Family Dollar 3390 U.S. 61, Memphis, TN Cap Rate 7.15%

Cap Rate: 7.15%
NOI: $113,744
Building Size: 8,320 sqft
Lot Area: 0.91 sqft
Lease Type: Double Net
Year Built: 2011
Tenancy: Single
Lease Expire Year: 01/31/2026

Price: $1,590,000 USD

DESCRIPTION
Single-Tenant Corporate Family Dollar:
-Huge reported unit level sales (contact broker for further details)
-Tenant recently exercised its first option to extend for 5 years showing commitment to the location
-Opportunity to take advantage of the higher yield due to the 5-year lease while having the long-term security due to the high unit level sales
-10% increases each option
-10-year operating history at the subject property
-Family Dollar, Inc. is a subsidiary of Dollar Tree, Inc. (NASDAQ: DTLR; S&P: BBB - Investment Grade)
-Largest dollar store chain in the U.S. with 15,600 locations
-48 consecutive quarters of positive same-store sales
-Ranked #131 in the Fortune 500
Memphis is One of the Top 30 Largest Cities in the US:
-6 miles from downtown Memphis
-One of the world’s leading tourist destinations, 12+ million annual visitors
2.5 Miles from Graceland: The former mansion and estate of Elvis Presley (650,000 annual visitors)