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Dollar General, Davenport, NY

Dollar General

Price $1,562,000
Cap Rate 6.65%
NOI $103,824
Lease Term 15 years
Lease Type Absolute NNN, with tenant responsible for all taxes, insurance, and maintenance, including roof, structure, and parking lot
Rental Increases 10% rental increases in options
Year Built 2018
Building Size 9,100 SF
Lot Size 2.0 acres (87,120 SF)
Status Available
Lead Broker Information Vincent Aicale
Cushman & Wakefield
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Michael T. Yuras, CCIM
Cushman & Wakefield
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

15-YEAR NNN LEASE WITH CORPORATE GUARANTY
» Guaranteed by Dollar General Corporation (NYSE: “DG”)
» Tenant is responsible for taxes, insurance, and all maintenance, including roof, structure, and parking lot
» No landlord management
» Ideal investment opportunity for an out-of-area investor

MAJOR NATIONAL TENANT WITH STRONG FINANCIALS
» Dollar General Corporation is rated “BBB” by Standard & Poor’s and “Baa2” by Moody’s
» Dollar General’s yearly revenues exceed $25.6 billion
» Dollar General operates more than 15,000 locations in 44 states and has plans for significant future growth

HIGH-EXPOSURE LOCATION WITH LARGE CUSTOMER BASE AND MINIMAL COMPETITION
» Located on Highway 23, with excellent visibility and access to 6,760 vehicles per day
» Centrally located minutes from downtown Oneonta, several major retail centers, and a number of schools and universities
» Nearest retail center is a 10-minute drive away and includes Walmart Supercenter and Southside Mall, which is anchored by Southside Mall Cinemas, JCPenney, and T.J. Maxx



Property Description

The property is located on State Highway 23, with excellent visibility and access to 6,760 vehicles per day. Highway 23 offers convenient access to Downtown Oneonta, one of the region’s largest retail areas. The property is surrounded by a strong mix of local tenants specializing in industry and automotive services.

The property is located just minutes from downtown Oneonta and the Southside Mall retail area. The Southside Mall is tenanted by many national retailers including JCPenney, T.J. Maxx, Shoe Dept. Encore, Petco, OfficeMax, Dick’s Sporting Goods, Bath & Body Works, Applebee’s, Panera Bread, Five Guys, Gamestop, AT&T among other well-known tenants. Other national retailers nearby are Walmart Supercenter, Tractor Supply Company, Lowe’s, Home Depot, ALDI, Denny’s, and Dunkin Donuts. The property is also close to several of the area’s major universities, including SUNY Oneonta (6,500 students) and Hartwick College (1,200 students). Other nearby schools include Charlotte Valley School (350+ students) and Oneonta Middle School (370+ students).

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