DOLLAR GENERAL | ERIE, PENNSYLVANIA
INVESTMENT SUMMARY
Purchase Price
$1,633,933
Location
8214 Perry Highway
Cap Rate
6.00%
Annual Rent
$98,036.00
Building Size
9,100 SF
Land Area
1.20 Acres
Ownership
Fee Simple
Lease Type
Absolute NNN
Term Remainning
10.25 Years
LEASE EXPIRATION
09/30/2031
Renewal Options
RENT INCREASES
10% at Options
Parking
37 Spaces
Year Built
2016
APN
40-010-056.0-026.00
Traffic Counts
13,983 VPD
INVESTMENT HIGHLIGHTS
DOLLAR GENERAL CORPORATE LEASE:
- Approximately 10.5 Years Remaining in the Initial 15 Year Lease Term
- 2016 Construction - 9,100 SF
- Three (3) - Five (5) Year Option Periods with 10% Rental Increases
A TRUE COUPON CLIPPER | ABSOLUTE NNN LEASE:
- Absolute NNN Lease with ZERO Management Responsibilities
- Tenant Pays for ALL Operating Expenses, Insurance & Property Taxes
PRESQUE ISLE DOWNS & CASINO (2007):
- Located Directly Across the Street From the Subject Property
- 1,600 Slots, 32 Table Games, 7 Poker Tables, and 50 BetAmerica Sports Betting Kiosks
- In 2019, Churchill Downs Incorporated Completed Their Acquisition of Presque Isle Downs & Casino
- The Casino Averages Over 4,000 Visitors Per Day
PROXIMITY TO OTHER CITIES:
- Cleveland, Ohio | 102 Miles - 1 Hour: 40 Minute Drive
- Akron, Ohio | 125 Miles - 2 Hour Drive
- Pittsburgh, Pennsylvania | 128 Miles - 1 Hour: 58 Minute Drive
TRADE AREA DEMOGRAPHICS:
- 1-Mile Population = 1,540 Residents
- 1-Mile Average Household Income = $87,604
- 3-Mile Population = 22,890 Residents
- 3-Mile Average Household Income = $93,636
- 5-Mile Population = 105,952 Residents
- 5-Mile Average Household Income = $69,137
- 7-Mile Population = 169,232 Residents
- 7-Mile Average Household Income = $69,797
TENANT:
- Dollar General (NYSE: DG) Features Investment Grade Credit "BBB" by Standard & Poor's
- 17,266 Stores in 46 States as of February 26, 2021
- Dollar General Achieved Their 31st Consecutive Year of Positive Same-Store Sales Growth in 2020
- Ranked #112 on the Fortune 500 List - Up 7 Spots from Last Year (Dollar General has Moved Up the Fortune 500 Rankings for 11 Consecutive Years)