12009 Woodbridge Ave Bitely, MI 49309

Property Details for 12009 Woodbridge Ave

Year built

2023

Lot size

4.22 lot acres

Property size

10,640 SF

Property type

Retail properties

Property subtype

Retail space

Description

This exceptional investment opportunity presents a brand-new, 10,640-square-foot Dollar General store situated on a 4.22-acre lot in Bitely, Michigan. The property boasts a 15-year absolute NNN lease, commencing August 31, 2023, and expiring August 31, 2038, with a remaining term of 13.8 years. This provides investors with significant long-term stability and minimal landlord responsibilities. The lease includes attractive 5% rent increases every five years, further enhancing the investment's return. Five five-year renewal options are also included, each with a 10% rent increase. The tenant, Dollar General, holds a "BBB" investment-grade credit rating, providing additional security. The building, constructed in 2023, is a plus-size store strategically located on a high-visibility corner, benefiting from 3,522 cars per day. The property features 43 parking spaces and a concrete parking lot. The surrounding area demonstrates strong demographics, with a three-mile average household income of $51,423 and a ten-mile population of 8,158, projected to grow by 5.44%. The limited competition, with the nearest Dollar General six miles away, further strengthens the property's potential. The asking price of $1,424,578 reflects a 6.75% cap rate based on a net operating income (NOI) of $96,159. This property is zoned commercial and offers a compelling investment opportunity for those seeking a passive income stream with significant long-term growth potential.

Location Insight

City

Bitely

County

Newaygo

State

Michigan

Longitude

-85.8507

Latitude

43.7713