New Dollar General Plus
For Sale
Contact for pricing
10464 Old US Hwy 27 S, Gaylord, MI 49735
New Dollar General Plus store in Gaylord, Michigan.
Property Size10,640 SF
Price / SF$216.50
Days on Market401
Property Features for 10464 Old US Hwy 27 S
General Information
Standard status
Active
Size
10,640 SF
Property subtype
Retail
Zoning
Commercial
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$154,335
Building Details
Year Built
2025
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Fortis Net Lease
(248) 419-3810
Listed By:
Bryan Bender · License #MI 6501319610
Source:
Crexi
Added: Jul 11, 2025
Changed: Aug 8
Last Checked: Jul 22 at 8:17AM
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.
This property features a 10,640 square foot Dollar General Plus store, completed in August 2025. The property is located off of Old US Highway 27 S in Gaylord, Michigan, in an area with limited competition, with the next dollar store being over 7 miles away. The surrounding area within a 10-mile radius has a population of 14,950, and the average household income within a 3-mile radius is $72,196 per year. The population growth rate within 3 miles is 9.16%. The property is subject to a 15-year Absolute NNN Lease, providing zero landlord responsibilities. The lease includes 5% rental rate increases every 5 years, including at each of the 5-year renewal options. The lease is corporately guaranteed by Dollar General Corporation, which holds an investment-grade credit rating of "BBB". This property is suited for a 1031 exchange buyer or a passive investor seeking fee simple ownership of a Dollar General store. The investment aims to offer continued success due to the financial strength and profitability of the tenant. Gaylord is known as the "Alpine Village" and is located in the heart of northern Michigan. It is recognized for its Alpine-style architecture and year-round recreational opportunities.
Key Highlights
- Brand new (2025) Dollar General Plus store with a 15‑year Absolute NNN lease.
- Corporately guaranteed lease by Dollar General Corporation (credit rating “BBB” - Investment Grade).
- Attractive 6.70% cap rate based on a Net Operating Income (NOI) of $154,335.
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
$118,342
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
5.14%
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%
$2,366,840
$2.4M
Cap Rate 7%
$1,690,600
$1.7M
Cap Rate 9%
$1,314,911
$1.3M
Market Conditions
NOI Build-Up for 10,640 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
$164.7K $15.48/SF
− Vacancy
−$6.9K −$0.65/SF
EGI
$157.8K $14.83/SF
− OpEx
−$39.4K −$3.71/SF
NOI
$118.3K $11.12/SF
Area
Otsego County, MI
Vacancy
4.20%
Lease Rate
$15.48 /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%
$2,366,840
Cap Rate 7%
$1,690,600
Cap Rate 9%
$1,314,911
Alternative Uses
Best Use
Specialty Retail
$1.69M
$1.48M – $1.97M
NOI $118,342 @ 7.0% cap · market cap 5.14%
Second Best
Retail
$1.58M
$1.38M – $1.84M
NOI $110,453 @ 7.0% cap · market cap 4.79%
Theoretical Best
Warehouse
$14.57M
$12.75M – $17.00M
NOI $1,020,163 @ 7.0% cap · market cap 44.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
64
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49735, MI
20,568
Population
11,551
Households
1.8
Avg Household Size
44
Median Age
27%
College-Educated
94%
High-School Grad
248.6 sq mi
ZIP Area
83
Density / Sq Mi
$69,050
Median Household Income
$39,813
Median Earnings
$876
Median Rent
$200,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Grocery and convenience store - New Dollar General Plus store in Gaylord, Michigan.
Where is this grocery and convenience store located?
The property is located at 10464 Old US Hwy 27 S Gaylord, MI.
What is the asking price?
The asking price for this property is $2,303,507.
What are key features of this property?
This property features: Brand new (2025) Dollar General Plus store with a 15‑year Absolute NNN lease.; Corporately guaranteed lease by Dollar General Corporation (credit rating “BBB” - Investment Grade).; Attractive 6.70% cap rate based on a Net Operating Income (NOI) of $154,335.
