Investment Offering
Patterson, MO - Dollar General
51 State Hwy 143 | Patterson, MO 63956
$1,696,000
Price6.25%
Cap Rate$106,000
NOI2023
Year Built10,640
± SF Offering GLA1.33
± AC Land AreaDescription
Westmore Group Inc. in collaboration with SRS Real Estate Partners is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, newly built, corporate guaranteed, Dollar General investment property located in Patterson, MO. The tenant, Dolgencorp, LLC, recently signed a brand new 15-year lease with 3 (5-year) options to extend, demonstrating their long-term commitment to the site. The lease features 10% rental increases at the beginning of each option period, growing NOI and hedging against inflation. The lease is guaranteed by the corporate entity and is NNN with limited landlord responsibilities, making this an ideal, low-management investment opportunity for a passive investor. Dollar General is a nationally recognized and established discount store chain with over 19,000 stores in operation. The asset, which is scheduled to open in July 2023, will feature a state-of-the-art design using the highest-grade materials available.
Location
Dollar General is strategically located at the hard corner intersection of State Highway 143 and State Highway 34, making this a centralized location with easy commutes for both employees and customers. The surrounding tenants include Soul Threads Clothing, Southern Memories, Wally’s Park Road Bar & Grill, and others. The surrounding national and regional tenant presence drives a steady stream of loyal, local consumers and promotes crossover store exposure. In addition, the subject is among the very few variety stores in the surrounding trade area, creating a large consumer draw for the site with virtually no competition. The 5-mile trade area is supported by over 1,000 residents and 140 daytime employees, with an average annual household income of $59,476.
Documents & Links
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 Offering Memorandum |  |  |