Building Details

Year Built 2019

Year Renovated 2026

Tenancy Single

Listing Agency: Matthews

Listed By: Scotty Latimer · License #790608

Source: Crexi

Added: Aug 11 Changed: Aug 29 Last Checked: Aug 28 at 7:16AM

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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 Matthews

Investment Insights

Based on property information with market context.

This 7,260-square-foot Dollar General store was completed in 2019 as an upgraded build-to-suit property. The lease is structured as absolute NNN, and the obligation is backed by a corporate guaranty from Dollar General Corporation, which holds a BBB investment-grade rating.

The property is located at 11510 Luthersville Rd in Gay, Georgia, approximately one hour south of Atlanta and 40 miles from Hartsfield-Jackson Atlanta International Airport. A 2026 remodel investment reflects the tenant’s continuing commitment to the location. The nearest dollar store is reported to be more than 9 miles away, while the surrounding 5-mile trade area has annual household income of $82,281 and projected five-year population growth of 10.25%.

Key Highlights

• 7,260‑square‑foot Dollar General store completed in 2019
• Absolute NNN lease structure
• Corporate guaranty from Dollar General Corporation

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

$102,115

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

9.16%

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%

$2,042,300 $2.0M

Cap Rate 7%

$1,458,786 $1.5M

Cap Rate 9%

$1,134,611 $1.1M

Market Conditions

NOI Build-Up for 7,260 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

$159.4K $21.96/SF

− Vacancy

−$13.6K −$1.87/SF

EGI

$145.9K $20.09/SF

− OpEx

−$43.8K −$6.03/SF

NOI

$102.1K $14.07/SF

Area

Meriwether County, GA

Vacancy

8.50%

Lease Rate

$21.96 /SF/Yr

Expense Ratio

30.00%

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%

$2,042,300

Cap Rate 7%

$1,458,786

Cap Rate 9%

$1,134,611

Alternative Uses

Best Use

Specialty Retail

$1.67M

$1.46M – $1.94M (±1% cap)

NOI $116,671 @ 7.0% cap · market cap 10.46%

Second Best

Retail

$1.46M

$1.28M – $1.70M (±1% cap)

NOI $102,115 @ 7.0% cap · market cap 9.16%

Theoretical Best

Office A

$2.03M

$1.78M – $2.37M (±1% cap)

NOI $142,061 @ 7.0% cap · market cap 12.74%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Western Union Bank Dollar General Discount Store

Suggested Use

Top Pick Garden Center Auto Repair Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

4

Businesses Nearby

Explore this area Business Placement

Demographics for 30218, GA

1,892

Population

699

Households

2.7

Avg Household Size

48

Median Age

17%

College-Educated

82%

High-School Grad

65.8 sq mi

ZIP Area

29

Density / Sq Mi

$62,384

Median Household Income

$30,962

Median Earnings

$1,397

Median Rent

$187,400

Median Home Value

Market

Vacancy Rate% for Retail in South region

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

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Frequently Asked Questions

What type of property is this?

NNN property - 2019 build-to-suit store with an absolute NNN lease and corporate guaranty.

Where is this nnn property located?

The property is located at 11510 Luthersville Rd Gay, GA.

What is the asking price?

The asking price for this property is $1,115,234.

What are key features of this property?

This property features: 7,260‑square‑foot Dollar General store completed in 2019; Absolute NNN lease structure; Corporate guaranty from Dollar General Corporation