Dollar General NNN Retail
For Sale
Contact for pricing
2525 Blowing Rock Blvd, Lenoir, NC 28645
New construction offers a single-tenant retail format with an absolute NNN lease structure.
Property Size10,640 SF
Lot Size1.87 Acres
Price / SF$244.17
Days on Market216
Property Features for 2525 Blowing Rock Blvd
General Information
Standard status
Active
Size
10,640 SF
Lot size
1.87 Acres
Property subtype
Retail
Zoning
Commerical
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$168,864
Financials
Asking Price
$2,598,000
Cap Rate
6.5%
Additional Details
Traffic Count
15,000 vehicles/day
Building Details
Year Built
2026
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
Marcus & Millichap - Orange County
Listed By:
Kyle Blatt · License #CA 02017976
Source:
Crexi
Added: Jan 26
Changed: Aug 30
Last Checked: Aug 30 at 3:44AM
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 Marcus & Millichap - Orange County
Investment Insights
Based on property information with market context.
Completed in 2026, this 10,640 SF single-tenant retail building occupies 1.87 acres at 2525 Blowing Rock Blvd in Lenoir, North Carolina. The property is leased to Dollar General under a corporate-guaranteed absolute NNN agreement that begins March 3, 2026, runs for 15 years, includes 5% rent increases every five years, and provides five additional 5-year renewal options. Dollar General carries a BBB investment-grade rating.
The site fronts US Highway 321 and records 15,000+ daily vehicles. Surrounding retailers and services include Walmart, CVS, Wells Fargo, LongHorn Steakhouse, Zaxby's, AT&T, Taco Bell, Wendy's, and Chipotle. The property is also near Caldwell Memorial Hospital, Bi-Lo, Hibriten Mountain trails, the Lenoir Greenway, and the Blue Ridge Mountains. The stated cap rate is 6.50%.
The site fronts US Highway 321 and records 15,000+ daily vehicles. Surrounding retailers and services include Walmart, CVS, Wells Fargo, LongHorn Steakhouse, Zaxby's, AT&T, Taco Bell, Wendy's, and Chipotle. The property is also near Caldwell Memorial Hospital, Bi-Lo, Hibriten Mountain trails, the Lenoir Greenway, and the Blue Ridge Mountains. The stated cap rate is 6.50%.
Key Highlights
- 10,640 SF single‑tenant retail building completed in 2026
- 1.87‑acre site at 2525 Blowing Rock Blvd, Lenoir, NC 28645
- 15‑year corporate‑guaranteed absolute NNN lease begins March 3, 2026
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
$107,028
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
4.12%
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%
$2,140,560
$2.1M
Cap Rate 7%
$1,528,971
$1.5M
Cap Rate 9%
$1,189,200
$1.2M
Market Conditions
NOI Build-Up for 10,640 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
$159.6K $15.00/SF
− Vacancy
−$6.7K −$0.63/SF
EGI
$152.9K $14.37/SF
− OpEx
−$45.9K −$4.31/SF
NOI
$107.0K $10.06/SF
Area
Caldwell County, NC
Vacancy
4.20%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$2,140,560
Cap Rate 7%
$1,528,971
Cap Rate 9%
$1,189,200
Alternative Uses
Best Use
Retail
$1.53M
$1.34M – $1.78M
NOI $107,028 @ 7.0% cap · market cap 4.12%
Second Best
Specialty Retail
$1.48M
$1.29M – $1.72M
NOI $103,296 @ 7.0% cap · market cap 3.98%
Theoretical Best
Office A
$2.43M
$2.12M – $2.83M
NOI $169,968 @ 7.0% cap · market cap 6.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
15,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
22
Businesses Nearby
Explore this area
Business Placement
Demographics for 28645, NC
46,004
Population
21,558
Households
2.1
Avg Household Size
45
Median Age
17%
College-Educated
82%
High-School Grad
329.1 sq mi
ZIP Area
140
Density / Sq Mi
$50,529
Median Household Income
$34,526
Median Earnings
$726
Median Rent
$157,800
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - New construction offers a single-tenant retail format with an absolute NNN lease structure.
Where is this nnn property located?
The property is located at 2525 Blowing Rock Blvd Lenoir, NC.
What is the asking price?
The asking price for this property is $2,598,000.
What are key features of this property?
This property features: 10,640 SF single‑tenant retail building completed in 2026; 1.87‑acre site at 2525 Blowing Rock Blvd, Lenoir, NC 28645; 15‑year corporate‑guaranteed absolute NNN lease begins March 3, 2026
