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Views: 35 DOM: 90 Updated: 04.11.24 Posted: 02.16.24 Status: Active

Summary

Price $2,022,000
Built/Renov 1980/2023
Tenant Dollar General
Cap Rate 6.80%
Lease Type Double NN
Guarantor Corp T and Rated
Size/SF 6,959
Lease Start 06-01-2023
#Units 19,294
Price/SF $290.56
Expiration 06-01-2033
Tenant Type Dollar/Discount
NOI $137,500
R. Term 9.0
Ownership Fee Simple
Rent/SF $19.76
Increases 10.0%/9/yrs
Pop 5Mi 73,570
Lot/AC 0.17
Options 2/5yrs/10%
AHHI 5Mi $77,482

Lease Highlights

  • Dollar General has 9+ years remaining on the current lease term with 2 (5-year) options to extend
  • The lease features 10% rental escalations at the start of each option period
  • Transferrable roof warranty included 
  • Corporate guarantee (NYSE: DG)
  • Investment grade tenant (S&P: BBB)

Location Description

Dollar General is strategically located near the signalized, hard corner intersection of N. Albany Ave/U.S. Hwy 40 and Norsex Ave, with access to a combined daily traffic count of 41,200 vehicles. The property is conveniently situated just three blocks from the renowned Atlantic City boardwalk, one of the most sought-after tourist destinations in the United States, attracting an average of 27...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Dollar General
  • Guarantor:Corp T and Rated
  • Company:Dollar General Corp.
  • # Units:19,294
  • Tenant S&P: BBB
  • Moody’s: Baa2
  • Stock: NYSE: DG

About Tenant

Dollar General Corporation (NYSE: DG) is an American chain of variety stores. As of 2023, Dollar General operates more than 19,200 stores in 47 states and Mexico. The stores deliver everyday low...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 19,084 49,572 72,509
2023 Total Population : 19,587 50,244 73,570
2023 Employed Civilian Pop : 9,550 22,236 33,211
2023 Total Businesses : 545 1,952 2,805
2023 Average Household Income : $ 71,202 $ 69,448 $ 77,482
2023 Total Consumer Spending : $ 448 M $ 1308 M $ 2079 M
2023 Median Age : 35 40 41
2023 Total Households : 7,263 21,644 30,903
2023 Pop Age 25+: Bachelor's Degree : 2,190 5,713 8,511
2023 Average Home Value : $ 315,918 $ 396,851 $ 411,905
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Captain John A O Donnell Parkway N Albany Ave 2017 7,686 0.06 mi
North Albany Avenue Sunset Ave 2017 28,030 0.08 mi
Albany Boulevard Captain John A O Donnell Pkwy 2018 27,481 0.09 mi
North Hartford Avenue Ventnor Ave 2018 9,507 0.10 mi
Atlantic Avenue S Hartford Ave 2017 12,140 0.16 mi
Ventnor Avenue N Annapolis Ave 2018 7,535 0.23 mi
Sunset Avenue N Boston Ave 2017 9,490 0.27 mi
Ventnor Avenue Ventnor Ave 2018 8,019 0.28 mi
Porter Avenue Warrena Rd 2018 2,681 0.32 mi
Porter Avenue 2019 776 0.34 mi

Listing Broker

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