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    Dollar General NNN Investment Opportunity Title is generated by Realmo AI

    3607 68th St SE, Caledonia, MI 49316

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    Claim this Listing
    For Sale
    $1,355,785

    NNN leased Dollar General with corporate guarantee in Caledonia, MI.

    Type:Retail
    Property size:
    9,301 SF
    Lot size:
    1.83 Acres
    Price / SF:
    $145/SF
    Added:
    Jun 25, 2024
    Days on Market:
    713
    Last Refresh:
    Apr 3 at 6:25 am

    Property Features for 3607 68th St SE

    General Information

    Standard status
    Active
    Size
    9,301 SF
    Lot size
    1.83 Acres
    Property subtype
    Retail

    Building Details

    Year Built
    2013

    We can help!

    Listing Contact
    Deno Bistolarides

    Listing agent Deno Bistolarides License #MI 6502378067

    Listing office Encore Real Estate Investment Services

    Listing date Jun 25, 2024

    Source Cpix.resimplifi

    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 Encore Real Estate Investment Services

    HighLights

    • Absolute NNN Lease - Zero Landlord Responsibilities
    • Corporate Backed Guarantee by Dollar General - 'BBB' By Standard & Poor's
    • Strong Location and Demographics - Growing Suburban Market near Grand Rapids
    • Proximity to Amazon Fulfillment and Sort Centers (1.8MM SF Total)
    • Excellent Location on 68th Street - Retail Mainstay
    • Five 5‑Year Options to Renew with Increases

    Overview

    This 9,301 square foot building, constructed in 2013 to suit Dollar General's specifications, is situated on 1.83 acres. The property is under an absolute NNN lease, offering zero landlord responsibilities. With over 4 years remaining on the lease, it includes five 5-year options to renew, each with increases in the option period. The location in Caledonia, a growing suburban market 20 minutes from downtown Grand Rapids, benefits from strong retail, residential, and industrial growth. The lease is corporately backed by Dollar General, rated "BBB" by Standard & Poor's. The property is located 1 mile from a 1MM square foot Amazon Fulfillment Center and an 800K SF Amazon Sort Center, constructed in 2020, employing close to 3,000 people. Its location on 68th Street, a retail mainstay in the Caledonia/Gaines Township market, is in close proximity to strong suburban residential developments and Gerald Ford International Airport. Within a 5-minute drive, there is 7.1M square feet of industrial & distribution space. Nearby properties include Steelcase Manufacturing (600K SF) and Coca Cola Distribution Center (200K SF), along with Amazon (1.8MM SF) and many other national, regional, and industrial & distribution tenants.

    Local Financial Insights For Specialty Retail

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $144.0k $15.48
    − Vacancy −$6.0k −$0.65
    EGI $137.9k $14.83
    − OpEx −$34.5k −$3.71
    NOI $103.4k $11.12
    9,301 SF · lease $15.48/SF/yr · vacancy 4.20% · expense 25.00%

    Alternative Uses

    Best Use
    Specialty Retail
    $1.48M
    $1.29M – $1.72M (±1% cap)
    NOI $103,449 @ 7.0% cap · market cap 7.63%
    Second Best
    Retail
    $1.38M
    $1.21M – $1.61M (±1% cap)
    NOI $96,553 @ 7.0% cap · market cap 7.12%
    Theoretical Best
    Office A
    $1.66M
    $1.46M – $1.94M (±1% cap)
    NOI $116,448 @ 7.0% cap · market cap 8.59%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    FedEx OnSite Postal Service Dollar General Discount Store Western Union Bank

    Suggested Use

    Real Estate Agency Restaurant Dental Office Hair Salon Building Supply Pharmacy Auto Repair Shop Daycare Center Kitchen & Bath Showroom Big Box & Wholesale Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Caledonia
    County
    Kent
    State
    Michigan
    Longitude
    -85.574844
    Latitude
    42.841415

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      Dollar General NNN Lease Property

      NNN leased Dollar General near Grand Rapids and Amazon facilities.
      3607 68th St SE, Caledonia, MI 49316
      View Details
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    FAQs

    What type of property is this?
    NNN property - NNN leased Dollar General with corporate guarantee in Caledonia, MI.
    Where is this nnn property located?
    The property is located at 3607 68th St SE Caledonia, MI.
    What is the asking price?
    The asking price for this property is $1,355,785.
    What are key features of this property?
    This property features: Absolute NNN Lease - Zero Landlord Responsibilities; Corporate Backed Guarantee by Dollar General - 'BBB' By Standard & Poor's; Strong Location and Demographics - Growing Suburban Market near Grand Rapids
    (248) 702-0288
    We can help!
    Listing Contact
    Deno Bistolarides
    Real Estate License ID: MI 6502378067
    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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    3607 68th St SE, Caledonia, MI, 49316
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