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Shopping Strip

Dollar General Plaza | Brand New Early Renewal

25 Old Capitol Shopping Center, Vandalia, IL 62471

Listing Price: $1,080,000

Cap Rate
8.00%
Gross SF
15,000
Rentable SF
15,000
Price/Gross SF
$72.00
Lot Size
0.77 acres
Year Built
1973

Investment Overview

Marcus & Millichap, on behalf of ownership, is pleased to present Dollar General Plaza, a 15,000-square-foots trip center in Vandalia, Illinois. The subject property is anchored by Dollar General, who occupies 10,000 square feet which equates to 67 percent of gross leasable area. Dollar General has been at the site since 1994 and just extended their lease early which now runs into 2028. As part of the early renewal, ownership will see a 6.4 percent rent bump in 2023. This long-term tenancy of over 27 years, and an early renewal, demonstrates deep commitment and success at the site. Success is further evident by strong store sales of over $200 per square foot, and Dollar General’s stronghold on the marketing, being the only location within a 10-mile radius. Dollar General is encumbered by a triple-net lease which reimburses tax, common area maintenance and insurance expenses. Ownership has been proactive regarding CAPEX items, including a capital injection of over $32,000 to replace the HVAC units in 2020. Ownership benefits from ease of management with only two-spaces, an extremely strong investment-grade credit rated tenant, tangible future upside with the vacant space (currently has interested tenant), and a prime location in the heart of Vandalia. Dollar General Plaza is located in Downtown Vandalia, at the hard-corner of Gallatin and S 3rd Street, which combine to see over 15,350 vehicles per day. The subject property is strategically situated away from competitive retail, and benefits from the immediate exposure to the residential district nearby. The surrounding demographics are befitting and mature with population counts of 4,660 within one-mile and 9,350 within five-miles. The average household income is modest and around the national average at $63,702. Vandalia is the county seat of Fayette County and is 70-miles from St. Louis, 175 miles from Indianapolis and 242 miles from Louisville.

Investment Highlights

  • 15,000-Square-Foot Strip Center in Vandalia, Illinois
  • Anchored by Dollar General | Brand New Early Renewal | Leased Into 2028 | 6.4 Percent Rent Bump in 2023
  • 27 Years of Operating History for Dollar General | Long-Term Commitment and Success at Site
  • Strong Store Sales Over $200 per Square Foot
  • Strong Corporate Guaranty | Investment Grade Credit of BBB (S&P) | 17,683 Locations Across US | Annual Revenue of Over $33.75 Billion which is Up 22 Percent Year Over Year
  • Favorable Triple-Net Lease Structure | Reimburses Majority of Tax, Common Area Maintenance and Insurance
  • Brand New HVAC Units | Ownership Injected $32,000 of CAPEX in 2020
  • Tangible Upside with 5,000-Square-Foot Vacant Space | Ownership Currently in Discussions with Prospective Tenant (Not Factored into Current Pricing)

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    First Vice President / Regional Manager / Designated Managing Broker

    (630) 570-2250

    License(s) IL: 471.011175

    Illinois

Financing By

Shopping Strip

Dollar General Plaza | Brand New Early Renewal

Listing Price: $1,080,000

Cap Rate
8.00%
Gross SF
15,000
Rentable SF
15,000
Price/Gross SF
$72.00
Lot Size
0.77 acres
Year Built
1973

Investment Highlights

  • 15,000-Square-Foot Strip Center in Vandalia, Illinois
  • Anchored by Dollar General | Brand New Early Renewal | Leased Into 2028 | 6.4 Percent Rent Bump in 2023
  • 27 Years of Operating History for Dollar General | Long-Term Commitment and Success at Site
  • Strong Store Sales Over $200 per Square Foot
  • Strong Corporate Guaranty | Investment Grade Credit of BBB (S&P) | 17,683 Locations Across US | Annual Revenue of Over $33.75 Billion which is Up 22 Percent Year Over Year
  • Favorable Triple-Net Lease Structure | Reimburses Majority of Tax, Common Area Maintenance and Insurance
  • Brand New HVAC Units | Ownership Injected $32,000 of CAPEX in 2020
  • Tangible Upside with 5,000-Square-Foot Vacant Space | Ownership Currently in Discussions with Prospective Tenant (Not Factored into Current Pricing)

Investment Overview

Marcus & Millichap, on behalf of ownership, is pleased to present Dollar General Plaza, a 15,000-square-foots trip center in Vandalia, Illinois. The subject property is anchored by Dollar General, who occupies 10,000 square feet which equates to 67 percent of gross leasable area. Dollar General has been at the site since 1994 and just extended their lease early which now runs into 2028. As part of the early renewal, ownership will see a 6.4 percent rent bump in 2023. This long-term tenancy of over 27 years, and an early renewal, demonstrates deep commitment and success at the site. Success is further evident by strong store sales of over $200 per square foot, and Dollar General’s stronghold on the marketing, being the only location within a 10-mile radius. Dollar General is encumbered by a triple-net lease which reimburses tax, common area maintenance and insurance expenses. Ownership has been proactive regarding CAPEX items, including a capital injection of over $32,000 to replace the HVAC units in 2020. Ownership benefits from ease of management with only two-spaces, an extremely strong investment-grade credit rated tenant, tangible future upside with the vacant space (currently has interested tenant), and a prime location in the heart of Vandalia. Dollar General Plaza is located in Downtown Vandalia, at the hard-corner of Gallatin and S 3rd Street, which combine to see over 15,350 vehicles per day. The subject property is strategically situated away from competitive retail, and benefits from the immediate exposure to the residential district nearby. The surrounding demographics are befitting and mature with population counts of 4,660 within one-mile and 9,350 within five-miles. The average household income is modest and around the national average at $63,702. Vandalia is the county seat of Fayette County and is 70-miles from St. Louis, 175 miles from Indianapolis and 242 miles from Louisville.

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    First Vice President / Regional Manager / Designated Managing Broker

    (630) 570-2250

    License(s): IL: 471.011175

    Illinois

Financing By

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