Dollar General
Closed336 NE Center St, Faison, NC 28341
Property type
Retail
Unit / Space count
1
Price
$470,000
Building size
8,000 sf
Rentable area
8,000 SF
Year built
2002
Year renovated
Occupancy
100%
APN
02-519
Zoning code
N
Lot size
0.78 Acres
CAP
8.25%
Price per Unit
$470,000
Price per SF
$58.75
Net Operating Income
$38,760
Property description
Franklin Street is pleased to present this freestanding Dollar General located in Faison, North Carolina. Faison is in Duplin County which is located on the eastern side of the state, 55 miles east of Fayetteville and 60 miles southeast of Raleigh, North Carolina. As a result of the construction of Interstate Highway, I-40, from Raleigh to Wilmington, growth along this corridor has been on the rise. This has benefited the town of Faison and its residents in many ways. The site is in a highly visible location that is very convenient to Faison's surrounding population and sits between the towns of Mt Olive and Warsaw. Today, Faison has emerged as an international exporter of food products. Major agribusinesses include Bay Valley Foods, Southern Produce Distributors, Cottle Farms, and Burch Farms The building is 8,000 SF on a 0.78-acre parcel. Dollar General executed their option to extend the lease that commenced March 2021 and has four years remaining. The extension of the lease demonstrates Dollar General’s commitment to this site. Dollar General is responsible for CAM, taxes and insurance for the premises. The lease has 10% rent increases in the one option period remaining, and then there is the opportunity to renegotiate the rent to a higher number. This property provides an investor the opportunity to acquire a high-yield stream of passive income with an investment-grade tenant that is recession-proof in a market with minimal competition and strong consumer demand.
Property highlights
- Single-Tenant Dollar General in Eastern North Carolina
- 4 Years Remaining on Lease with Dollar General; BBB Credit-Rated Company
- Average Household Income Within 5 Miles of the Property is $71,068
- 10% Rent Increase in the One Remaining Option
- Ideal Demographics for Dollar General’s Business Model
- Faison has emerged as an international exporter of food products
- Faison’s Population Expected to Grow by 2027 Due to the Growth Along I-40
- Dollar General is a Publicly Traded Company (NYSE: DG) with $34.22 Billion in Sales
- Dollar General is Ranked #91 in Fortune 500
- Essential Retailer for Surrounding Residents as it Services the Community within 5 Miles of the Property
- Low Price Point For a Dollar General and Replaceable Rent