Dollar General NNN Investment
For Sale
Contact for pricing
Pending
2216 18th Ave S, St Petersburg, FL 33712
Freestanding Dollar General in St. Petersburg with long-term lease.
Property Size9,002 SF
Lot Size1.45 Acres
Days on Market156
Property Features for 2216 18th Ave S
General Information
Standard status
Pending
Size
9,002 SF
Lot size
1.45 Acres
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$169,725
Building Details
Year Built
2011
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
SURMOUNT
(786) 522-7017
Listed By:
Gabriel Britti · License #FL SL3211804
Source:
Crexi
Added: Mar 11
Changed: Aug 8
Last Checked: Aug 12 at 6:39AM
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 SURMOUNT
Investment Insights
Based on property information with market context.
This corporate Dollar General store is located at 2216 18th Avenue S in Saint Petersburg, Florida. The freestanding, single tenant property sits on a 1.45-acre (63,162 SF) parcel and was originally built in 2011. The investment is structured as an Absolute NNN lease with zero landlord responsibilities, backed by a full corporate guarantee from Dollar General Corporation. The lease has approximately five years of term remaining through August 2026. Dollar General has already exercised its first 5-year renewal option extending occupancy through August 31, 2031. The lease structure includes 10 percent rental increases every five years and four additional 5-year options beyond the exercised term. Saint Petersburg is the fifth most populous city in Florida and a primary submarket of the Tampa Bay MSA. Within a 5-mile radius, the population exceeds 217,997 with a median household income of $75,628, projected to climb 17.1% over the next five years. The site is surrounded by several large apartment communities including 1701 Central, Arte, Vantage St. Pete, Camden Central, and The Exchange. Colleges and universities nearby include St. Petersburg College (23,350 students), USF St. Petersburg (4,000 students), and Eckerd College. Major employers include Raymond James, Publix Supermarkets, Jabil, Bayfront Medical, Spectrum, and Fidelity National Information Services. The property is 9,002 square feet.
Key Highlights
- Absolute NNN lease with zero landlord responsibilities and a full corporate guarantee from Dollar General Corporation (NYSE: DG).
- Approximately five years of lease term remaining through August 2026, with Dollar General having already exercised its first 5‑year renewal option extending occupancy through August 31, 2031.
- Structured rent growth with 10 percent rental increases every five years and four additional 5‑year options beyond the exercised term.
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
$100,057
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
3.63%
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%
$2,001,140
$2.0M
Cap Rate 7%
$1,429,386
$1.4M
Cap Rate 9%
$1,111,744
$1.1M
Market Conditions
NOI Build-Up for 9,002 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
$140.4K $15.60/SF
− Vacancy
−$7.0K −$0.78/SF
EGI
$133.4K $14.82/SF
− OpEx
−$33.4K −$3.70/SF
NOI
$100.1K $11.11/SF
Area
Pinellas County, FL
Vacancy
5.00%
Lease Rate
$15.60 /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%
$2,001,140
Cap Rate 7%
$1,429,386
Cap Rate 9%
$1,111,744
Alternative Uses
Best Use
Specialty Retail
$1.43M
$1.25M – $1.67M
NOI $100,057 @ 7.0% cap · market cap 3.63%
Second Best
Retail
$1.26M
$1.10M – $1.47M
NOI $88,377 @ 7.0% cap · market cap 3.20%
Theoretical Best
Office A
$2.34M
$2.05M – $2.73M
NOI $163,904 @ 7.0% cap · market cap 5.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
543
Businesses Nearby
13k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 56%
Dining 30%
Electronics 14%
Dollar General
Shops & Services
6,994 visits/mo
0.0 miles
China Star
Dining
1,944 visits/mo
0.2 miles
Krispy Krunchy Chicken
Dining
1,849 visits/mo
0.3 miles
Metro by T-Mobile
Electronics
1,779 visits/mo
0.2 miles
Demographics for 33712, FL
26,395
Population
13,055
Households
2
Avg Household Size
41
Median Age
30%
College-Educated
91%
High-School Grad
6.4 sq mi
ZIP Area
4,124
Density / Sq Mi
$57,729
Median Household Income
$39,589
Median Earnings
$1,440
Median Rent
$300,600
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Midtown Supermarket — 1856 18th Ave S, St. Petersburg, FL 33712
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Freestanding Dollar General in St. Petersburg with long-term lease.
Where is this grocery and convenience store located?
The property is located at 2216 18th Ave S St Petersburg, FL.
What is the asking price?
The asking price for this property is $2,759,740.
What are key features of this property?
This property features: Absolute NNN lease with zero landlord responsibilities and a full corporate guarantee from Dollar General Corporation (NYSE: DG).; Approximately five years of lease term remaining through August 2026, with Dollar General having already exercised its first 5‑year renewal option extending occupancy through August 31, 2031.; Structured rent growth with 10 percent rental increases every five years and four additional 5‑year options beyond the exercised term.
