1138 Lake St - Retail FOR SALE


Tawas City, MI 48763
$2,062,602 USD
734-755-6359
1138 Lake St, Tawas City, MI for Sale
$2,062,602 USD
Retail - FOR SALE
1/4
null | 6.65% Cap Rate

1138 Lake St
Tawas City, MI 48763


HIGHLIGHTS

  • 5% RENTAL RATE INCREASES EVERY 5 YEARS
  • Huge Tourist Area of North Eastern Michigan
  • Seeing 7,446 Cars Per Day
  • 2025 BTS Construction | Plus Size Footprint
  • Ten Mile Population 11,235 & Growing

OVERVIEW

Fortis Net Lease is pleased to present this brand new 10,640 SF. Dollar General Plus store located in Tawas City, Michigan - an attractive tourist area on the East coast of the state. The property is secured with a 15 year Absolute NNN Lease leaving zero landlord responsibilities. The lease contains 5% rental rate increases every 5 years including at each of the 5 (5 year) options to renew! The lease is corporately guaranteed by Dollar General Corporation which holds a credit rating of “BBB”, which is classified as Investment Grade. The store is currently under construction with rent and store opening on track for February 2025. This Dollar General is highly visible as it is strategically positioned on W Lake Street which sees 7,446 cars per day. The 10 mile population from the site is 11,235 while the 3 mile average household income is $62,575 per year, making this location ideal for a Dollar General. The Subject offering represents an ideal opportunity for a 1031 exchange buyer or a “passive” investor to attain the fee simple ownership of Dollar General. This investment will offer a new owner continued success due to the financial strength and the proven profitability of the tenant, the nation’s top small box discount retailer. List price reflects a 6.65% cap rate based on NOI of $137,163.

FOR SALE DETAILS

PRICE

$2,062,602 USD

PRICE/SF

$194 USD /SF

CAP RATE

6.65%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Dollar General Plus with Bumps

PROPERTY TYPE

Retail

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2024

SPRINKLERS

-

PARKING SPACES

30

LAND DETAILS

LAND ACRES

1.75 AC

LAND SF

76,230 SF

ZONING

C

APN/PARCEL ID

13003630001501

ASK ABOUT THIS PROPERTY

Bryan BenderFortis Net LeaseMore Info
734-755-6359

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Bryan BenderFortis Net LeaseMore Info
734-755-6359

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.