This is a great investment for someone who wants a credit tenant and with minimal management required. Prefab metal building of 9,100 sf which is the DG prototype store in rural areas. This one has an oversized lot, the corner is a Miss. DOT Right of Way ensuring visibility from two streets. Also parking area is all concrete paved and some DG's are blacktop. Dollar General just exercised option to renew for 5 more years at increased rent and paying percentage rent.
This is technically a NN lease whereby Dollar General pays a base rent of $3,959 per month ($47,508/yr.). They reimburse for taxes and insurance. They also pay $187.89/mo. for maintenance reimbursement which is primarily for cutting the grass and having parking lot kept clean. This is the one maintenance item the Landlord has. LL is responsible for roof and structure.
In addition this lease has a percentage rent clause and the total NOI is currently $58,067/yr. of which $10,559 is percentage rent. That makes the cap rate almost 9%.
The site is on a major U.S. Hwy (11) which parallels I-59. Great community with improving demographics in terms of both population and income. Increasingly becoming a bedroom community to New Orleans and the Gulf Coast.
Demographics attached to the listing on LACDB showing growing demographics as stated above and also "Retail Market Place Report" showing high demand for retail sales in the town/zip code. Survey also attached.
Easily within an hour of New Orleans so easy to visit and inspect.
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