2301 Route 37 - Convenience Store FOR SALE


Fort Covington, NY 12937
$1,156,210 USD
248-254-3406
2301 Route 37, Fort Covington, NY for Sale
$1,156,210 USD
Convenience Store - FOR SALE
1/6
null | 8.1% Cap Rate

2301 Route 37
Fort Covington, NY 12937


HIGHLIGHTS

  • 15 Year Absolute NNN Lease
  • Zero Landlord Responsibilities
  • 4 (5 Year) Options | 10% Increases At Each Option
  • 4,231 Vehicles Per Day
  • Investment Grade Dollar Store With "BBB" Credit Rating
  • On Main Thoroughfare

OVERVIEW

Fortis Net Lease is pleased to present this 9,219 SF Dollar General store located in Fort Covington, NY. The property is secured with a 15 year Absolute NNN Lease leaving zero landlord responsibilities. The lease has remaining 4 (5 year) options to renew, each with a 10% rental rate increase. The lease is corporately guaranteed by Dollar General Corporation which holds a credit rating of “BBB”, which is classified as Investment Grade. The store has been open & operating successfully since August 2015. This Dollar General is highly visible as it is strategically positioned along NY-37 which sees 4,231 vehicles per day. The ten mile population from the site is 8,493 while the ten mile average household income $58,962 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 dollar store.

FOR SALE DETAILS

PRICE

$1,156,210 USD

PRICE/SF

$125 USD /SF

CAP RATE

8.1%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Dollar General

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Convenience Store

ADD'L SUBTYPES

Drug Store, Freestanding, Storefront

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2015

SPRINKLERS

-

PARKING SPACES

43

LAND DETAILS

LAND ACRES

2 AC

LAND SF

87,120 SF

ZONING

C-1

APN/PARCEL ID

164200-005-000-0001-031-300-0000

ASK ABOUT THIS PROPERTY

Robert BenderFortis Net LeaseMore Info
248-254-3406

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Robert BenderFortis Net LeaseMore Info
248-254-3406

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