DOLLAR GENERAL | 12,744 VPD...South Bend was the first community in the United States to have an electrified trolley system (even though it was a few years before it was usable and

30445 Northwestern Highway, Suite 275Farmington Hills, MI 48334248.254.3410

2206 PRAIRIE AVENUE, SOUTH BEND, IN 46614

59,890 THREE MILE POPULATION!

DOLLAR GENERAL | 12,744 VPD

BRYAN BENDERMANAGING DIRECTOR

D: [email protected]

BENJAMIN SCHULTZSENIOR DIRECTOR


ACTUAL STORE

http://fortisnetlease.com/


BRYAN BENDER | 248.419 .3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] DISCLAIMER // 2

DISCLOSURE :

All materials and information received or derived from Fortis Net Lease (hereinafter collectively referred to as “FNL”), its directors, officers, agents, advisors,affiliates and/or any third party sources are provided without representation or warranty by FNL its directors, officers, agents, advisors, or affiliates as to com-pleteness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, suitability, financialperformance of the property, projected financial performance of the property for any party’s intended use or any and all other matters.

Neither FNL its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of theany materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for revieware not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. FNL will notinvestigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing.

ALL PARTIES SHALL CONDUCT THEIR OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE:

Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigationsincluding through appropriate third party independent professionals selected by such party.

All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independentprofessionals. FNL makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. FNL doesnot serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used forfinancial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party donot necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations aswell as market conditions, vacancy factors and other issues in order to determine rents from or for the property.

Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or taxattorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether theproperty complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, otherconsultants and governmental agencies. All properties and services are marketed by FNL in compliance with all applicable fair housing and equal opportunity laws.

BRYAN BENDER BENJAMIN SCHULTZMANAGING DIRECTOR SENIOR DIRECTORD: 248.419.3810 D: [email protected] [email protected]

GREGORY A. HARBERTHARBERT COMPANY, INC.

IN #C0889001461298 WEST MAIN ST.

GREENWOOD, IN 46142317.885.8858

EXCLUSIVELY L ISTED BY: STATE BROKER OF RECORD:

2206 PRAIRIE AVENUE, SOUTH BEND, IN 46614DOLLAR GENERAL

mailto:[email protected]



https://buildout.com/website/637362-sale?tab=map

BRYAN BENDER | 248.419 .3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] INVESTMENT OFFERING // 3

INVESTMENT SUMMARY

List Price: $1,569,238

Current NOI: $98,862.00

Initial Cap Rate: 6.3%

Land Acreage: +/- 1.0

Year Built 2017

Building Size: 9,100 SF

Price PSF: $172.44

Lease Type: Absolute NNN

Lease Term: Absolute NNN

Average CAP Rate: 6.3%

INVESTMENT OFFERINGFortis Net Lease is pleased to present this upgraded 9,100 SF. Dollar General storelocated in South Bend, Indiana. The property is encumbered with a Fifteen (15) YearAbsolute NNN Lease, leaving zero landlord responsibilities. The lease contains 4 (5) Yr.Options to renew, each with a 10% rental rate increase. The lease is corporatelyguaranteed by Dollar General Corporation which holds a credit rating of “BBB”, which isclassified as Investment Grade. The store is currently open with rent havingcommenced on 11/16/2017.

This Dollar General is highly visible as it is strategically positioned on the corner ofPrairie Avenue and W Ewing Avenue with this intersection seeing 12,744 cars per day.The five mile population from the site is 131,176 while the one mile average householdincome is $37,313 per year, making this location ideal for a Dollar General. The Subjectoffering represents an ideal opportunity for a 1031 exchange buyer or a “passive”investor to attain the fee simple ownership of a Dollar General. This investment willoffer a new owner continued success due to the financial strength and the provenprofitability of the tenant, the nation’s top dollar store. List price reflects a 6.30% caprate based on NOI of $98,862.

PRICE $1,569,238

CAP RATE 6.3%

LEASE TYPE Absolute NNN

TERM REMAINING 13 Years

INVESTMENT HIGHLIGHTS• Absolute NNN 15 Year Lease | Zero Landlord Responsibilities

• Upgraded 3 Sided Brick Construction

• 4 (5 Year) Options | 10% Rental Increase At Each Option

• Three Mile Household Income $37,313

• Five Mile Population 131,176

• Three Mile Population 59,890

• 9,959 Cars Per Day on Prairie Avenue

• 2,785 Cars Per Day on W Ewing Avenue

• Investment Grade Dollar Store with "BBB" Credit Rating

• DG Reported 31 Consecutive Quarter of Same Store Sales Growth

• South Bend is the 4th Largest City in Indiana






BRYAN BENDER | 248.419 .3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] PROPERTY & LEASE // 4

LEASE SUMMARYTenant: Dollar General

Lease Type: Absolute NNN

Primary Lease Term: Absolute NNN

Annual Rent: $98,862

Rent PSF: $10.86

Landlord Responsibilities: None

Taxes, Insurance & CAM: Tenant

Roof, Structure & Parking: Tenant

Lease Start Date: 11/16/2017

Lease Expiration Date: 11/30/2032

Lease Term Remaining: 13 Years

Rent Bumps: 10% at Each Option

Renewal Options: Four (5 Year)

Lease Guarantor: Dollar General Corporation

Lease Guarantor Strength: BBB

Tenant Website: www.DollarGeneral.com

GROSS SALES:

$26.48 BIL

STORE COUNT:

15,000+

GUARANTOR:

DG CORP

S&P:

BBB

Year Built: 2017

Lot Size: +/- 1.0 Acres

Building Size: 9,100 SF

Traffic Count #1: 9,959 on Prairie Ave.

Traffic Count #2: 2,785 on W Ewing Ave.

Roof Type: Standing Seam

Zoning: Commercial

Construction Style: Upgraded - 3 Sided Brick

Parking Lot: Asphalt

Warranties Construction

HVAC Roof Moutned

INCOME PER SF

Rent $98,862 $10.86

Gross Income $98,862 $10.86

EXPENSE PER SF

Expenses $0 $0.00

Gross Expenses $0 $0.00

NET OPERATING INCOME $98,862 $10.86

FINANCIAL SUMMARY

PROPERTY SUMMARY






BRYAN BENDER | 248.419 .3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] RENT ROLL // 5

TENANTNAME

UNITSIZE (SF)

LEASESTART

LEASEEND

ANNUALRENT

% OFGLA

RENTPER SF/YR

Dollar General 9,100 11/16/2017 11/30/2032Option 1Option 2Option 3Option 4

$98,862$108,748$119,623$131,585$144,743

100.0 $10.86$11.95$13.14$14.46$15.90

Totals/Averages 9,100 $98,862 $10.86

TOTAL SF9,100

TOTAL ANNUAL RENT$98,862

OCCUPANCY RATE100%

AVERAGE RENT/SF$10.86

NUMBER OF TENANTS1






BRYAN BENDER | 248.419 .3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] TENANT PROFILE - Q2 2019 DG // 6






BRYAN BENDER | 248.419 .3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] PROPERTY PHOTOS // 7






BRYAN BENDER | 248.419 .3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] SITE PLAN // 8







BRYAN BENDER | 248.419 .3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] LOCATION MAPS // 9





BRYAN BENDER | 248.419 .3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] AERIAL MAP // 10






























BRYAN BENDER | 248.419 .3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] AREA & DEMOGRAPHICS // 15

POPULATION 1 MILE 3 MILES 5 MILES

Total Population 2018 3,974 59,890 131,176

Total Population 2023 4,058 60,883 133,088

Population Growth Rate 2.11% 1.66% 1.46%

Average Age 34.2 35.6 36.2

# Of Persons Per HH 2.7 2.6 2.5

HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES

Total Households 1,489 22,007 49,176

Average HH Income $37,313 $45,924 $52,519

Median House Value $58,167 $69,017 $82,902

Consumer Spending (Thousands) $25,489 $414,046 $982,073

South Bend is a city in, and the county seat of, St. Joseph County, Indiana. It is thefourth-largest city in Indiana, serving as the economic and cultural hub of NorthernIndiana. The University of Notre Dame is located just to the north in unincorporatedNotre Dame, Indiana, and is an integral contributor to the region's economy.

The area was originally settled in the early 19th century by fur traders and wasestablished as a city in 1865. The St. Joseph River shaped South Bend's economythrough the mid-20th century. River access assisted heavy industrial development suchas that of the Studebaker Corporation, the Oliver Chilled Plow Company, and other largecorporations.

Other industries developed in South Bend in the early 20th century, including BirdsellManufacturing Company, the Bendix Corporation, Honeywell, AlliedSignal, South BendLathe Works, the O'Brien Paint Corp., the South Bend Toy Company, South Bend Range,South Bend Bait Company, and South Bend Watch Company. Workers at the BendixCorporation actually staged the first sit-in strike in American history in 1936.[35] Fastdevelopment led to the creation of electric rail transportation throughout the area and,in 1925, the South Shore interurban streetcar service was established from downtownSouth Bend to downtown Chicago. South Bend was the first community in the UnitedStates to have an electrified trolley system (even though it was a few years before itwas usable and profitable).

The city has several annual festivals. The South Bend International Festival began tenyears ago as the South Bend Reggae Festival and now features local and internationalmusical artists who perform in African, Latino, and American cultural styles. Proceedsfrom the festival are given to the Pangani Foundation of South Bend, which providesmedical supplies to hospitals in Malawi.






BRYAN BENDERMANAGING DIRECTOR


BENJAMIN SCHULTZSENIOR DIRECTOR


30445 Northwestern Highway, Suite 275Farmington Hills, MI 48334248.254.3410fortisnetlease.com

EXCLUSIVELY L ISTED BY:

TOTAL SALES VOLUME PROPERTIES SOLD BROKER & BUYER REACH STATES SOLD IN

$5.5B 2,500+ 345K 40

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DOLLAR GENERAL | 12,744 VPD...South Bend was the first community in the United States to have an electrified trolley system (even though it was a few years before it was usable and