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Dollar General | 7.6% Cap Rate

961 Oak Stump Rd
Elizabeth City, NC 27909
PRICE : $669,000
CAP RATE: 7.6%
PROPERTY TYPE: Retail
SITE SIZE: 0.93 Acres
BUILDING SIZE: 9,100 SF
YEAR BUILT: 2003

Highlights

  • Recently extended lease term due to success of location
  • Competitive 7.6% cap rate
  • Recent upgrades including all new HVAC’s in 2015
  • Low rent/square foot at $5.57
  • Strong mid-size market retail trade area
  • Vibrant NC location which has strong local and tourist based economy

Description

Bull Realty is pleased to offer FOR SALE this Dollar General, located in Elizabeth City, NC, which has been such a strong performer, that the tenant approached the landlord for an early lease extension. This 9,100 SF store, built in 2003, has a remaining lease term through January of 2023 and five 5 year remaining extension options. Located on a 0.93+/- acre corner site, just north of Northeastern High School, the subject is surrounded by a busy retail trade area just off US 17, the main traffic artery from the mainland of NC to the Outer Banks.

Dollar General has shown a strong commitment to this store by replacing all the HVAC units, at their expense, in 2015. In addition, they provide a generous CAM allowance for landscaping and parking lot maintenance. Offered at a 7.6% cap rate, this is a rare and ideal investment for someone looking for minimal landlord responsibilities, outstanding real estate and a successful corporate guaranteed national credit tenant.

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