LANSING MSA | 5,300 CARS PER DAY
DOLLAR GENERAL | OPENING JUNE 2019 REPRESENTATIVE STORE 225 W. GRAND LEDGE HWY, MULLIKEN, MI 48861
30445 Northwestern Highway, Suite 275 BRYAN BENDER BENJAMIN SCHULTZ Farmington Hills, MI 48334 MANAGING DIRECTOR SENIOR ADVISOR 248.254.3410 D: 248.419.3810 D: 248.254.3409 fortisnetlease.com [email protected] [email protected] DOLLAR GENERAL 225 W. GRAND LEDGE HWY, MULLIKEN, MI 48861
DISCLOSURE :
All materials and information received or derived from Fortis Net Lease (hereinafter collectively referred to as “FNL”), its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty by FNL its directors, officers, agents, advisors, or affiliates astocom- pleteness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, suitability, financial performance of the property, projected financial performance of the property for any party’s intended use or any and all other matters.
Neither FNL its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness ofthe any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. FNL will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing.
ALL PARTIES SHALL CONDUCT THEIR OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE:
Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party.
All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. FNL makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. FNL does not serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including thatusedfor financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided toapartydo not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions, vacancy factors and other issues in order to determine rents from or for the property.
Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by FNL in compliance with all applicable fair housing and equal opportunity laws.
EXCLUSIVELY LISTED BY:
BRYAN BENDER BENJAMIN SCHULTZ MANAGING DIRECTOR SENIOR ADVISOR D: 248.419.3810 D: 248.254.3409 [email protected] [email protected]
BRYAN BENDER | 248.419.3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] DISCLAIMER // 2 DOLLAR GENERAL 225 W. GRAND LEDGE HWY, MULLIKEN, MI 48861
INVESTMENT SUMMARY PRICE $1,283,077 List Price: $1,283,077
Current NOI: $83,400.00 Initial Cap Rate: 6.5% CAP RATE 6.5% Land Acreage: +/- 1.0
Year Built 2019 LEASE TYPE Absolute NNN Building Size: 9,100 SF
Price PSF: $141.00 Lease Type: Absolute NNN TERM 15 Years Lease Term: 15 Years
Average CAP Rate: 6.5%
INVESTMENT OFFERING Fortis Net Lease is pleased to present this 9,100 SF Dollar General store located in INVESTMENT HIGHLIGHTS Mulliken, MI. The property is encumbered with a Fifteen (15) Year Absolute NNN Lease, • Absolute NNN Lease | Zero Landlord Responsibilities leaving zero landlord responsibilities. The lease contains Four (5) Yr. Options to renew, each with a 10% rental rate increase. The lease is corporately guaranteed by Dollar • 15 Year Term / 4 (5 Year) Options | 10% Rental Increase At Options General Corporation which holds a credit rating of “BBB”, which is classified as • Three Mile Household Income $75,800 Investment Grade. The store is currently under construction with rent commencing in June 2019. • Ten Mile Population 34,176
This Dollar General is highly visible as it is strategically positioned on W Grand Ledge • 5,300 Cars Per Day on W Grand Ledge Hwy Hwy which sees 5,300 cars per day. The ten mile population from the site is 34,176, • Investment Grade Dollar Store with "BBB" Credit Rating while the three mile average household income exceeds $75,800 per year, making this location ideal for a Dollar General. The Subject offering represents an ideal opportunity • Dollar General Reported 29 Consecutive Quarter of Same Store Sales Growth for a 1031 exchange buyer or a “passive” investor to attain the fee simple ownership of a brand new Dollar General. This investment will offer a new owner continued success • Only Dollar Store within a 10 Minute Drive Radius due to the financial strength and the proven profitability of the tenant, the nation’s top dollar store. List price reflects a 6.5% cap rate based on NOI of $83,400. • Great Central Michigan Location Near Major Freeways and CIties • 20 Miles From Lansing - Michigan's State Capital
BRYAN BENDER | 248.419.3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] INVESTMENT OFFERING // 3 DOLLAR GENERAL 225 W. GRAND LEDGE HWY, MULLIKEN, MI 48861
FINANCIAL SUMMARY LEASE SUMMARY
INCOME PER SF Tenant: Dollar General
Rent $83,400 $9.16 Lease Type: Absolute NNN Gross Income $83,400 $9.16 Primary Lease Term: 15 Years
Annual Rent: $83,400 EXPENSE PER SF Rent PSF: $9.16 Expenses $0 $0.00 Gross Expenses $0 $0.00 Landlord Responsibilities: None Taxes, Insurance & CAM: Tenant NET OPERATING INCOME $83,400 $9.16 Roof, Structure & Parking: Tenant
PROPERTY SUMMARY Lease Start Date: 6/3/2019
Year Built: 2019 Lease Expiration Date: 6/30/2034
Lot Size: +/- 1.0 Acre Lease Term Remaining: 15 Years
Building Size: 9,100 SF Rent Bumps: 10% At Options
Traffic Count: 5,300 Renewal Options: Four (5 Year)
Roof Type: Standing Seam Lease Guarantor: Dollar General Corporation
Zoning: Commercial Lease Guarantor Strength: BBB
Construction Style: Prototype Tenant Website: www.DollarGeneral.com Parking Lot: Asphalt
Warranties Construction
HVAC Roof Mounted
GROSS SALES: STORE COUNT: GUARANTOR: S&P: $25.6 BILLION 15,000+ DG CORP BBB
BRYAN BENDER | 248.419.3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] PROPERTY & LEASE // 4 DOLLAR GENERAL 225 W. GRAND LEDGE HWY, MULLIKEN, MI 48861
TENANT UNIT LEASE LEASE ANNUAL % OF RENT NAME SIZE (SF) START END RENT GLA PER SF/YR
Dollar General 9,100 6/3/2019 6/30/2034 $83,400 100.0 $9.16 Option 1 $91,740 $10.08 Option 2 $100,914 $11.09 Option 3 $111,005 $12.19 Option 4 $122,105 $13.41
Totals/Averages 9,100 $83,400 $9.16
TOTAL SF TOTAL ANNUAL RENT OCCUPANCY RATE AVERAGE RENT/SF NUMBER OF TENANTS 9,100 $83,400 100% $9.16 1
BRYAN BENDER | 248.419.3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] RENT ROLL // 5 DOLLAR GENERAL 225 W. GRAND LEDGE HWY, MULLIKEN, MI 48861
BRYAN BENDER | 248.419.3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] TENANT PROFILE - 2019 DG // 6 DOLLAR GENERAL 225 W. GRAND LEDGE HWY, MULLIKEN, MI 48861
BRYAN BENDER | 248.419.3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] LOCATION MAPS // 7 DOLLAR GENERAL 225 W. GRAND LEDGE HWY, MULLIKEN, MI 48861
BRYAN BENDER | 248.419.3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] AERIAL MAP // 8 DOLLAR GENERAL 225 W. GRAND LEDGE HWY, MULLIKEN, MI 48861
BRYAN BENDER | 248.419.3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] AERIAL MAP // 9 DOLLAR GENERAL 225 W. GRAND LEDGE HWY, MULLIKEN, MI 48861
POPULATION 1 MILE 5 MILES 10 MILES Total Population 2018 1,873 4,851 34,176
Average Age 39.9 40.4 40.7
# Of Persons Per HH 2.7 2.6 2.6
HOUSEHOLDS & INCOME 3 MILES 5 MILES 10 MILES
Total Households 691 1,820 13,317
Average HH Income $70,017 $74,046 $77,600
Median House Value $141,003 $142,754 $158,925
Consumer Spending (Thousands) $18,984 $48,898 $357,816
Mulliken is a village in Eaton County, Michigan. The county was organized in 1837 and was named for John Eaton, who was Secretary of War under US President Andrew Jackson, making it one of Michigan's Cabinet counties. It is part of the Lansing-East Lansing Metropolitan Statistical area in Central Michigan.
Eaton County is rich with history and provides many programs, awards, and grants in order to promote, restore or preserve the heritage within it. Among the history run 3 rivers; Battle Creek River, Grand River, and Thornapple River. There are many beautiful parks offering serene views and quality outdoor recreational opportunities. Eaton County is a great place to live, work, and visit. It's central location allows easy access to many major expressways in the state making it easy to both come and go.
Each year, the county hosts the Eaton County Fair for 6 days of family fun including exciting carnival rides, live entertainment, tractor pulls, demolition derby, horse racing, plenty of good food, competitions and agricultural exhibits. The Eaton County Fair is a family tradition and should not be missed!
BRYAN BENDER | 248.419.3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] AREA & DEMOGRAPHICS // 10 TOTAL SALES VOLUME PROPERTIES SOLD BROKER & BUYER REACH STATES SOLD IN $5.5B 2,500+ 345K 40
Click to Meet Team Fortis
EXCLUSIVELY LISTED BY: 30445 Northwestern Highway, Suite 275 Farmington Hills, MI 48334 BRYAN BENDER BENJAMIN SCHULTZ MANAGING DIRECTOR SENIOR ADVISOR 248.254.3410 D: 248.419.3810 D: 248.254.3409 fortisnetlease.com [email protected] [email protected]