23300 435th Ave - Retail FOR SALE


Howard, SD 57349
$1,076,571 USD
734-755-6359
23300 435th Ave, Howard, SD for Sale
$1,076,571 USD
Retail - FOR SALE
1/4
null | 7.35% Cap Rate

23300 435th Ave
Howard, SD 57349


HIGHLIGHTS

  • 15 Year Absolute NNN Lease | 6.5 Years Remaining on Primary Term
  • Concrete Parking Lot
  • Corner Site | Seeing 2,746 Cars Per Day
  • 3% Rental Rate Increase at Year 11
  • Limited Competition Area | Next Dollar Store 18+ Miles Away
  • Dollar General Corporate Guaranty

OVERVIEW

Fortis Net Lease is pleased to present this 9,026 SF. Dollar General store located in Howard, South Dakota. The property is secured with an Absolute NNN Lease leaving zero landlord responsibilities, with 6.5 years remaining on the primary term. The lease contains a 3% rental rate increases at year 11 and 10% increases at each of the 4 (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 has open & successfully operating since September 2017. This Dollar General is highly visible as it is strategically positioned on the corner of 435th Avenue & 233rd Street seeing 2,746 cars per day. The 10 mile population from the site is 1,787 and the 3 mile average household income is $54,631 per year, making this location ideal for a Dollar General. The store is the only dollar store serving the community with no competition within 18 miles! 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. List price reflects a 7.35% cap rate based on NOI of $79,128. Instate Broker of Record: Brian Brockman | Bang Realty

FOR SALE DETAILS

PRICE

$1,076,571 USD

PRICE/SF

$119 USD /SF

CAP RATE

7.35%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2017

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

2.03 AC

LAND SF

88,427 SF

ZONING

Commercial

APN/PARCEL ID

1009

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 Notice.