New Dollar General Market
For Sale
Contact for pricing
Pending
702 S Main St, Smithton, IL 62285
New 12,668 SF Dollar General Market store for sale.
Property Size12,668 SF
Days on Market837
Property Features for 702 S Main St
General Information
Standard status
Pending
Size
12,668 SF
Total Parking Spaces
40
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$151,968
Building Details
Year Built
2024
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Fortis Net Lease
Listed By:
Kyle Carson · License #MI 6501384480
Source:
Crexi
Added: May 6, 2024
Changed: Aug 13
Last Checked: Aug 20 at 8:14AM
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 Fortis Net Lease
Investment Insights
Based on property information with market context.
This is a brand new 12,668 SF Dollar General Market store located in Smithton, IL. Dollar General Market stores sell produce and fresh meats. The property is secured with a 15 year Absolute NNN Lease, meaning there are zero landlord responsibilities. The lease contains 5% rent increases every 5 years, including at each of the 5-year option periods. The lease is corporately guaranteed by Dollar General Corporation, which holds a credit rating of “BBB”, classified as Investment Grade. The store is currently under construction and on track to both open and commence rent in early Q3. This Dollar General Market is highly visible and strategically positioned off of Main Street, the main regional traffic artery. S. Main Street sees over 9,036 vehicles per day. The 5 mile population from the site is 9,692, while the 5 mile average household income is $90,717 per year. This location is ideal for a Dollar General. The offering represents an opportunity for a 1031 exchange buyer or a “passive” investor to attain the fee simple ownership of Dollar General. This investment will offer a new owner continued success due to the financial strength and the proven profitability of the tenant.
Key Highlights
- Brand new 12,668 SF Dollar General Market store with 15‑year Absolute NNN Lease.
- Corporately guaranteed lease by Dollar General Corporation (credit rating “BBB”).
- Located in Smithton, IL with high visibility off Main Street (9,036 vehicles per day).
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
$172,573
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
7.84%
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%
$3,451,460
$3.5M
Cap Rate 7%
$2,465,329
$2.5M
Cap Rate 9%
$1,917,478
$1.9M
Market Conditions
NOI Build-Up for 12,668 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
$240.2K $18.96/SF
− Vacancy
−$10.1K −$0.80/SF
EGI
$230.1K $18.16/SF
− OpEx
−$57.5K −$4.54/SF
NOI
$172.6K $13.62/SF
Area
St. Clair County, IL
Vacancy
4.20%
Lease Rate
$18.96 /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%
$3,451,460
Cap Rate 7%
$2,465,329
Cap Rate 9%
$1,917,478
Alternative Uses
Best Use
Specialty Retail
$2.47M
$2.16M – $2.88M
NOI $172,573 @ 7.0% cap · market cap 7.84%
Second Best
Retail
$1.81M
$1.58M – $2.11M
NOI $126,576 @ 7.0% cap · market cap 5.75%
Theoretical Best
Office A
$3.00M
$2.62M – $3.50M
NOI $209,928 @ 7.0% cap · market cap 9.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
76
Businesses Nearby
6k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Dollar General
Shops & Services
6,211 visits/mo
0.1 miles
Demographics for 62285, IL
4,718
Population
1,703
Households
2.8
Avg Household Size
43
Median Age
42%
College-Educated
98%
High-School Grad
16.2 sq mi
ZIP Area
291
Density / Sq Mi
$118,413
Median Household Income
$62,917
Median Earnings
$859
Median Rent
$265,300
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Grocery and convenience store - New 12,668 SF Dollar General Market store for sale.
Where is this grocery and convenience store located?
The property is located at 702 S Main St Smithton, IL.
What is the asking price?
The asking price for this property is $2,202,448.
What are key features of this property?
This property features: Brand new 12,668 SF Dollar General Market store with 15‑year Absolute NNN Lease.; Corporately guaranteed lease by Dollar General Corporation (credit rating “BBB”).; Located in Smithton, IL with high visibility off Main Street (9,036 vehicles per day).
