DOLLAR GENERAL | ERIE, PENNSYLVANIA

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
10.5 Years
LEASE EXPIRATION
09/30/2031
Renewal Options
Three (3) - Five (5) Year
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)

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