Dollar General NNN
New
For Sale
$1,637,000
5200 Capital Cir NW, Tallahassee, FL 32303
Corporate-guaranteed occupancy features scheduled rent increases and two remaining five-year options.
Property Size9,014 SF
Price / SF$181.61
Days on Market5
Property Features for 5200 Capital Cir NW
General Information
Standard status
Active
Size
9,014 SF
Property subtype
Discount
Lease Type
NNN
Additional Details
Cap Rate
7.75%
Traffic Count
14,200 vehicles/day
Amenities
NEAR PUBLIX THAT RANKS IN THE TOP 2% IN FLORIDA | 1.25M CUSTOMERS ANNUALLY
TALLAHASSEE | CAPITAL OF FLORIDA & NO STATE INCOME TAX
INVESTMENT GRADE TENANT (S&P: BBB) WITH 21,000 LOCATIONS
RECENT LEASE EXTENSION ON CORPORATE GUARANTEED LEASE
Building Details
Building Size
9,014 SF
Tenancy
Single
Listing Agency:
Marcus & Millichap - Atlanta
(678) 808-2762
Listed By:
Don McMinn · License #License(s): GA: 292036
(678) 808-2762
Source:
Marcusmillichap
Added: Aug 26
Changed: Aug 30
Last Checked: Aug 30 at 1:38AM
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 - Atlanta
Investment Insights
Based on property information with market context.
This 9,014-square-foot Dollar General property at 5200 Capital Cir NW is leased under a corporate guarantee. The tenant has exercised its first option, raised rent 10% in November 2025, and extended the lease through October 2030. Two additional five-year options remain, each beginning with a 10% rent increase. The tenant pays taxes, insurance, utilities, and HVAC expenses, while the landlord retains responsibility for roof, structure, and parking lot capital expenditures. Parking lot reimbursements are paid as additional rent for repairs, landscaping, lighting, cleaning, and snow removal.
The property sits on Capital Circle NW, which carries 14,200 VPD, approximately half a mile from a Publix-anchored shopping center on US Hwy 27, carrying 20,300 VPD. Approximately 46,350 residents and 20,176 households are located within five miles. The tenant operates more than 21,000 locations and carries an S&P BBB rating. The offering reflects a 7.75% cap rate.
The property sits on Capital Circle NW, which carries 14,200 VPD, approximately half a mile from a Publix-anchored shopping center on US Hwy 27, carrying 20,300 VPD. Approximately 46,350 residents and 20,176 households are located within five miles. The tenant operates more than 21,000 locations and carries an S&P BBB rating. The offering reflects a 7.75% cap rate.
Key Highlights
- 9,014‑square‑foot Dollar General property at 5200 Capital Cir NW, Tallahassee, FL 32303
- Corporate‑guaranteed lease extended through October 2030
- Two remaining 5‑year options, each with a 10% rent increase
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
$102,949
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
6.29%
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%
$2,058,980
$2.1M
Cap Rate 7%
$1,470,700
$1.5M
Cap Rate 9%
$1,143,878
$1.1M
Market Conditions
NOI Build-Up for 9,014 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
$146.0K $16.20/SF
− Vacancy
−$8.8K −$0.97/SF
EGI
$137.3K $15.23/SF
− OpEx
−$34.3K −$3.81/SF
NOI
$102.9K $11.42/SF
Area
Tallahassee, FL
Vacancy
6.00%
Lease Rate
$16.20 /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%
$2,058,980
Cap Rate 7%
$1,470,700
Cap Rate 9%
$1,143,878
Alternative Uses
Best Use
Specialty Retail
$1.47M
$1.29M – $1.72M
NOI $102,949 @ 7.0% cap · market cap 6.29%
Second Best
Retail
$1.25M
$1.09M – $1.46M
NOI $87,548 @ 7.0% cap · market cap 5.35%
Theoretical Best
Office A
$2.21M
$1.93M – $2.58M
NOI $154,689 @ 7.0% cap · market cap 9.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14,200 VPD
Traffic count
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
304
Businesses Nearby
6k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Dollar General
Shops & Services
6,333 visits/mo
0.0 miles
Demographics for 32303, FL
48,644
Population
24,864
Households
2
Avg Household Size
34
Median Age
46%
College-Educated
95%
High-School Grad
34.8 sq mi
ZIP Area
1,398
Density / Sq Mi
$63,123
Median Household Income
$37,702
Median Earnings
$1,324
Median Rent
$204,900
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 - Corporate-guaranteed occupancy features scheduled rent increases and two remaining five-year options.
Where is this nnn property located?
The property is located at 5200 Capital Cir NW Tallahassee, FL.
What is the asking price?
The asking price for this property is $1,637,000.
What are key features of this property?
This property features: 9,014‑square‑foot Dollar General property at 5200 Capital Cir NW, Tallahassee, FL 32303; Corporate‑guaranteed lease extended through October 2030; Two remaining 5‑year options, each with a 10% rent increase
