Address: 26682 PA 267, Friendsville, Pennsylvania, United States 18118
Type: Net Leased Dollar Store
Cap Rate: 6.70%
Lease Type: Triple Net (NNN)
Annual Rent: $103,990
Net Operating Income: $103,990
Lease Term Remaining: 14.9 Years
Rental Increases: 10% Each Option Period
Options: Three (3), Five (5)-Year
Year Built: 2018
Rentable Sq/Ft: 9,026 SF
Rent Sq/Ft: $11.52
Price Sq/Ft: $172
Lot Size: +/-1.16 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Dollar General located at 26682 PA 267 in Friendsville, Pennsylvania. The property consists of 9,026 square feet of building space and is situated on roughly 1.16 acres of land.
The Dollar General opened in October 2018 and is subject to a 15-year absolute triple-net (NNN) lease. This lease commenced on October 31, 2018 and expires on October 31, 2033. The initial annual rent is $103,990 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 on PA-267, which experiences an average daily traffic count of 4,300 vehicles. PA-267 intersects with Quaker Lake Rd, which experiences an average daily traffic count of 1,200 vehicles. There are approximately 115,800 people residing within a ten-mile radius. The area surrounding the property is very residential and affluent, with an average household income of over $87,000.
This Dollar General is well-positioned in a suburban throughway consisting of national and local tenants, medical centers, automotive care, and local banks. National and local tenants in the area include: NBT Bank, United States Postal Service, Gulf, Bed and Breakfast Accommodations, Endless Mountain Health Systems and many more. This Dollar General benefits from nearby academic institutions. Binghamton University is located approximately eight miles from the subject property, and features a total enrollment of over 13,100 students. Also, the Montrose Area School District is less than ten miles away from the subject property and has a total enrollment exceeding 1,400 students. The subject property also benefits from nearby hospitals. Barnes Kason Hospital and Our Lady of Lourdes Memorial Hospital are both within a four-mile radius of the property and have a combined bed count of 359 beds.
Friendsville is located 14 miles south of Binghamton, New York. Binghamton is the principal city and cultural center of the Binghamton metropolitan area, home to a quarter million people. In the days of the railroad, the city was a transportation crossroads and a manufacturing center, and has been known at different times for the production of cigars, shoes, and computers. IBM was founded nearby, and the flight simulator was invented in the city, leading to a notable concentration of electronics- and defense-oriented firms. This sustained economic prosperity earned Binghamton the moniker of the Valley of Opportunity. Today, there is a continued concentration of high-tech firms, Binghamton is emerging as a healthcare and education focused city, with the presence of Binghamton University acting as much of the driving force behind this revitalization. There is also a large presence of food services and distribution companies in Binghamton. Both Maines Paper & Food Service and Willow Run Foods are headquartered in the region, and are two of the largest food distributors in the country, servicing a large region of restaurants and chains throughout the United States. Crowley Foods, a subsidiary of HP Hood, maintains their headquarters in Binghamton and Frito-Lay has a large plant in the region. The development of large student housing projects has resulted in a resurgence of restaurants and service-oriented business downtown.
Broker of Record: Mark Taylor – License # RM423708