Dollar General Double-Net Retail
For Sale
Contact for pricing
101 Prospect Ave, Velva, ND 58790
9,100 SF Dollar General under construction on a corner with a 10-year double-net lease.
Property Size9,100 SF
Days on Market123
Property Features for 101 Prospect Ave
General Information
Standard status
Active
Size
9,100 SF
Property subtype
Retail
Site & Location
Traffic Count
4,411 vehicles/day
Highway Access
Yes
Road Access
Yes
Additional Details
Cap Rate
7.15%
Building Details
Tenancy
Single
Listing Agency:
Fortis Net Lease
(248) 419-3810
Listed By:
Bryan Bender · License #MI 6501319610
Source:
Crexi
Added: Apr 11
Changed: Aug 8
Last Checked: Jul 20 at 6:01PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Fortis Net Lease
Investment Insights
Based on property information with market context.
Fortis Net Lease presents a 9,100 SF retrofit Dollar General store located in Velva, North Dakota. The property is under construction with rent scheduled to commence in August 2020. The site will be covered by a 10-year Double Net (NN) lease that leaves minimal landlord responsibilities, along with four five-year renewal options. Renewal options include a 10% rental rate increase. The lease is corporately guaranteed by Dollar General Corporation, which is described as having a “BBB” credit rating and is classified as Investment Grade.
The store is positioned on a corner of Prospect Street and S. Main Street, just off of West St (Highway 52). The public remarks report Highway 52 sees 4,411 cars per day. The stated demographic metrics include a 10-mile population of 2,192 and a three-mile average household income of $82,622 per year. This offering is presented as fee simple ownership suitable for a 1031 exchange buyer or a “passive” investor. The remarks also note the list price reflects a 7.15% cap rate based on NOI of $89,090.
The store is positioned on a corner of Prospect Street and S. Main Street, just off of West St (Highway 52). The public remarks report Highway 52 sees 4,411 cars per day. The stated demographic metrics include a 10-mile population of 2,192 and a three-mile average household income of $82,622 per year. This offering is presented as fee simple ownership suitable for a 1031 exchange buyer or a “passive” investor. The remarks also note the list price reflects a 7.15% cap rate based on NOI of $89,090.
Key Highlights
- 9,100 SF Dollar General store in Velva, North Dakota, under construction
- 10‑year double‑net (NN) lease with rent scheduled to commence in August 2020
- Lease includes four (5) Yr renewal options with a 10% rental rate increase
Property Analytics
Current Use
Lease Details
4,411 VPD
Traffic count
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
143
Businesses Nearby
12k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Cenex
Shops & Services
9,500 visits/mo
0.3 miles
Dollar General
Shops & Services
2,915 visits/mo
0.2 miles
Demographics for 58790, ND
1,654
Population
649
Households
2.5
Avg Household Size
40
Median Age
25%
College-Educated
95%
High-School Grad
185.0 sq mi
ZIP Area
9
Density / Sq Mi
$81,563
Median Household Income
$49,184
Median Earnings
$732
Median Rent
$232,500
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Grocery and convenience store - 9,100 SF Dollar General under construction on a corner with a 10-year double-net lease.
Where is this grocery and convenience store located?
The property is located at 101 Prospect Ave Velva, ND.
What are key features of this property?
This property features: 9,100 SF Dollar General store in Velva, North Dakota, under construction; 10‑year double‑net (NN) lease with rent scheduled to commence in August 2020; Lease includes four (5) Yr renewal options with a 10% rental rate increase
