Dollar General

Westland, Michigan

Offering Summary

  • Status: closed
  • Price: $1,343,215
  • CAP Rate: 6.75%
  • GLA: 9,100 SF
  • Net Operating Income: $90,667
  • Price/SF: $150
  • Year(s) Built: 1966
  • Year(s) Renovated: 2012
  • Lot Size (Acres): 0.9
  • Lease Type: Double Net
  • Major Tenants: Dollar General
  • Dollar General Double-Net Lease with 6.5 Years Remaining in Infill Suburban Detroit (Westland, MI)
  • Extremely Dense Infill Location Along Major Arterial with 14,000 Residents within a One-Mile Radius
  • 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 on Merriman Road Less Than 1-Mile North of Michigan Avenue – High Traffic North-South  Corridor with 40,000 VPD
  • E-Commerce Resistant, Recession- Proof, and Pandemic-Proof Business Model – Stayed Open and  Paying Rent During COVID Shutdowns
  • 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 – Masonry Construction with Prototypical 9,100 SF Footprint and Excellent Visibility
  • Dense Middle-Income Demographics in all Radius Rings – 114,550 Residents in 3-Mi & 267,725 Residents in 5-Mi; 5-Mi AHHI of $66K
  • 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