Family Dollar

Goshen, Indiana

Offering Summary

  • Status: accepted offer
  • Price: $399,000
  • CAP Rate: 7.58%
  • Term: 3 Years
  • Net Operating Income: $30,250
  • Price/SF: $53.20
  • Year(s) Built: 1978
  • Lot Size (Acres): 0.66
  • Lease Type: Double-Net
  • Family Dollar Double-Net Lease with Over 3 Years Remaining in Goshen, IN
  • Open for Business 7 Days a Week and Paying Rent During the COVID-19 Pandemic
  • Bite Size Net Leased Investment – $399K for 7,500 SF All-Brick Building on 0.66-Acre
  • Very Cheap Rent of $4/SF which is 35-60% Less than most other Freestanding Family Dollar Stores in the Midwest
  • Priced Well-Below Replacement Cost at $53/SF with High Intrinsic Value in the Real Estate
  • Phenomenal Location – Shadowed by Martin’s Super Market, Across from Massive Retirement Community, and Surrounded by Dense Infill Streets of Single-Family and Multi-Family Housing
  • Publicly-Traded Company with S&P “BBB-“ and Moody’s “Baa3” Investment-Grade Credit, $20 Billion Market Cap (Nasdaq: DLTR)
  • Safe, Long-Term Real Estate Play – Quality of Location will Allow for Easier Re-Tenanting at Higher Rent and Potential Viable Uses Include Retail, Office, and Medical Office should Family Dollar Ever Leave
  • Two, 5-Year Options Remaining with 10% Rent Increases in Each
  • Dense Middle-Income Demographics: 7,485 Residents in 1-Mi, 30,680 Residents in 3-Mi & 48,136 Residents in 5-Mi; AHHI of $65-71K within 1-, 3- & 5-Mi Radii
  • Closest Dollar Store to Goshen College and Goshen Hospital, Both Located Just 0.8-Mile West of Family Dollar
  • Just 0.7-Mile West of Lincoln Highway – Major Retail Corridor and Arterial Road with 24,000 Cars/Day
  • Major Manufacturing Hub for Recreational Vehicles – Over 7.2 Million SF of Industrial Space Leased to 99.7% Occupancy within 2 Miles of Family Dollar
  • Goshen is the County Seat of Elkhart County, Located 10 Miles Southeast of Elkhart, 25 Miles Southeast of South Bend, and 90 Miles East of Chicagoland

Bryan Baetjer