Building Details

Building Size 9,301 SF

Year Built 2013

Buildings 1

Stories 1

Listing Agency: Encore Real Estate Investment Services

Listed By: Deno Bistolarides · License #MI 6502378067 Show Phone

Source: Cpix.resimplifi

Added: Jun 25, 2024 Changed: Oct 8 Last Checked: Oct 23 at 3:38AM

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Investment Insights

Based on property information with market context.

This 9,301 square foot building, constructed in 2013 to suit Dollar General's specifications, is situated on 1.83 acres. The property is under an absolute NNN lease, offering zero landlord responsibilities. With over 4 years remaining on the lease, it includes five 5-year options to renew, each with increases in the option period. The location in Caledonia, a growing suburban market 20 minutes from downtown Grand Rapids, benefits from strong retail, residential, and industrial growth. The lease is corporately backed by Dollar General, rated "BBB" by Standard & Poor's. The property is located 1 mile from a 1MM square foot Amazon Fulfillment Center and an 800K SF Amazon Sort Center, constructed in 2020, employing close to 3,000 people. Its location on 68th Street, a retail mainstay in the Caledonia/Gaines Township market, is in close proximity to strong suburban residential developments and Gerald Ford International Airport. Within a 5-minute drive, there is 7.1M square feet of industrial & distribution space. Nearby properties include Steelcase Manufacturing (600K SF) and Coca Cola Distribution Center (200K SF), along with Amazon (1.8MM SF) and many other national, regional, and industrial & distribution tenants.

Key Highlights

• Absolute NNN Lease - Zero Landlord Responsibilities
• Corporate Backed Guarantee by Dollar General - 'BBB' By Standard & Poor's
• Strong Location and Demographics - Growing Suburban Market near Grand Rapids

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$103,449

Cap Rate

7.63%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,068,980 $2.1M

Cap Rate 7%

$1,477,843 $1.5M

Cap Rate 9%

$1,149,433 $1.1M

Is this asking price fair?

Market Conditions

NOI Build-Up for 9,301 SF

Gross rent

$144.0K $15.48/SF

− Vacancy

−$6.0K −$0.65/SF

EGI

$137.9K $14.83/SF

− OpEx

−$34.5K −$3.71/SF

NOI

$103.4K $11.12/SF

Area

Kent 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 Rate 5%

$2,068,980

Cap Rate 7%

$1,477,843

Cap Rate 9%

$1,149,433

Alternative Uses

Best Use

Specialty Retail

$1.48M

$1.29M – $1.72M (±1% cap)

NOI $103,449 @ 7.0% cap · market cap 7.63%

Second Best

Retail

$1.38M

$1.21M – $1.61M (±1% cap)

NOI $96,553 @ 7.0% cap · market cap 7.12%

Theoretical Best

Office A

$1.66M

$1.46M – $1.94M (±1% cap)

NOI $116,448 @ 7.0% cap · market cap 8.59%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

FedEx OnSite Postal Service Dollar General Discount Store Western Union Bank

Suggested Use

Top Pick Dental Office Real Estate Agency Pharmacy Plumbing Service Bakery Grocery & Convenience Store

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

136

Businesses Nearby

14k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 100%

Marathon Petroleum Shops & Services

7,484 visits/mo 0.1 miles

Dollar General Shops & Services

6,611 visits/mo 0.1 miles

Demographics for 49316, MI

24,742

Population

9,673

Households

2.6

Avg Household Size

38

Median Age

45%

College-Educated

96%

High-School Grad

57.1 sq mi

ZIP Area

433

Density / Sq Mi

$101,548

Median Household Income

$49,178

Median Earnings

$1,299

Median Rent

$338,800

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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Frequently Asked Questions

What type of property is this?

NNN property - NNN leased Dollar General with corporate guarantee in Caledonia, MI.

Where is this nnn property located?

The property is located at 3607 68th St SE Caledonia, MI.

What is the asking price?

The asking price for this property is $1,355,785.

What are key features of this property?

This property features: Absolute NNN Lease - Zero Landlord Responsibilities; Corporate Backed Guarantee by Dollar General - 'BBB' By Standard & Poor's; Strong Location and Demographics - Growing Suburban Market near Grand Rapids