investment Sales1111 Benfield Blvd. Suite 250Millersville, MD 21108443.529.0505 direct410.729.7700 o�[email protected]
15 YR. ABSOLUTE NNN LEASE | 651 WEST MAIN STREET. SMITHFIELD, VA 23430
INVESTMENT OVERVIEW
KW Commercial / The Langert Group is pleased to present this 9,301 SF Dollar General store, located in Smithfield, VA. The property is encumbered with a Fifteen
(15) Year Absolute NNN Lease, leaving Zero landlord responsibilities. The leases also contains Five (5 Yr.) options, each with a 10% rental rate increase. The lease is
corporately guaranteed by Dollar General which holds an investment grade credit rating of “BBB-”.
The Dollar General is strategically located in Smithfield, VA. In Isle of Wight County. Smithfield offers residents a small-town atmosphere, a good school system,
affordable housing, a historic downtown, and a new state-of-the-art community / conference center - The Smithfield Center. According to the Virginia Review,
Smithfield is “without a doubt, one of the prettiest towns in Virginia.” The population within a ten mile radius is greater than 28,700 with the average household income
within a three mile radius exceeding $70,411. This investment will offer a new owner continued success due to the financial strength and the proven profitability of
the tenant, one of the nation’s top dollar stores. List price reflects a 6.25% cap rate based on NOI of $106,105.50.
INVESTMENT OVERVIEW
TENANT
OVERVIEW
15 YR. ABSOLUTE NNN LEASE | 651 WEST MAIN STREET. SMITHFIELD, VA 23430
TENANT OVERVIEW
15 YR. ABSOLUTE NNN LEASE | 651 WEST MAIN STREET. SMITHFIELD, VA 23430
TENANT OVERVIEW
Dollar General commands a chain of more than 13,000+ discount stores in 40 states, primarily in the southern and eastern US, the Midwest, and the Southwest.
Offering basic household items, such as cleaning supplies, health and beauty aids, as well as some apparel and food, it targets low-middle, and fixed income
shoppers. Although it has the word “dollar” in its name, Dollar General is not solely a dollar store. The company offers goods sold at set price points of penny items
up to the range of 50 to 60 dollars. Some of its higher end items include over-the-counter medicines, seasonal products, pet supplies, and pet food products,
prepaid cell phones and accessories, and automotive supplies.
Cal Turner founded J. L. Turner & Son, Inc. in 1939 and opened the first Dollar General Store in Scottsville, Kentucky in June 1955. Since then the company has
grown into the country’s largest small-box discount retailer. Store are generally located in small towns off the radar of giant discounters. Its big-city stores (about
30% of its total) are situated in lower-income neighborhoods. Some 25% of its merchandise is priced at $1 or less.
TENANT OVERVIEW
Common Stock Value$19.01 Billion
13,000+Locations
2015 SALES$20.4 Billion
COMPANY TYPEPublic
2015 NET INCOME$1.17 Billion
S& P CREDITBBB - Investment Grade
RANKED139 on the Fortune 500 List
AREA
OVERVIEW
15 YR. ABSOLUTE NNN LEASE | 651 WEST MAIN STREET. SMITHFIELD, VA 23430
AREA OVERVIEW
15 YR. ABSOLUTE NNN LEASE | 651 WEST MAIN STREET. SMITHFIELD, VA 23430
ELEVATIONS
15 YR. ABSOLUTE NNN LEASE | 651 WEST MAIN STREET. SMITHFIELD, VA 23430
SITE PLAN
15 YR. ABSOLUTE NNN LEASE | 651 WEST MAIN STREET. SMITHFIELD, VA 23430
LOCATION MAP
LAUNDRY LAND LAUNDROMAT
SEABORNE BARBER SHOP
JERSEY PARK APARTMENTS
F-661
15 YR. ABSOLUTE NNN LEASE | 651 WEST MAIN STREET. SMITHFIELD, VA 23430
AERIAL MAP
DEMOGRAPHICS
15 YR. ABSOLUTE NNN LEASE | 651 WEST MAIN STREET. SMITHFIELD, VA 23430
DEMOGRAPHICS
2016 Summary
Households
Families
Average Household Size
Owner Occupied Housing Units
Renter Occupied Housing Units
Median Age
Median Household Income
Average Household Income
1 Mile
1,860
795
502
2.34
379
417
39.3
$35,153
$47,304
3 Miles
10,642
4,095
3,040
2.57
3,056
1,040
44.2
$64,526
$80,863
5 Miles
16,829
6,457
4,907
2.58
5,041
1,417
45.2
$70,209
$87,263
2021 Summary
Households
Families
Average Household Size
Owner Occupied Housing Units
Renter Occupied Housing Units
Median Age
Median Household Income
Average Household Income
1 Mile
1,925
822
516
2.34
386
436
41.4
$34,149
$47,677
3 Miles
11,068
4,250
3,144
2.57
3,152
1,098
45.3
$70,550
$87,211
5 Miles
17,544
6,717
5,087
2.59
5,221
1,496
46.3
$78,408
$94,332
1 MILE
3 MILE
5 MILE
15 YR. ABSOLUTE NNN LEASE | 651 WEST MAIN STREET. SMITHFIELD, VA 23430
DEMOGRAPHICS
Exclusively Listed By:Evan K Langert
Director-Leasing and Investment Sales
| [email protected]| 443.529.0505| 410.729.7700
DOLLAR GENERAL 651 WEST MAIN STREET | SMITHFIELD, VA 23430
INVESTMENTOPPORTUNITY