Dollar General

Allen Park, Michigan

Offering Summary

  • Status: closed
  • Price: $1,350,338
  • CAP Rate: 6.80%
  • GLA: 9100 SF
  • Net Operating Income: $91,823
  • Price/SF: $152
  • Year(s) Built: 1984
  • Year(s) Renovated: 2012
  • Lot Size (Acres): 0..52
  • Lease Type: Double Net
  • Major Tenants: Dollar General
  • Dollar General Double-Net Lease with 6 Years Remaining in Infill Suburban Detroit (Allen Park, MI)
  • Extremely Dense Infill Location Along Major Arterial with 15,300 Residents within a One-Mile Radius; Middle-Income Demos with $78K AHHI
  • Five-Year Extension Exercised Over Four Years in Advance of Initial Lease Expiration at 5% Increase in Rent Demonstrating Strong Commitment to the Site
  • Located Just Two Blocks North of Southfield Road (58,000 VPD) on Allen Road (14,000 VPD) – 72,000 VPD at Intersection
  • E-Commerce Resistant, Recession-Proof, and Pandemic-Proof Business Model –Stayed Open and Paying Rent During COVID Shutdowns
  • Located at Signalized Intersection with Two Points of Ingress/Egress on to both Allen Road and Horger Avenue, Easy Accessibility with Dedicated Turning Lane on Allen Road
  • Investment-Grade Tenant Carrying S&P “BBB” Credit Rating
  • Double-Net Lease with Minimal Landlord Responsibilities – Mostly Just Roof & Structure; Tenant Responsible for HVAC and Parking Lot Repairs, and Parking Lot Sealing & Striping
  • Dollar General is a $50 Billion Market Cap Publicly-Traded Company with 17,300+ Stores in 46 States
  • Dollar General Boasts 31 Years of Consecutive Same-Store Sales Growth and Saw 21.6% YOY Revenue Growth to $33.75 Billion
  • Dollar General Plans to Open 1,000+ New Stores in 2021, Along with Completing 1,750 Remodels
  • Complete Gut Renovation of Existing Building in 2012 – Highly Durable Concrete Block Construction with Prototypical 9,100 SF Footprint and Excellent Visibility
  • Dense Middle-Income Demographics – 125,350 Residents in 3-Mi & 283,580 Residents in 5-Mi; AHHI of $63-78K within all Radius Rings
  • Detroit MSA – Home to a Population of 4.3 Million, Top 15 MSA in the US with Major Employers Including Ford, Fiat Chrysler, General Motors, University of Michigan, Beaumont Health, U.S. Government, Henry Ford Health, Rocket Companies, and More
EXCLUSIVELY LISTED BY:

Erin Patton

Senior Managing Director