Discount

NET-LEASED DOLLAR GENERAL (INFILL TOURIST AREA)

65 Division St, Manistee, MI 49660

Listing Price: $730,000

Cap Rate
7.75%
Tenant Name
Dollar General
Years Remaining On Lease
4.10
Gross SF
8,040
Guarantor
Corporate Guarantee
Rentable SF
8,040
Price/Gross SF
$90.80
Lease Type
Double Net
Rent Per Square Feet
$7.04

Investment Overview

Marcus & Millichap, on behalf of Ownership as its exclusive advisor, is pleased to offer for sale the 100% interest in Dollar General Corporate net leased retail condo, located at 65 Division Street, Manistee, Michigan 49660 (the “Property”). Built in 1940 and renovated in 2002, the Property comprises a +/- 8,040 SF building on an attractive +/- 0.56-acre parcel, that is strategically positioned to be visible and convenient to 16,000 vehicles per day at US-31/Cypress Street, blocks from the River Walk and a short drive to Lake Michigan Shores. The Property benefits from it’s infill location with strong visibility, accessibility, and convenient retail location in a strong commercial area near boating docks and surrounded by residential communities. The location benefits from a strong number of surrounding homes, with over 4,750 households within 5 miles and a population of nearly 12,000 people with an average HH Income of $63,000 within 5 miles. The building is 100 percent occupied by Dollar General Corp. with 16,360+ national locations. The lease was signed 1/24/2004, subject to a 10-year lease term and 8 percent rental increases every five years, the tenant recently exercised it’s first of two options and has approximately four years remaining, with an estimated expiration date of 12/31/2024

Investment Highlights

  • Single-Tenant, Net Leased Dollar General Corporate Store Located in Bustling Central Business, Marina & Riverwalk District
  • Subject Property Features 8,040-Square-Feet of Retail Area on a 0.56 Acre-Lot with Approximately 16 Parking Spaces and Easy Ingress/Egress
  • Investment-Grade Tenant Dollar General is the Country's Largest Small-Box Discount Retailer with Over 16,000 Stores, and a Credit Rating of BBB by Standard & Poor's
  • Top Performing Store Near Manistee Riverwalk & Marina with Sales Reportedly Well-Above Average Regional Average, Store Offers High Convenience in a Market with Little Competition | Nearby US-31 Sees Over 16,000 VPD and Traverses the Entire State
  • Nearby Retail Tenants Include Dairy Queen, A&W Restaurant, Little Caesars Pizza, Goodwill, Rite Aid, Dunham's, Walgreens, Advance Auto Parts, Save-A-Lot, Family Dollar, Wendy's, McDonald's and More
  • Nearby Lake Michigan and Lake Manistee Waterfront Brings Large Numbers of People to the Immediate Vicinity for Outdoor Recreation Including Beaches, Parks, Lighthouses, Riverwalk, Boating, and More
  • Subject is Proximate to Manistee Hospital, a 45-Bed Acute Care Facility, Just Three Miles Away | Manistee is Home to Major Area Employers Including Packaging Corporation of America, Morton Salt, and Martin Marietta, Among Others
  • There are 2,684 Households and 6,114 People Residing in Manistee, as of 2019 (Source: Census.gov)

Exclusively Listed By

  • Jesse Limon

    Licensed Real Estate Salesperson

    (212) 430-5291

    Email Jesse

    License(s): IN: RB14048415, NY: 10401271892

    Manhattan

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    License(s): MI: 6502387903

    Michigan

Discount

NET-LEASED DOLLAR GENERAL (INFILL TOURIST AREA)

Listing Price: $730,000

Cap Rate
7.75%
Tenant Name
Dollar General
Years Remaining On Lease
4.10
Gross SF
8,040
Guarantor
Corporate Guarantee
Rentable SF
8,040
Price/Gross SF
$90.80
Lease Type
Double Net
Rent Per Square Feet
$7.04

Investment Highlights

  • Single-Tenant, Net Leased Dollar General Corporate Store Located in Bustling Central Business, Marina & Riverwalk District
  • Subject Property Features 8,040-Square-Feet of Retail Area on a 0.56 Acre-Lot with Approximately 16 Parking Spaces and Easy Ingress/Egress
  • Investment-Grade Tenant Dollar General is the Country's Largest Small-Box Discount Retailer with Over 16,000 Stores, and a Credit Rating of BBB by Standard & Poor's
  • Top Performing Store Near Manistee Riverwalk & Marina with Sales Reportedly Well-Above Average Regional Average, Store Offers High Convenience in a Market with Little Competition | Nearby US-31 Sees Over 16,000 VPD and Traverses the Entire State
  • Nearby Retail Tenants Include Dairy Queen, A&W Restaurant, Little Caesars Pizza, Goodwill, Rite Aid, Dunham's, Walgreens, Advance Auto Parts, Save-A-Lot, Family Dollar, Wendy's, McDonald's and More
  • Nearby Lake Michigan and Lake Manistee Waterfront Brings Large Numbers of People to the Immediate Vicinity for Outdoor Recreation Including Beaches, Parks, Lighthouses, Riverwalk, Boating, and More
  • Subject is Proximate to Manistee Hospital, a 45-Bed Acute Care Facility, Just Three Miles Away | Manistee is Home to Major Area Employers Including Packaging Corporation of America, Morton Salt, and Martin Marietta, Among Others
  • There are 2,684 Households and 6,114 People Residing in Manistee, as of 2019 (Source: Census.gov)

Investment Overview

Marcus & Millichap, on behalf of Ownership as its exclusive advisor, is pleased to offer for sale the 100% interest in Dollar General Corporate net leased retail condo, located at 65 Division Street, Manistee, Michigan 49660 (the “Property”). Built in 1940 and renovated in 2002, the Property comprises a +/- 8,040 SF building on an attractive +/- 0.56-acre parcel, that is strategically positioned to be visible and convenient to 16,000 vehicles per day at US-31/Cypress Street, blocks from the River Walk and a short drive to Lake Michigan Shores. The Property benefits from it’s infill location with strong visibility, accessibility, and convenient retail location in a strong commercial area near boating docks and surrounded by residential communities. The location benefits from a strong number of surrounding homes, with over 4,750 households within 5 miles and a population of nearly 12,000 people with an average HH Income of $63,000 within 5 miles. The building is 100 percent occupied by Dollar General Corp. with 16,360+ national locations. The lease was signed 1/24/2004, subject to a 10-year lease term and 8 percent rental increases every five years, the tenant recently exercised it’s first of two options and has approximately four years remaining, with an estimated expiration date of 12/31/2024

Exclusively Listed By

  • Jesse Limon

    Licensed Real Estate Salesperson

    (212) 430-5291

    Email Jesse

    License(s): IN: RB14048415, NY: 10401271892

    Manhattan

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    License(s): MI: 6502387903

    Michigan

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