9994 Long Lake Rd Traverse City, MI 49685
- Retail properties
- 7,500 SF
- 3.00 lot acres
Current Use by Public Records
- Dollar General / Dollar Store / Convenience Store
Property Details for 9994 Long Lake Rd
- Year built
- 2024
- Lot size
- 3.00 lot acres
- Property size
- 7,500 SF
- Property type
- Retail properties
- Property subtype
- Retail space
Description
This exceptional investment opportunity presents a fee-simple ownership of a brand-new, 7,500-square-foot Dollar General store in Traverse City, Michigan. The property boasts a 15.1-year absolute NNN lease, commencing July 15, 2024, and expiring July 31, 2039, with a substantial 14.7 years remaining. The lease includes five 5-year renewal options, each with a 5% rent increase. The tenant, Dollar General, is investment-grade rated and provides a corporate guarantee, minimizing landlord responsibilities. The property features a prime, high-visibility corner location on N Long Lake Rd, experiencing 5,663 cars per day, and benefits from strong demographics: a 3-mile average household income of $93,416 and a 10-mile population of 70,496. Built in 2024, this single-story building sits on a 3-acre lot with 30 parking spaces. The property's Net Operating Income (NOI) is $112,153, yielding a 6.60% cap rate at the asking price of $1,699,288 ($226.57 per square foot). The property is zoned commercial and offers two points of ingress/egress. This is an ideal opportunity for a 1031 exchange or passive investor seeking a secure, high-return investment with a nationally recognized tenant. The store opened in July 2024 and is currently operating at 100% occupancy.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Traverse City
- County
- Grand Traverse
- State
- Michigan
- Longitude
- -85.778
- Latitude
- 44.7323
