Address: 1008 Highway Drive, Hazen, North Dakota, United States 58545
Type: Net Leased Dollar Store
Cap Rate: 6.65%
Lease Type: Triple-Net (NNN)
Annual Rent: $90,676
Net Operating Income: $90,676
Lease Term Remaining: 15 Years
Rentable Sq/Ft: 9,002 SF
Rent Sq/Ft: $10.07
Price Sq/Ft: $151
Lot Size: +/- .96 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Dollar General located at 1008 Highway Drive in Hazen, North Dakota. The property consists of approximately 9,002 square feet of building space and is situated on roughly 0.96 acres of land.
The Dollar General opened in September 2019 and is subject to a 15-year absolute triple-net (NNN) lease. This lease commenced on September 20, 2019 and expires on September 30, 2034. The current annual rent is $90,676 and is scheduled to increase 10% in each of the five, five-year tenant renewal option periods. Founded in Goodlettsville, Tennessee, Dollar General Corporation has been delivering value to shoppers for over 75 years. With over 15,000 stores in 45 states Dollar General is among the largest discount retailer.
This Dollar General benefits from being well-positioned in the main retail corridor of Hazen, consisting of both national and local tenants. Major national tenants within the area include: Subway, Tractor Supply Co., Chevrolet, Napa Auto Parts, The Union Bank, Cenex, Roughrider Electric Cooperative, Hot Stuff Pizza, Bee’s Café, Capital Credit Union, as well as many others. Additionally, the subject property benefits from its close proximity to education and health care facilities. Most notable is the Hazen Public High School, which is located within a half-a-mile radius of the site and has a total enrollment exceeding 265 students as well as being the only high school in Hazen. Sakakawea Medical Center, the major general medical and surgical facility in the surrounding area, is located within one-mile of this Dollar General property and has 34 staffed beds. This Dollar General property also benefits from its competitive market advantage, being the only national convenience store in Hazen, in addition to its proximity to the Mercer County Regional Airport, the only airport within 65 miles. At any given point, this airport stows roughly 900 aircrafts and is a lucrative component of Hazen’s economy, just two miles from the subject investment Dollar General.
The subject investment property is situated on Highway-200, also known as 45th Avenue Southwest, which experiences average daily traffic counts of approximately 4,000 vehicles, the highest in Hazen. Highway-200 intersects with Highway-83, also known as Veterans of Foreign Wars Memorial Highway, which brings an additional 5,700 vehicles into the immediate area on average daily. There are more than 6,900 individuals within a ten-mile radius of the property.
Hazen is nestled in the heart of the Sakakawea South Shore Region, just minutes from beautiful Lake Sakakawea, the Knife River Indian Villages NHS and several coal mines and energy plants. The town of 6,900 has most everything the traveler needs including a well-rounded business district, a variety of restaurants, medical facilities and many other services. Hazen is located along Highway 200 midway between two North Dakota state designated Scenic Byways. The Office of Community and Economic Development has continued to make strides toward furthering the economic development and surrounding business/trade area by promoting new enterprise and support of existing businesses. They plan on enlarging the business activity, expansion of available goods and services and increasing employment opportunities in order to additionally attract more residents to the community.
Broker of Record:Jon Ruzicka License #10032