2258 Springvale Rd - Retail FOR SALE


Morristown, TN 37813
$1,250,000 USD
248-419-3657
2258 Springvale Rd, Morristown, TN for Sale
$1,250,000 USD
Retail - FOR SALE
1/5
null | 6.18% Cap Rate

2258 Springvale Rd
Morristown, TN 37813


HIGHLIGHTS

  • Absolute NNN 15 Year Lease | Zero Landlord Responsibilities
  • Hard Corner Location | 9,000+ Cars Per Day Visibility
  • Five (5 Year) Options | 10% Rental Increase At Each Option
  • Three Mile Household Income $61,118
  • 1,3,5 - Mile Population Growth
  • Investment Grade Dollar Store with "BBB" Credit Rating

OVERVIEW

Fortis Net Lease is pleased to present this 9,026 SF Dollar General store located in Morristown, Tennessee. The property is secured with a Fifteen (15) Year Absolute NNN Lease, leaving zero landlord responsibilities. The lease contains 5 (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 classi?ed as Investment Grade. The store, originally opened in 2016, continues to perform exceptionally well. This Dollar General is highly visible as it is strategically positioned on the corner of Enka Hwy and Springvale Rd, which sees over 9,000 cars per day. The ?ve-mile population from the site is 35,254 while the ?ve-mile average household income is $61,118 per year, making this location ideal for a Dollar General. This area is experiencing great growth with the 1-mile population growth rate at 3%. The Subject offering represents an ideal opportunity for a 1031 exchange buyer or a “passive” investor to attain the fee simple ownership of a Dollar General. This investment will offer a new owner continued success due to the ?nancial strength and the proven pro?tability of the tenant, the nation’s top dollar store. List price re?ects a 6.18% cap rate based on NOI of $77,250.

FOR SALE DETAILS

PRICE

$1,250,000 USD

PRICE/SF

$158 USD /SF

CAP RATE

6.18%

% LEASED

-

TENANCY

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2016

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

-

LAND SF

-

ZONING

B

APN/PARCEL ID

051-029.00

ASK ABOUT THIS PROPERTY

Andrew BenderFortis Net LeaseMore Info
248-419-3657

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Andrew BenderFortis Net LeaseMore Info
248-419-3657

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