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    2033 N Reynolds Rd Interlochen, MI 49643

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    For Lease
    $1,614,075

    New Dollar General Plus store with a 15-year absolute NNN lease.

    Property size:
    10,640 SF
    Added:
    Jan 27, 2026
    Days on Market:
    64
    Last Refresh:
    Jan 28 at 7:30 pm

    Property Features for 2033 N Reynolds Rd

    General Information

    Standard status
    Active
    Size
    10,640 SF

    Building Details

    Year Built
    2023

    We can help!

    Listing Contact
    Bryan Bender
    Bryan Bender

    Listing agent Bryan Bender License #6501319610

    Listing office Fortis Net Lease

    Listing date Jan 27, 2026

    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 Fortis Net Lease

    Overview

    New Dollar General Plus Store

    This is a new 10,640 square foot Dollar General Plus store in Interlochen, Michigan. The property is secured with 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 a credit rating of "BBB". Construction was completed and the store opened in September 2023. The Dollar General is positioned on the corner of N Reynolds Road and Honor Highway, with a traffic count of 10,287 cars per day. The population within a 10-mile radius is 34,544, and the average household income within a 3-mile radius is $76,120. The property is located approximately 15 miles southwest of Traverse City, known for its forests and lakes. The surrounding Pere Marquette State Forest provides opportunities for outdoor recreation. The Interlochen Center for the Arts is nearby, offering concerts, performances, and exhibitions. Interlochen State Park, Michigan's first state park, offers campsites along Green Lake and Duck Lake. The property represents an opportunity for a 1031 exchange buyer or a passive investor to attain ownership of Dollar General.
    Location Intelligence

    Current Use by Public Records

    Dollar General Discount Store

    Suggested Use

    Real Estate Agency Building Supply Big Box & Wholesale Store Hair Salon Hotel & Motel Kitchen & Bath Showroom Food Market Grocery & Convenience Store Storage Facility Garden Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Interlochen
    County
    Grand Traverse
    State
    Michigan
    Longitude
    -85.859
    Latitude
    44.6607

    FAQs

    What type of property is this?
    Grocery and convenience store - New Dollar General Plus store with a 15-year absolute NNN lease.
    Where is this grocery and convenience store located?
    The property is located at 2033 N Reynolds Rd Interlochen, MI.
    What is the lease rate?
    The lease rate is $1,614,075.
    What are key features of this property?
    This property features: New 15‑Year Absolute NNN Lease with Zero Landlord Responsibilities, offering a completely passive investment.; Corporate Guaranty from Dollar General Corporation with an Investment Grade “BBB” Credit Rating.; Attractive Rental Rate Increases: 5% every 5 years, including option periods.
    (734) 755-6359
    We can help!
    Listing Contact
    Bryan Bender
    Bryan Bender
    Real Estate License ID: 6501319610
    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.

    More about this property
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