Single-Tenant Dollar General
For Sale
$1,750,000
2115 Us Highway 90 E, Defuniak Springs, FL 32433
Fee simple sale of a single-tenant Dollar General retail building on an absolute NNN lease.
Property Size9,100 SF
Lot Size3.83 Acres
Price / SF$192.31
Days on Market35
Property Features for 2115 Us Highway 90 E
General Information
Standard status
Active
Size
9,100 SF
Lot size
3.83 Acres
Property subtype
Retail
Building Details
Building Size
9,100 SF
Year Built
2020
Tenancy
Single
Listing Agency:
Lee & Associates San Diego - Carlsbad
(760) 519-0240
Listed By:
Ryan Bennett · License #CalDRE #01826517
(760) 519-0240
Source:
Lee-associates
Added: Jul 26
Changed: Aug 26
Last Checked: Aug 29 at 8:05AM
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 Lee & Associates San Diego - Carlsbad
Investment Insights
Based on property information with market context.
Lee & Associates, in association with Bang Realty, offers the opportunity to acquire a fee simple interest in a single-tenant Dollar General property. The asset includes a 9,100-square-foot retail building that was constructed in 2020 as a build-to-suit for the tenant.
The property is secured by an absolute NNN lease with Dolgencorp, LLC, guaranteed by Dollar General Corporation. The lease includes a 15-year primary term with approximately 9 years remaining, and it features five 5-year renewal options with 10% rental increases during each option period.
Dollar General operates as the tenant under this long-term structure, and the property is described as having zero landlord responsibilities under the absolute NNN lease.
The property is secured by an absolute NNN lease with Dolgencorp, LLC, guaranteed by Dollar General Corporation. The lease includes a 15-year primary term with approximately 9 years remaining, and it features five 5-year renewal options with 10% rental increases during each option period.
Dollar General operates as the tenant under this long-term structure, and the property is described as having zero landlord responsibilities under the absolute NNN lease.
Key Highlights
- Fee simple sale of a single‑tenant Dollar General retail building at 2115 US Highway 90 E, DeFuniak Springs, FL.
- 9,100 SF retail building on approximately 3.83 acres, constructed in 2020 as a build‑to‑suit for the tenant.
- Absolute NNN lease structure with zero landlord responsibilities.
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
$138,575
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
7.92%
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%
$2,771,500
$2.8M
Cap Rate 7%
$1,979,643
$2.0M
Cap Rate 9%
$1,539,722
$1.5M
Market Conditions
NOI Build-Up for 9,100 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
$196.6K $21.60/SF
− Vacancy
−$11.8K −$1.30/SF
EGI
$184.8K $20.30/SF
− OpEx
−$46.2K −$5.08/SF
NOI
$138.6K $15.23/SF
Area
Walton County, FL
Vacancy
6.00%
Lease Rate
$21.60 /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%
$2,771,500
Cap Rate 7%
$1,979,643
Cap Rate 9%
$1,539,722
Alternative Uses
Best Use
Specialty Retail
$1.98M
$1.73M – $2.31M
NOI $138,575 @ 7.0% cap · market cap 7.92%
Second Best
Retail
$1.50M
$1.31M – $1.75M
NOI $104,914 @ 7.0% cap · market cap 6.00%
Theoretical Best
Office A
$2.29M
$2.00M – $2.67M
NOI $160,196 @ 7.0% cap · market cap 9.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
44
Businesses Nearby
Explore this area
Business Placement
Demographics for 32433, FL
18,036
Population
8,059
Households
2.2
Avg Household Size
40
Median Age
13%
College-Educated
83%
High-School Grad
251.3 sq mi
ZIP Area
72
Density / Sq Mi
$51,604
Median Household Income
$35,086
Median Earnings
$1,045
Median Rent
$152,000
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
NNN property - Fee simple sale of a single-tenant Dollar General retail building on an absolute NNN lease.
Where is this nnn property located?
The property is located at 2115 Us Highway 90 E Defuniak Springs, FL.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Fee simple sale of a single‑tenant Dollar General retail building at 2115 US Highway 90 E, DeFuniak Springs, FL.; 9,100 SF retail building on approximately 3.83 acres, constructed in 2020 as a build‑to‑suit for the tenant.; Absolute NNN lease structure with zero landlord responsibilities.
