Property Details for 12009 Woodbridge Ave

Year built

2023

Lot size

4.22 lot acres

Property size

10,640 SF

Property type

Retail properties & Spaces

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