Investment Overview

Marcus & Millichap is pleased to present the Dollar General located at 4520 E 13th Street N in Wichita, Kansas. It is a rare metro-market Dollar General in the state’s largest city. The store sits in an established infill trade area, with more than 84,000 residents within three miles and over 208,000 within five miles. Within one mile, 19,296 people are there during the day, more than 60 percent above the 11,814 who live there. That points to a strong local employment base. Wichita anchors a five-county metro of about 660,000 people. Its economy rests on aviation, healthcare, Wichita State University and McConnell Air Force Base. In 2020, Dollar General completed a full renovation of the store and signed a new 10-year lease. That same year the roof and parking lot were fully replaced. The approximately 8,000-square-foot building sits on an approximately 0.85-acre parcel. With the two largest landlord capital items already replaced, near-term capital exposure for the landlord is small. The lease is corporately guaranteed by Dollar General (S&P: BBB) and runs through June 2030. It has four five-year renewal options with a 10 percent rent increase at each one. In-place rent is $12.46 per square foot, a low and sustainable level for the tenant.