PRICE : | $1,295,000 |
---|---|
CAP RATE: | 6.4% |
PROPERTY TYPE: | Retail |
SITE SIZE: | 1.00 Acres |
BUILDING SIZE: | 8,025 SF |
This value priced Family Dollar in Louisville, KY has just under 9 years remaining on the NN lease. Family Dollar spent $350,000 on an interior and exterior renovation in 2021, demonstrating a strong commitment to the location. Improvements include an updated façade, new signage, interior remodeling and store expansion by ± 1,250 SF of floor space.
Located in a densely populated urban area, Taylor Boulevard is close to Churchill Downs, home of the Kentucky Derby and has major national retails and the University of Louisville nearby. This busy area has traffic counts of almost 20,000 VPD and a three-mile population of over 118,000 with an average household income of almost $55,000 making this an ideal Family Dollar location. That is likely why it has been operating here for over 38 years.
In conjunction with the remodel, Family Dollar executed a new 10-year NN lease which runs through January of 2032. Additionally, five 5-year renewal options remain with rent increases in each option period. Family Dollar reimburses the landlord for taxes and insurance. The landlord is responsible for roof, structure, parking lot and repairs over $300 per occurrence.
This offering has a very competitive cap rate of 6.4% and low rent/SF of $10.33. Along with a strong corporate guaranty by Family Dollar, a subsidiary of Dollar Tree, this offering is well priced at $1,295,000.