Dollar General
Closed3621 Reid Street, Palatka, FL 32177
Property type
Retail
Unit / Space count
1
Price
$1,560,000
Building size
9,100 sf
Rentable area
9,100 SF
Year built
2015
Year renovated
Occupancy
Zoning code
Lot size
1.76 Acres
Sold/status
Sold · Date unknown
Sale price
$1560000
CAP
6.36%
Net Operating Income
$99,207
Property description
Franklin Street Real Estate Services is pleased to present this freestanding Dollar General located in Palatka, Florida. Palatka is in Putnam County which is centrally located between Jacksonville, Gainesville, St. Augustine, and Daytona Beach. The property is situated just east of the intersection of SR 19 and SR 100. The site is in a highly visible location that is very convenient to Palatka's surrounding population and its commuters. The site has easy access for the surrounding population and travelers going through Palatka. The building is 9,100 SF on a large 1.76-acre parcel. Dollar General signed a new 15-year NNN lease that commenced February 2015 and has 10 years remaining. Dollar General is responsible for all maintenance, repairs, taxes and insurance for the premises. The lease has 10% rent increases in each five-year option period. This property provides an investor the opportunity to acquire passive income with an investment-grade tenant that is recession-proof in a market with minimal competition and strong consumer demand.
Property highlights
- INVESTMENT GRADE CORPORATE GUARANTEE
- 10% RENT INCREASES IN OPTION PERIODS
- RELOCATION STORE
- SURROUNDED BY SUPPORTING, DENSE RESIDENTIAL AND MINIMAL COMPETITION IN IMMEDIATE VICINITY
- HIGH-QUALITY CONSTRUCTION WITH UPGRADED ARCHITECTURAL FEATURES
- EASY ACCESS ON SR 100, JUST 500 FT EAST OF ITS INTERSECTION WITH SR 19
- FLORIDA HAS NO STATE INCOME TAX
- FREE AND CLEAR OF DEBT