Dollar General NNN
New
For Sale
$1,662,000
9131 Lem Turner Rd, Jacksonville, FL 32208
The Dollar General tenancy uses an NNN lease structure with no landlord responsibilities.
Property Size9,015 SF
Price / SF$184.36
Days on Market4
Property Features for 9131 Lem Turner Rd
General Information
Standard status
Active
Size
9,015 SF
Property subtype
Discount
Lease Type
Absolute Net
Amenities
Lease - 3 Years remaining on initial 15-year base term - NNN – NO Landlord Responsibilities - Four, 5-Year Options with 10% Rental Increases
Low Rent / NNN - The property benefits from a low annual base rent of just $112,234, providing a below market rent basis for an NNN Dollar General in Florida - NO Landlord Responsibilities
Dollar General - Leading U.S. discount retailer, focused on providing everyday essentials at convenient, value-oriented prices - 21,000+ location and growing!
Building Details
Building Size
9,015 SF
Tenancy
Single
Listing Agency:
Marcus & Millichap
Listed By:
Reid Thedford · License #License(s): FL: SL3442474
(813) 387-4726
Source:
Marcusmillichap
Added: Sep 28
Changed: Oct 1
Last Checked: Oct 1 at 8:05AM
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
Investment Insights
Based on property information with market context.
This 9,015-square-foot retail property in Jacksonville is occupied by Dollar General. The lease is structured as NNN, with three years remaining on the initial 15-year term and no landlord responsibilities. Four five-year extension options are available, each with a 10% rental increase.
The property sits at the signalized junction of Lem Turner Road and Clyde Street, where Lem Turner Road carries 33,000 cars per day. Reported population counts are 6,700 within one mile, 67,000 within three miles, and 139,000 within five miles.
The property sits at the signalized junction of Lem Turner Road and Clyde Street, where Lem Turner Road carries 33,000 cars per day. Reported population counts are 6,700 within one mile, 67,000 within three miles, and 139,000 within five miles.
Key Highlights
- 9,015‑square‑foot Dollar General property
- NNN lease with no landlord responsibilities
- Three years remain on the initial 15‑year term
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
$134,360
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
8.08%
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%
$2,687,200
$2.7M
Cap Rate 7%
$1,919,429
$1.9M
Cap Rate 9%
$1,492,889
$1.5M
Market Conditions
NOI Build-Up for 9,015 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
$194.7K $21.60/SF
− Vacancy
−$15.6K −$1.73/SF
EGI
$179.1K $19.87/SF
− OpEx
−$44.8K −$4.97/SF
NOI
$134.4K $14.90/SF
Area
Jacksonville, FL
Vacancy
8.00%
Lease Rate
$21.60 /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%
$2,687,200
Cap Rate 7%
$1,919,429
Cap Rate 9%
$1,492,889
Alternative Uses
Best Use
Specialty Retail
$1.92M
$1.68M – $2.24M
NOI $134,360 @ 7.0% cap · market cap 8.08%
Second Best
Retail
$1.46M
$1.27M – $1.70M
NOI $101,889 @ 7.0% cap · market cap 6.13%
Theoretical Best
Office A
$2.47M
$2.16M – $2.88M
NOI $172,872 @ 7.0% cap · market cap 10.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
280
Businesses Nearby
29k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 79%
Home Improvements & Furnishings 13%
Electronics 4%
Apparel 3%
Roses Discount Store
Shops & Services
15,718 visits/mo
0.4 miles
Dollar General
Shops & Services
7,047 visits/mo
0.1 miles
Badcock Home Furniture & More
Home Improvements & Furnishings
3,282 visits/mo
0.3 miles
Metro by T-Mobile
Electronics
1,221 visits/mo
0.2 miles
Foot Locker
Apparel
881 visits/mo
0.2 miles
Demographics for 32208, FL
33,286
Population
15,218
Households
2.2
Avg Household Size
40
Median Age
15%
College-Educated
84%
High-School Grad
11.5 sq mi
ZIP Area
2,894
Density / Sq Mi
$39,873
Median Household Income
$31,845
Median Earnings
$1,180
Median Rent
$139,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Jacksonville, FL
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Frequently Asked Questions
What type of property is this?
NNN property - The Dollar General tenancy uses an NNN lease structure with no landlord responsibilities.
Where is this nnn property located?
The property is located at 9131 Lem Turner Rd Jacksonville, FL.
What is the asking price?
The asking price for this property is $1,662,000.
What are key features of this property?
This property features: 9,015‑square‑foot Dollar General property; NNN lease with no landlord responsibilities; Three years remain on the initial 15‑year term
