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30445 Northwestern Highway, Suite 275Farmington Hills, MI 48334248.254.3410
2502 OLD US 31, NILES, MI 49120
TWO MILE HH INCOME $79K+
NEW DOLLAR GENERAL | NOW OPEN
BRYAN BENDERMANAGING DIRECTOR
BENJAMIN SCHULTZSENIOR DIRECTOR
ACTUAL STORE
BRYAN BENDER | 248.419 .3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] DISCLAIMER // 2
DISCLOSURE :
All materials and information received or derived from Fortis Net Lease (hereinafter collectively referred to as “FNL”), its directors, officers, agents, advisors,affiliates and/or any third party sources are provided without representation or warranty by FNL its directors, officers, agents, advisors, or affiliates as to com-pleteness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, suitability, financialperformance of the property, projected financial performance of the property for any party’s intended use or any and all other matters.
Neither FNL its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of theany materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for revieware 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. FNL will notinvestigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing.
ALL PARTIES SHALL CONDUCT THEIR OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE:
Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigationsincluding through appropriate third party independent professionals selected by such party.
All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independentprofessionals. FNL makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. FNL doesnot serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used forfinancial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party donot necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations aswell as market conditions, vacancy factors and other issues in order to determine rents from or for the property.
Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or taxattorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether theproperty complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, otherconsultants and governmental agencies. All properties and services are marketed by FNL in compliance with all applicable fair housing and equal opportunity laws.
BRYAN BENDER BENJAMIN SCHULTZMANAGING DIRECTOR SENIOR DIRECTORD: 248.419.3810 D: [email protected] [email protected]
EXCLUSIVELY L ISTED BY:
2502 OLD US 31, NILES, MI 49120DOLLAR GENERAL
BRYAN BENDER | 248.419 .3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] INVESTMENT OFFERING // 3
INVESTMENT SUMMARY
List Price: $1,320,000
Current NOI: $85,800.00
Initial Cap Rate: 6.5%
Land Acreage: +/- 1.0
Year Built 2019
Building Size: 9,100 SF
Price PSF: $145.05
Lease Type: Absolute NNN
Lease Term: 15 Years
Average CAP Rate: 6.50%
INVESTMENT OFFERINGFortis Net Lease is pleased to present this 9,100 SF. Dollar General store located inNiles, Michigan. The property is encumbered with a Fifteen (15) Year Absolute NNNLease, leaving zero landlord responsibilities. The lease contains 4 (5) Yr. Options torenew, each with a 10% rental rate increase. The lease is corporately guaranteed byDollar General Corporation which holds a credit rating of “BBB”, which is classified asInvestment Grade. The store is currently open with rent having commenced inNovember 2019.
This Dollar General is highly visible as it is strategically positioned on Old US 31 whichsees 4,492 cars per day. The five mile population from the site is 24,771 while the twomile average household income $79,538 per year, making this location ideal for a DollarGeneral. The Subject offering represents an ideal opportunity for a 1031 exchange buyeror a “passive” investor to attain the fee simple ownership of Dollar General. Thisinvestment will offer a new owner continued success due to the financial strength andthe proven profitability of the tenant, the nation’s top dollar store. List price reflects a6.50% cap rate based on NOI of $85,800.
PRICE $1,320,000
CAP RATE 6.5%
LEASE TYPE Absolute NNN
TERM REMAINING 15 Years
INVESTMENT HIGHLIGHTS• Brand New 15 Year Absolute NNN Lease
• Zero Landlord Responsibilities
• Concrete Parking Lot
• 4 (5 Year) Options | 10% Increases At Each Option
• Two Mile Household Income $79,538
• Five Mile Population 24,771
• 4,492 Cars Per Day on Old US 31
• Investment Grade Dollar Store with "BBB" Credit Rating
• Dollar General Reported 31 Consecutive Quarter of Same StoreSales Growth
• Only 18 Miles from South Bend, IN
• Just 5 Miles From Niles Scream Park (Popular Tourist Attraction)
2502 OLD US 31, NILES, MI 49120DOLLAR GENERAL
BRYAN BENDER | 248.419 .3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] PROPERTY & LEASE // 4
LEASE SUMMARYTenant: Dollar General
Lease Type: Absolute NNN
Primary Lease Term: 15 Years
Annual Rent: $85,800
Rent PSF: $9.43
Landlord Responsibilities: None
Taxes, Insurance & CAM: Tenant
Roof, Structure & Parking: Tenant
Lease Start Date: 11/20/2019
Lease Expiration Date: 11/30/2034
Lease Term Remaining: 15 Years
Rent Bumps: 10% at Each Option
Renewal Options: Four (5 Year)
Lease Guarantor: Dollar General Corporation
Lease Guarantor Strength: BBB
Tenant Website: www.DollarGeneral.com
GROSS SALES:
$26.48 BIL
STORE COUNT:
15,000+
GUARANTOR:
DG CORP
S&P:
BBB
Year Built: 2019
Lot Size: +/- 1.0 Acre
Building Size: 9,100 SF
Traffic Count: 4,492
Roof Type: Standing Seam
Zoning: Commercial
Construction Style: Prototype
Parking Lot: Concrete
Warranties Construction
HVAC Roof Mounted
INCOME PER SF
Rent $85,800 $9.43
Gross Income $85,800 $9.43
EXPENSE PER SF
Expenses $0 $0.00
Gross Expenses $0 $0.00
NET OPERATING INCOME $85,800 $9.43
FINANCIAL SUMMARY
PROPERTY SUMMARY
2502 OLD US 31, NILES, MI 49120DOLLAR GENERAL
BRYAN BENDER | 248.419 .3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] RENT ROLL // 5
TENANTNAME
UNITSIZE (SF)
LEASESTART
LEASEEND
ANNUALRENT
% OFGLA
RENTPER SF/YR
Dollar General 9,100 11/20/2019 11/30/2034Option 1Option 2Option 3Option 4
$85,800$94,380$103,818$114,199$125,619
100.0 $9.43$10.37$11.40$12.55$13.80
Totals/Averages 9,100 $85,800 $9.43
TOTAL SF9,100
TOTAL ANNUAL RENT$85,800
OCCUPANCY RATE100%
AVERAGE RENT/SF$9.43
NUMBER OF TENANTS1
2502 OLD US 31, NILES, MI 49120DOLLAR GENERAL
BRYAN BENDER | 248.419 .3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] TENANT PROFILE - Q2 2019 DG // 6
2502 OLD US 31, NILES, MI 49120DOLLAR GENERAL
BRYAN BENDER | 248.419 .3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] PROPERTY PHOTOS // 7
2502 OLD US 31, NILES, MI 49120DOLLAR GENERAL
BRYAN BENDER | 248.419 .3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] SITE PLAN // 8
2502 OLD US 31, NILES, MI 49120DOLLAR GENERAL
2502 OLD US 31, NILES, MI 49120DOLLAR GENERAL
BRYAN BENDER | 248.419 .3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] LOCATION MAPS // 9
BRYAN BENDER | 248.419 .3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] AERIAL MAP // 10
2502 OLD US 31, NILES, MI 49120DOLLAR GENERAL
BRYAN BENDER | 248.419 .3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] AERIAL MAP // 11
2502 OLD US 31, NILES, MI 49120DOLLAR GENERAL
BRYAN BENDER | 248.419 .3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] AERIAL MAP // 12
2502 OLD US 31, NILES, MI 49120DOLLAR GENERAL
BRYAN BENDER | 248.419 .3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] AERIAL MAP // 13
2502 OLD US 31, NILES, MI 49120DOLLAR GENERAL
BRYAN BENDER | 248.419 .3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] AREA & DEMOGRAPHICS // 14
POPULATION 2 MILES 3 MILES 5 MILES
Total Population 2018 1,581 5,846 24,771
Average Age 42.8 39.8 40.2
# Of Persons Per HH 2.6 2.4 2.4
HOUSEHOLDS & INCOME 2 MILES 3 MILES 5 MILES
Total Households 611 2,359 10,007
Average HH Income $79,538 $60,485 $57,161
Median House Value $180,213 $132,049 $110,689
Consumer Spending (Thousands) $17,030 $52,181 $216,388
Niles is a city in Berrien and Cass counties in the state of Michigan, near South Bend,Indiana. Niles lies on the banks of the St. Joseph River, at the site of the French Fort St.Joseph, first built in 1697 to protect the Jesuit Mission established in 1691. After 1761, itwas held by the British and was captured on May 25, 1763, by Native Americans duringPontiac's Rebellion. The British retook the fort but it was not re-garrisoned and servedas a trading post. During the American Revolutionary War, the fort was held for a shorttime by a Spanish force. The occupation of the fort by the four nations of France,Britain, Spain, and the United States has earned Niles the nickname City of Four Flags.
Come to Niles and make a habit of visiting the eclectic shops, stores, restaurants, andconvenient financial and other business institutions. They are changing the landscapeof their 11th Street Business Corridor and they've planned their downtown to make it agreat walkable encounter with forward-thinking business owners who work hard tobring you a unique shopping experience. Follow the crowd down Main Street to thebeautiful Riverfront Park which stretches along the serene St. Joseph River. Walk orbike the Riverfront Trail - from the skateboard park to the French Dam - fish the river,let the children play on the park equipment or watch a free outdoor movie in thesummer. Visit the amphitheater for live entertainment during festivals and events orjoin an outdoor fitness class. There is always activity in the numerous parks throughoutthe city. In winter there's Santa Claus and his sleigh, horse drawn carriages, the Lightingof the Historic Depot and the famous Hunter Ice Festival each January. You are only 30minutes from a ski slope, 15 minutes from Notre Dame and only 90 minutes from thebright lights of Chicago.
2502 OLD US 31, NILES, MI 49120DOLLAR GENERAL
BRYAN BENDERMANAGING DIRECTOR
BENJAMIN SCHULTZSENIOR DIRECTOR
30445 Northwestern Highway, Suite 275Farmington Hills, MI 48334248.254.3410fortisnetlease.com
EXCLUSIVELY L ISTED BY:
TOTAL SALES VOLUME PROPERTIES SOLD BROKER & BUYER REACH STATES SOLD IN
$5.5B 2,500+ 345K 40
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