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    New Dollar General Store Title is generated by Realmo AI

    15000 Manitou Road, Manitou Beach, MI 49253

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    For Lease
    $1,936,118

    New Dollar General store in Manitou Beach, Michigan.

    Added:
    Nov 21, 2025
    Days on Market:
    182
    Last Refresh:
    Feb 4 at 7:35 pm

    Property Features for 15000 Manitou Road

    General Information

    Standard status
    Active

    Building Details

    Year Built
    2025

    We can help!

    Listing Contact
    Sally Kent
    Sally Kent

    Listing agent Sally Kent License #S33893000/475.131149

    Listing office Ruhl&Ruhl REALTORS Bettendorf

    Listing date Nov 21, 2025

    Source Fortisnetlease

    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 Ruhl&Ruhl REALTORS Bettendorf

    HighLights

    • Brand new 2025 build‑to‑suit Dollar General Plus store with a 15‑year absolute NNN lease.
    • Corporate guaranty from Dollar General Corporation, an investment‑grade tenant.
    • Strategic corner location with high visibility, serving as the only dollar store in the community.
    • Attractive 6.80% cap rate based on a net operating income (NOI) of $131,656.
    • Lease includes 5% rental rate increases every 5 years, including at each renewal option.
    • Strong demographics with a 10‑mile population of 34,332 and a 3‑mile average household income of $95,717.

    Overview

    This property features a 9,100 square foot Dollar General Plus store in Manitou Beach, Michigan, constructed in 2025. The store is strategically positioned on the corner of Main Street and Manitou Road. The property is operating under a 15-year Absolute NNN Lease, meaning there are zero landlord responsibilities. The lease includes 5% rental rate increases every 5 years, including at each of the five 5-year renewal options. The lease is corporately guaranteed by Dollar General Corporation, which holds an investment-grade credit rating of "BBB". The store successfully opened for business in August 2025. The location benefits from a 10-mile population of 34,332 and a 3-mile average household income of $95,717 per year. This is the only dollar store serving the community. Manitou Beach is a lakeside community in Lenawee County, known for its scenic beauty and relaxed atmosphere. The area offers a mix of shops, cafes, and seasonal events, with recreational opportunities such as boating, fishing, and swimming on Devils Lake.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Grocery and convenience stores

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Auto Repair Shop Hair Salon Nail Salon Pharmacy Hotel & Motel Food Market Grocery & Convenience Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Manitou Beach
    County
    Lenawee
    State
    Michigan
    Longitude
    -84.3122
    Latitude
    41.9653

    FAQs

    What type of property is this?
    Grocery and convenience store - New Dollar General store in Manitou Beach, Michigan.
    Where is this grocery and convenience store located?
    The property is located at 15000 Manitou Road Manitou Beach, MI.
    What is the lease rate?
    The lease rate is $1,936,118.
    What are key features of this property?
    This property features: Brand new 2025 build‑to‑suit Dollar General Plus store with a 15‑year absolute NNN lease.; Corporate guaranty from Dollar General Corporation, an investment‑grade tenant.; Strategic corner location with high visibility, serving as the only dollar store in the community.
    (248) 419-3810
    We can help!
    Listing Contact
    Sally Kent
    Sally Kent
    Real Estate License ID: S33893000/475.131149
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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