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Family Dollar - Bakersfield
2151 S Chester Ave, Bakersfield, CA 93304
Listing Price: $1,950,000
Investment Overview
Marcus & Millichap is pleased to present an attractive investment opportunity in the form of a single tenant Family Dollar with approximately 1.56 Acres of value-add excess land located at 2151 and 2211 South Chester Avenue in Bakersfield, California. The property was built in 1956 and renovated in 2012 specifically for Family Dollar when they signed a new 10 Year lease. Family Dollar currently has three+ years remaining on its recently exercised option. However, investors can take advantage of the potential for stable long-term returns, as there remains four five-year options still available, each with a 10 percent increase in rental income.
The subject Family Dollar boasts an impressive 11-year operating history, establishing a track record of successful operations and tenant reliability. Notably, this Family Dollar is strategically positioned as the only Family Dollar East of Golden State Highway 99 and Highway 58 with a Placer.ai ranking of the number one Family Dollar location in a five-mile radius out of four closest locations.
This opportunity also provides investors a value-add component with adjacent excess land totaling 56,192 square feet According to public record the property is zoned General Commercial and partially High Medium Residential which allows a variety of uses that could generate additional income and add significant value to the property if pursued successfully. Please inquire with listing agent.
The investment is further strengthened by a corporate lease with Family Dollar, Inc., which is an investment-grade subsidiary of Dollar Tree, Inc. (NASDAQ: DTLR) and holds a favorable S&P rating of BBB. Family Dollar, Inc. is the largest dollar store chain in the United States, boasting an impressive network of 15,500+ locations. The company achieved record-setting net sales of $26.3 billion in 2021 and was ranked #137 in the prestigious Fortune 500 list in 2022.
The property’s location is strategically chosen for excellent accessibility, situated near the intersection of Wilson Road and Chester Avenue, with a daily traffic count exceeding 23,000 cars per day. This accessibility ensures the property’s visibility and ease of access for consumers, further enhancing the tenant’s success in serving the local market. The surrounding population of 316,991 people have an average household income of $64,401 in a five-mile radius spending on average $113,665 on retail per year. Bakersfield, the largest city in Kern County California, serves as a significant hub for both agriculture and energy production. Kern County is the most productive oil-producing county in California and the fourth most productive agricultural county (by value) in the United States.
Investment Highlights
- • Property Type: Single Tenant Family Dollar with Approximately 1.56 Acres of Excess Land. • Location: 2151 and 2211 South Chester Avenue, Bakersfield, California.
- • History: Built in 1956, Renovated in 2012 for Family Dollar with a New 10-Year lease.
- • Lease Details: Three+ Years Remaining with Potential for four Five-Year Options, Each with a 10 Percent Increase in Rental Income.
- • Track Record: An Impressive 11-Year Operating History with Successful Operations and Tenant Reliability. • Strategic Location: Only Family Dollar East of Golden State Hwy. 99 and Highway 58, Ranked Number One Family Dollar Location within a Five-Mile Radius.
- • Excess Land: Adjacent Excess Land Totaling 56,192 Square Feet. • Zoning: General Commercial and Partially High Medium Residential, Offering Income-Generating Potential. • Inquire for Details: Please Contact the Listing Agent for More Information.
- • Tenant: Family Dollar, Inc., an Investment-Grade Subsidiary of Dollar Tree, Inc. (NASDAQ: DTLR). • S&P Rating: Favorable BBB Rating. • Nationwide Presence: Largest dollar Store Chain in the United States with 15,500+ Locations. • Financials: Record-Setting Net Sales of $26.3 Billion in 2021, Fortune 500 Ranking at #137 in 2022.
- • Accessibility: Near the Intersection of Wilson Road and Chester Avenue. • Traffic Count: Over 23,000 Cars Per Day, Ensuring Visibility and Accessibility. • Demographics: Surrounding Population of 316,991 with an Average Household Income of $64,401 in a Five-Mile Radius, Significant Retail Spending.
- • Economic Significance: Kern County, the Most Productive Oil-Producing County in California and Fourth Most Productive Agricultural County in the United States.
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Listing Price: $1,950,000
Investment Highlights
- • Property Type: Single Tenant Family Dollar with Approximately 1.56 Acres of Excess Land. • Location: 2151 and 2211 South Chester Avenue, Bakersfield, California.
- • History: Built in 1956, Renovated in 2012 for Family Dollar with a New 10-Year lease.
- • Lease Details: Three+ Years Remaining with Potential for four Five-Year Options, Each with a 10 Percent Increase in Rental Income.
- • Track Record: An Impressive 11-Year Operating History with Successful Operations and Tenant Reliability. • Strategic Location: Only Family Dollar East of Golden State Hwy. 99 and Highway 58, Ranked Number One Family Dollar Location within a Five-Mile Radius.
- • Excess Land: Adjacent Excess Land Totaling 56,192 Square Feet. • Zoning: General Commercial and Partially High Medium Residential, Offering Income-Generating Potential. • Inquire for Details: Please Contact the Listing Agent for More Information.
- • Tenant: Family Dollar, Inc., an Investment-Grade Subsidiary of Dollar Tree, Inc. (NASDAQ: DTLR). • S&P Rating: Favorable BBB Rating. • Nationwide Presence: Largest dollar Store Chain in the United States with 15,500+ Locations. • Financials: Record-Setting Net Sales of $26.3 Billion in 2021, Fortune 500 Ranking at #137 in 2022.
- • Accessibility: Near the Intersection of Wilson Road and Chester Avenue. • Traffic Count: Over 23,000 Cars Per Day, Ensuring Visibility and Accessibility. • Demographics: Surrounding Population of 316,991 with an Average Household Income of $64,401 in a Five-Mile Radius, Significant Retail Spending.
- • Economic Significance: Kern County, the Most Productive Oil-Producing County in California and Fourth Most Productive Agricultural County in the United States.
Investment Overview
Marcus & Millichap is pleased to present an attractive investment opportunity in the form of a single tenant Family Dollar with approximately 1.56 Acres of value-add excess land located at 2151 and 2211 South Chester Avenue in Bakersfield, California. The property was built in 1956 and renovated in 2012 specifically for Family Dollar when they signed a new 10 Year lease. Family Dollar currently has three+ years remaining on its recently exercised option. However, investors can take advantage of the potential for stable long-term returns, as there remains four five-year options still available, each with a 10 percent increase in rental income. The subject Family Dollar boasts an impressive 11-year operating history, establishing a track record of successful operations and tenant reliability. Notably, this Family Dollar is strategically positioned as the only Family Dollar East of Golden State Highway 99 and Highway 58 with a Placer.ai ranking of the number one Family Dollar location in a five-mile radius out of four closest locations. This opportunity also provides investors a value-add component with adjacent excess land totaling 56,192 square feet According to public record the property is zoned General Commercial and partially High Medium Residential which allows a variety of uses that could generate additional income and add significant value to the property if pursued successfully. Please inquire with listing agent. The investment is further strengthened by a corporate lease with Family Dollar, Inc., which is an investment-grade subsidiary of Dollar Tree, Inc. (NASDAQ: DTLR) and holds a favorable S&P rating of BBB. Family Dollar, Inc. is the largest dollar store chain in the United States, boasting an impressive network of 15,500+ locations. The company achieved record-setting net sales of $26.3 billion in 2021 and was ranked #137 in the prestigious Fortune 500 list in 2022. The property’s location is strategically chosen for excellent accessibility, situated near the intersection of Wilson Road and Chester Avenue, with a daily traffic count exceeding 23,000 cars per day. This accessibility ensures the property’s visibility and ease of access for consumers, further enhancing the tenant’s success in serving the local market. The surrounding population of 316,991 people have an average household income of $64,401 in a five-mile radius spending on average $113,665 on retail per year. Bakersfield, the largest city in Kern County California, serves as a significant hub for both agriculture and energy production. Kern County is the most productive oil-producing county in California and the fourth most productive agricultural county (by value) in the United States.
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