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Dollar General

2000 W Main St, Greenfield, IN 46140

Listing Price: $1,283,000

Cap Rate
6.00%
Tenant Name
Dollar General
Years Remaining On Lease
8.9
Gross SF
12,000
Guarantor
Corporate Guarantee
Rentable SF
12,000
Price/Gross SF
$106.92
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$6.42

Investment Overview

Marcus & Millichap is pleased to present the Dollar General located in Greenfield, Indiana. The 12,000sf block-construction building is perfectly positioned along Main Street (US 40) on the west side of Greenfield, a growing bedroom community 22 miles east of Indianapolis. Traffic counts exceed 11,600 vehicles per day bolstering the store’s performance. The large footprint surpasses that of the traditional build-to-suits providing opportunity for Dollar General to better service their customer needs. Dollar General signed a 10-year lease which commenced in 2011 and was set to expire in November 2021. In June 2017, over four years before the expiration of the original term, Dollar General extended the lease an additional five years, a clear indication of their success and commitment to this location. Again in 2021, the tenant reached out four years before their lease expiration to extend the lease to November 2030 providing nine years of lease term remaining. There are 10 percent rent increases in each of the renewal options giving a hedge against future inflation. The lease is classified as modified triple net with the landlord responsible for roof/structure. There is a brand new roof with a 20-year warranty providing ease of mind to an incoming investor. Nearby traffic drivers include Greenfield Central High School, Long John Silver’s, Hardee’s, Taco Bell, Dairy Queen, and six car dealerships among other developments. There are 34,566 people living within 5 miles of the property with an average household income of $87,433. Dollar General (NYSE: DG) is the largest small-box discount retailer in the country with over 17,000 stores. For fiscal year 2020, the company reported total sales exceeding $33 Billion and a net worth over $6.6 Billion (S&P: ‘BBB’ investment grade credit rating). Dollar General embraces store growth as its model for expansion as they plan to open 1,050 stores in 2021. Dollar General’s site selection and operations continue to impress with the company posting 31 consecutive years of same-store sales growth.

Investment Highlights

  • 2011 Remodel to Dollar General Prototype | 10-Year Modified NNN Lease Commenced November 2011
  • 12,000 Square Foot Block Construction | Brand New Roof Installed 2021 with 20-Year Warranty
  • Current Lease Expires November 2030 | Tenant Extended Base Term Four Years Early in 2017 & Again in 2021
  • Large Footprint Store Aligns with Dollar General's Efforts to becoming Health Care Destinations Offering Telemedicine, Prescription Delivery/Pick-up & Mail Order Prescription
  • 10% Rent Increases in Options | Perfect Hedge Against Future Inflation | Minimal Landlord Responsibilities
  • 34,566 People within 5-Miles | 11,600+ VPD on US 40
  • Investment Grade Credit, Rated 'BBB' by S&P
  • Dollar General has 31 Years of Same Store Sales Growth ¦ Plans to Open 1,050 Stores in 2021

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Dollar General

Listing Price: $1,283,000

Cap Rate
6.00%
Tenant Name
Dollar General
Years Remaining On Lease
8.9
Gross SF
12,000
Guarantor
Corporate Guarantee
Rentable SF
12,000
Price/Gross SF
$106.92
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$6.42

Investment Highlights

  • 2011 Remodel to Dollar General Prototype | 10-Year Modified NNN Lease Commenced November 2011
  • 12,000 Square Foot Block Construction | Brand New Roof Installed 2021 with 20-Year Warranty
  • Current Lease Expires November 2030 | Tenant Extended Base Term Four Years Early in 2017 & Again in 2021
  • Large Footprint Store Aligns with Dollar General's Efforts to becoming Health Care Destinations Offering Telemedicine, Prescription Delivery/Pick-up & Mail Order Prescription
  • 10% Rent Increases in Options | Perfect Hedge Against Future Inflation | Minimal Landlord Responsibilities
  • 34,566 People within 5-Miles | 11,600+ VPD on US 40
  • Investment Grade Credit, Rated 'BBB' by S&P
  • Dollar General has 31 Years of Same Store Sales Growth ¦ Plans to Open 1,050 Stores in 2021

Investment Overview

Marcus & Millichap is pleased to present the Dollar General located in Greenfield, Indiana. The 12,000sf block-construction building is perfectly positioned along Main Street (US 40) on the west side of Greenfield, a growing bedroom community 22 miles east of Indianapolis. Traffic counts exceed 11,600 vehicles per day bolstering the store’s performance. The large footprint surpasses that of the traditional build-to-suits providing opportunity for Dollar General to better service their customer needs. Dollar General signed a 10-year lease which commenced in 2011 and was set to expire in November 2021. In June 2017, over four years before the expiration of the original term, Dollar General extended the lease an additional five years, a clear indication of their success and commitment to this location. Again in 2021, the tenant reached out four years before their lease expiration to extend the lease to November 2030 providing nine years of lease term remaining. There are 10 percent rent increases in each of the renewal options giving a hedge against future inflation. The lease is classified as modified triple net with the landlord responsible for roof/structure. There is a brand new roof with a 20-year warranty providing ease of mind to an incoming investor. Nearby traffic drivers include Greenfield Central High School, Long John Silver’s, Hardee’s, Taco Bell, Dairy Queen, and six car dealerships among other developments. There are 34,566 people living within 5 miles of the property with an average household income of $87,433. Dollar General (NYSE: DG) is the largest small-box discount retailer in the country with over 17,000 stores. For fiscal year 2020, the company reported total sales exceeding $33 Billion and a net worth over $6.6 Billion (S&P: ‘BBB’ investment grade credit rating). Dollar General embraces store growth as its model for expansion as they plan to open 1,050 stores in 2021. Dollar General’s site selection and operations continue to impress with the company posting 31 consecutive years of same-store sales growth.

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