Dollar General Market
For Sale
Contact for pricing
1035 West Michigan Avenue, Pensacola, FL 32526
Built in 2023 and leased under an absolute NNN structure.
Property Size12,480 SF
Price / SF$162.61
Days on Market56
Property Features for 1035 West Michigan Avenue
General Information
Standard status
Active
Size
12,480 SF
Property subtype
Retail
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$118,716
Building Details
Year Built
2023
Units
1
Tenancy
Single
Listing Agency:
Exclusive Realty
Listed By:
Steve Sagmani · License #MI 6502426558
(248) 833-6601
Source:
Crexi
Added: Jul 29
Changed: Sep 22
Last Checked: Sep 21 at 7:03AM
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 Exclusive Realty
Investment Insights
Based on property information with market context.
This 12,480-square-foot Dollar General Market property was completed in 2023 and is occupied by the Dollar General brand. The asset is subject to a long-term absolute NNN lease, establishing a defined lease structure for the property.
The store is located at 1035 West Michigan Avenue in Pensacola, Florida, with access from a major avenue serving local residents and surrounding neighborhoods. Its retail format and established branded occupancy provide a straightforward profile for investors evaluating a leased commercial property.
The store is located at 1035 West Michigan Avenue in Pensacola, Florida, with access from a major avenue serving local residents and surrounding neighborhoods. Its retail format and established branded occupancy provide a straightforward profile for investors evaluating a leased commercial property.
Key Highlights
- 12,480 SF Dollar General Market property
- Completed in 2023
- Long‑term absolute NNN lease
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$149,232
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.35%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,984,640
$3.0M
Cap Rate 7%
$2,131,886
$2.1M
Cap Rate 9%
$1,658,133
$1.7M
Market Conditions
NOI Build-Up for 12,480 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$217.2K $17.40/SF
− Vacancy
−$18.2K −$1.46/SF
EGI
$199.0K $15.94/SF
− OpEx
−$49.7K −$3.99/SF
NOI
$149.2K $11.96/SF
Area
Escambia County, FL
Vacancy
8.37%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,984,640
Cap Rate 7%
$2,131,886
Cap Rate 9%
$1,658,133
Alternative Uses
Best Use
Specialty Retail
$2.13M
$1.87M – $2.49M
NOI $149,232 @ 7.0% cap · market cap 7.35%
Second Best
Retail
$2.02M
$1.76M – $2.35M
NOI $141,051 @ 7.0% cap · market cap 6.95%
Theoretical Best
Office A
$3.66M
$3.20M – $4.27M
NOI $256,390 @ 7.0% cap · market cap 12.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
266
Businesses Nearby
9k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Dollar General
Shops & Services
8,724 visits/mo
0.1 miles
Demographics for 32526, FL
43,029
Population
18,478
Households
2.3
Avg Household Size
41
Median Age
24%
College-Educated
93%
High-School Grad
58.4 sq mi
ZIP Area
737
Density / Sq Mi
$71,651
Median Household Income
$40,565
Median Earnings
$1,287
Median Rent
$230,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Built in 2023 and leased under an absolute NNN structure.
Where is this nnn property located?
The property is located at 1035 West Michigan Avenue Pensacola, FL.
What is the asking price?
The asking price for this property is $2,029,333.
What are key features of this property?
This property features: 12,480 SF Dollar General Market property; Completed in 2023; Long‑term absolute NNN lease
