Address: 5 Aldovin Road, Tunkhannock, Pennsylvania, United States 18657
Type: Net Leased Dollar Store
Cap Rate: 6.60%
Lease Type: Triple Net (NNN)
Annual Rent: $99,965
Net Operating Income: $99,965
Lease Term Remaining: 15 Years
Rental Increases: 10% Each Option Period
Options: Three (3), Five (5)-Year
Year Built: 2018
Rentable Sq/Ft: 7,545 SF
Rent Sq/Ft: $13.25
Price Sq/Ft: $201
Lot Size: +/-1.39 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Dollar General located at 5 Aldovin Road in Tunkhannock, Pennsylvania. The property consists of 7,545 square feet of building space and is situated on roughly 1.39 acres of land.
The Dollar General is scheduled to open in December 2018 and is subject to a 15-year absolute triple-net (NNN) lease. This lease commenced on December 10, 2018 and expires on December 31, 2033. The initial annual rent is $99,965 is scheduled to increase 10% in each of the three, five-year renewal options.
Founded in Goodlettsville, Tennessee, Dollar General Corporation has been delivering value to shoppers for over 75 years. Dollar General helps shoppers Save time. Save money. Every day!® by offering products that are frequently used and replenished, such as food, snacks, health and beauty aids, cleaning supplies, clothing for the family, housewares and seasonal items at low everyday prices in convenient neighborhood locations. With over 15,000 stores in 45 states Dollar General is among the largest discount retailer.
The subject investment property is situated along State Route 29 which experiences an average daily traffic count of 4,200 vehicles. Intersecting State Route 29 is Aldovin Rd which experiences an average daily traffic count of 1,400 vehicles. There are over 25,000 people residing within a ten mile radius of the subject property.
This Dollar General is well-positioned in a suburban throughway consisting of local tenants, and automotive care. These tenants include Davan’s Delight, NuFeeds, and Tomcat Truck and Tank Wash. Commonwealth Health Tyler Memorial Hospital, a 48-bed acute care facility is located less than five miles from the subject property. The surrounding area is primarily residential, boasting above U.S. national average household income of about $68,000.
Scranton, within the Scranton/Wilkes-Barre/Hazelton MSA, encompasses the geographic area of Northeastern Pennsylvania. Scranton is strategically located nearby several of the major metropolitan markets of the northeast each connected to Scranton by one of the five major highways servicing the area. The primary airport in the area, Wilkes-Barre/Scranton International Airport, provides regular jet service to nine major hubs. The MSA is home to more than 15 colleges, universities, and technical schools that collectively enroll more than 42,000 students. Academic institutions include University of Scranton, Baptist Bible College, Bloomsburg University, College Misericordia and many others. There are five general acute care hospitals, one rehabilitation hospital and one psychiatric hospital that serve the greater Scranton area. These hospitals include: Clarks Summit State Hospital, Community Medical Center Scranton, Mercy Hospital Scranton and others. Scranton includes a wide range of recreational facilities, which feature AAA baseball team the Scranton Red Barrons, American Hockey League team Scranton Penguins, over 40 golf courses, parks, playgrounds, hiking and biking trails, fishing access in the Lackawanna River, among many other activities. Ski resorts include the Montage in Scranton and the Pocono Mountain Ski Resort.
Broker of Record: Mark Taylor – License # RM423708