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Dollar General | Infill, Low Rent

961 Oak Stump Rd, Elizabeth City, NC 27909

Listing Price: $715,000

Cap Rate
7.09%
Tenant Name
Dollar General
Years Remaining On Lease
7.40
Guarantor
Corporate Guarantee
Rentable SF
9,100
Lease Type
Double Net
Rent Per Square Feet
$5.57

Investment Overview

Marcus & Millichap is pleased to present for sale a single-tenant retail building located Elizabeth City, North Carolina. The subject property is 9,100 square feet and was constructed as a build-to-suit location for Dollar General in 2003. Dollar General has become one of the most profitable retail chains in the United States with revenues reaching approximately $27.8 billion in 2019. There are more than 16,000 stores in the United States. Because Dollar General offers predominantly groceries and essential household goods it was deemed an Essential Business during the recent COVID-19 shutdown. Dollar General continued providing goods and services to their customers and there was no interruption in rent payments at this location. The company reported a massive 27.6% sales increase in Q1 of 2020. Dollar General signed an early 5-year lease extension at the subject property bringing the base term remaining to just over 7.5-years. The double-net lease limits landlord responsibilities to the roof, structure, parking lot, major HVAC repairs, and common area maintenance which is reconciled annually. Dollar General reimburses the landlord for real estate taxes and the property is in the Dollar General nation insurance program.

Investment Highlights

  • Single-Tenant Dollar General | Elizabeth City, NC
  • Infill Location | Low Rent | Small Price Point
  • Largest City and County Seat of Pasquotank County
  • Hampton Roads | 1,800,000+ Population in CSA
  • Recent Early Lease Extension | Over 7.5 Years Remaining
  • Adjacent to Northeastern High School (750+ Students)
  • Growing Population | 20,000+ in 3-Mile Population
  • Primary Retail Corridor | Major Intersection with High Traffic Counts

Exclusively Listed By

Discount

Dollar General | Infill, Low Rent

Listing Price: $715,000

Cap Rate
7.09%
Tenant Name
Dollar General
Years Remaining On Lease
7.40
Guarantor
Corporate Guarantee
Rentable SF
9,100
Lease Type
Double Net
Rent Per Square Feet
$5.57

Investment Highlights

  • Single-Tenant Dollar General | Elizabeth City, NC
  • Infill Location | Low Rent | Small Price Point
  • Largest City and County Seat of Pasquotank County
  • Hampton Roads | 1,800,000+ Population in CSA
  • Recent Early Lease Extension | Over 7.5 Years Remaining
  • Adjacent to Northeastern High School (750+ Students)
  • Growing Population | 20,000+ in 3-Mile Population
  • Primary Retail Corridor | Major Intersection with High Traffic Counts

Investment Overview

Marcus & Millichap is pleased to present for sale a single-tenant retail building located Elizabeth City, North Carolina. The subject property is 9,100 square feet and was constructed as a build-to-suit location for Dollar General in 2003. Dollar General has become one of the most profitable retail chains in the United States with revenues reaching approximately $27.8 billion in 2019. There are more than 16,000 stores in the United States. Because Dollar General offers predominantly groceries and essential household goods it was deemed an Essential Business during the recent COVID-19 shutdown. Dollar General continued providing goods and services to their customers and there was no interruption in rent payments at this location. The company reported a massive 27.6% sales increase in Q1 of 2020. Dollar General signed an early 5-year lease extension at the subject property bringing the base term remaining to just over 7.5-years. The double-net lease limits landlord responsibilities to the roof, structure, parking lot, major HVAC repairs, and common area maintenance which is reconciled annually. Dollar General reimburses the landlord for real estate taxes and the property is in the Dollar General nation insurance program.

Exclusively Listed By

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