5885 US-131 BUS - Freestanding FOR SALE


Manton, MI 49663
$1,642,000 USD
678-808-2762
5885 US-131 BUS, Manton, MI for Sale
$1,642,000 USD
Freestanding - FOR SALE
1/3
null | 6.6% Cap Rate

5885 US-131 BUS
Manton, MI 49663


HIGHLIGHTS

  • 14.25 YEAR CORPORATE NNN LEASE WITH RENT INCREASES IN INITIAL TERM
  • LOW RENT & PRICE POINT
  • NEW CONSTRUCTION 10,640 SF DOLLAR GENERAL
  • NEAR CADILLAC | 2ND MOST POPULATED CITY IN NORTHERN MICHIGAN
  • INVESTMENT GRADE TENANT (S&P: BBB) WITH 21,000 LOCATIONS

OVERVIEW

14.25 YEAR CORPORATE NNN LEASE WITH RENT INCREASES IN INITIAL TERM • Subject Property has 14.25 years left of a 15-year corporate guaranteed NNN lease with Dollar General with 5% rent increases every 5 years. • Tenant is 100% responsible for all expenses including parking lot, taxes, insurance, roof and structure. • There are 5% rent increases in each of the five, 5-year option periods. LOW RENT & PRICE POINT • This Dollar General has a low rent of $108,316 which equates to a low price point of $1,642,000. NEW CONSTRUCTION 10,640 SF DOLLAR GENERAL • 10,640 SF upgraded construction Dollar General Market located in Manton, MI. • The subject property is open and rent commenced in March 2024. NEAR CADILLAC | 2ND MOST POPULATED CITY IN NORTHERN MICHIGAN • Cadillac is 12 minutes south of Manton and is the 2nd most populated city in Northern Michigan. • Home to Baker College of Cadillac (1,340 students), a private, non-profit institution offering a range of associate and bachelor’s degree programs. • National Retail in Cadillac includes Walmart, Home Depot, ALDI, Dollar Tree, Meijer, Tractor Supply, Hobby Lobby, TJ-Maxx, Save-a-lot, Harbor Freight, and more. • Manufacturing is a significant sector in Cadillac, Michigan, employing over 26% of the city’s labor force. Notable companies include Avon Automotive, Cadillac Area Public Schools, and Four Winns/ Glastron/Wellcraft/Rec Boat, each employing between 500 and 999 individuals. • In 2023 tourists spent $1.09 billion on lodging, food and beverage, retail, recreation, and transportation in the Northwest Michigan region. INVESTMENT GRADE TENANT (S&P: BBB) WITH 21,000 LOCATIONS • Dollar General is a publicly traded (NYSE: DG) Fortune 500 company with an S&P investment grade credit rating of BBB. • Currently over 21,000 locations and plans to open 750 stores in 2025. • Dollar General has been in business for 80 years and has a current net worth of over $18.16

FOR SALE DETAILS

PRICE

$1,642,000 USD

PRICE/SF

$154 USD /SF

CAP RATE

6.6%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Dollar General

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2024

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

1.86 AC

LAND SF

81,022 SF

ZONING

-

APN/PARCEL ID

2309-04-1102

ASK ABOUT THIS PROPERTY

Don McMinnMarcus & MillichapMore Info
678-808-2762

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Don McMinnMarcus & MillichapMore Info
678-808-2762

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