Dollar General Investment
For Sale
Contact for pricing
303 2nd St, Morton, WA 98356
NNN leased Dollar General in Morton, WA with upside.
Property Size9,100 SF
Price / SF$257.57
Days on Market159
Property Features for 303 2nd St
General Information
Standard status
Active
Size
9,100 SF
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Core
Net Operating Income
$152,352
Building Details
Tenancy
Single
Listing Agency:
ParaSell Inc
(949) 942-6585
Listed By:
Scott Reid · License #REC.2020005946
Source:
Crexi
Added: Mar 5
Changed: Aug 8
Last Checked: Jul 16 at 11:20AM
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 ParaSell Inc
Investment Insights
Based on property information with market context.
This property presents an opportunity to acquire a Dollar General store in Morton, Washington. The property is offered at a price of $2,477,268 and generates an annual net operating income of $152,352, resulting in a 6.15% capitalization rate. The property is subject to a 15-year Absolute NNN lease, under which the tenant is responsible for taxes, insurance, and maintenance expenses. The lease extends through April 2037 and includes renewal options with 10% rent increases at each option period. The store is located near the intersection of US Highway 12 and State Route 7, situated in Lewis County. The location benefits from visibility and accessibility, positioned along a route for travelers heading toward Mount Rainier and Mount St. Helens. The location experiences consistent demand from year-round tourist traffic and local residents. Morton functions as a commercial hub for surrounding rural communities. The area includes local businesses and regional employers such as Hampton Lumber and TMI Forest Products, along with Arbor Health Morton Hospital.
Key Highlights
- Absolute NNN lease provides a hands‑off investment.
- 15‑year lease in place through April 2037, offering long‑term stability.
- $152,352 annual NOI with a 6.15% cap rate.
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
$117,635
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
5.02%
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%
$2,352,700
$2.4M
Cap Rate 7%
$1,680,500
$1.7M
Cap Rate 9%
$1,307,056
$1.3M
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
$172.5K $18.96/SF
− Vacancy
−$4.5K −$0.49/SF
EGI
$168.1K $18.47/SF
− OpEx
−$50.4K −$5.54/SF
NOI
$117.6K $12.93/SF
Area
Lewis County, WA
Vacancy
2.60%
Lease Rate
$18.96 /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%
$2,352,700
Cap Rate 7%
$1,680,500
Cap Rate 9%
$1,307,056
Alternative Uses
Best Use
Retail
$1.68M
$1.47M – $1.96M
NOI $117,635 @ 7.0% cap · market cap 5.02%
Second Best
Specialty Retail
$1.37M
$1.20M – $1.60M
NOI $95,725 @ 7.0% cap · market cap 4.08%
Theoretical Best
Office A
$2.78M
$2.43M – $3.24M
NOI $194,289 @ 7.0% cap · market cap 8.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
237
Businesses Nearby
23k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Chevron
Shops & Services
14,139 visits/mo
0.3 miles
Dollar General
Shops & Services
5,427 visits/mo
0.2 miles
Shell
Shops & Services
2,267 visits/mo
0.4 miles
KeyBank
Shops & Services
1,502 visits/mo
0.3 miles
Demographics for 98356, WA
2,179
Population
1,087
Households
2
Avg Household Size
52
Median Age
13%
College-Educated
89%
High-School Grad
125.8 sq mi
ZIP Area
17
Density / Sq Mi
$49,507
Median Household Income
$36,761
Median Earnings
$1,047
Median Rent
$281,000
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Morton Country Market — 461 2nd St, Morton, WA 98356
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - NNN leased Dollar General in Morton, WA with upside.
Where is this grocery and convenience store located?
The property is located at 303 2nd St Morton, WA.
What is the asking price?
The asking price for this property is $2,343,876.
What are key features of this property?
This property features: Absolute NNN lease provides a hands‑off investment.; 15‑year lease in place through April 2037, offering long‑term stability.; $152,352 annual NOI with a 6.15% cap rate.
