3501 Highway 72 W - Freestanding FOR SALE


Corinth, MS 38834 | 
$649,000 USD
662-816-6116
3501 Highway 72 W, Corinth, MS for Sale
$649,000 USD
Freestanding - FOR SALE
1/7
null | 8.51% Cap Rate

3501 Highway 72 W
Corinth, MS 38834


HIGHLIGHTS

  • 23 years of continuous occupancy in an original 2003 build-to-suit, constructed to Dollar General's own prototype plans.
  • Four affirmative extensions: 2010, 2015, 2020 and 2025. In place rent of $6.82/SF sits well below what new Dollar General construction commands.
  • 8.51% going-in yield on NN income. The tenant reimburses real estate taxes, pays property insurance, and reimburses $250 a month toward parking lot.
  • Corporate Dollar General credit (NYSE: DG) -- an investment-grade tenant (S&P BBB). Not a franchisee.

OVERVIEW

Russell Commercial Advisory is pleased to present a freestanding, 2003-built Dollar General in Corinth, Mississippi, offered at $649,000, an 8.51% cap on $55,200 of NN income. The store sits on a 0.84-acre parcel with roughly 244 feet of direct frontage on four-lane US Highway 72 West, one parcel west of the signalized Norman Road intersection, on a corridor carrying 19,800 to 21,500 vehicles per day. It is 0.4 miles from Magnolia Regional Health Center and the surrounding medical cluster, 0.6 miles from the US-45 interchange and two miles from downtown Corinth. The tenant is Dollar General (NYSE: DG, S&P BBB), corporate credit, not a franchisee. The lease is NN: the tenant reimburses real estate taxes, pays property insurance directly to the carrier, and reimburses $250 per month toward the parking lot, while ownership retains roof, structure, paving and HVAC. Approximately 3.7 years remain through May 31, 2030, followed by one final five-year option at $4,700 per month through May 2035. What sets this store apart is its record. It is an original Dollar General build-to-suit, constructed in 2003 to the tenant's own prototype plans with a $16,000 tenant contribution toward construction, and Dollar General has occupied it continuously for 23 years across four affirmative extensions in 2010, 2015, 2020 and 2025. In-place rent of $6.82 per square foot sits well below market, which is the strongest renewal indicator there is. Corinth is the Alcorn County seat and a genuine regional trade center, anchored by Magnolia Regional Health Center, a diversified manufacturing base and three intersecting rail lines, with about 16,785 residents and $308 million of buying power within five miles. Roof and HVAC condition reporting is available to qualified buyers and the pricing reflects it. Offered in cooperation with Bang Realty of Mississippi, Inc. (Broker of Record).

FOR SALE DETAILS

PRICE

$649,000 USD

PRICE/SF

$81 USD /SF

CAP RATE

8.51%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Dollar General – Corinth, MS | NN, 8.51% Cap

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2003

SPRINKLERS

-

PARKING SPACES

33

LAND DETAILS

LAND ACRES

0.84 AC

LAND SF

36,590 SF

ZONING

5300

APN/PARCEL ID

0802-09-1A-00103

ASK ABOUT THIS PROPERTY

Josh JordanRussell Commercial AdvisoryMore Info
662-816-6116

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Josh JordanRussell Commercial AdvisoryMore Info
662-816-6116

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