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Dollar General

$ 916,645
Douglasville, New York
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Newly Listed

Address: 1 Stewart Street, Douglasville, New York, United States 13329

Type: Discount Store

Cap Rate: 7.75%

Lease Type: Double-Net (NN)

Annual Rent: $71,040

Net Operating Income: $71,040

Rental Increases: Ten Percent (10%) Each Option

Options: Two (2), Five (5) Year Option Periods

Rentable Sq/Ft: 9,000 SF

Rent Sq/Ft: $7.89

Price Sq/Ft: $102

Lot Size: +/- 0.64 Acres

Marcus & Millichap is pleased to present the exclusive listing for a Dollar General located at 1 Stewart Street, Dolgeville NY 13329. The property consists of roughly 9,000 rentable square feet of building space on an estimated .64 acre parcel of land.
Dollar General is subject to a recently extended 10-year double-net (NN) lease. The initial rent is $71,040. There are two (2), five (5)-year tenant renewal options, extending the total possible lease term to 20 years.

This Dollar General investment property is located just off South Main Street at 1 Stewart Street in Dolgeville, NY. South Main Street runs directly through the center of Dolgeville and experiences a daily traffic count of over 4,300 cars. There are nearly 4,000 individuals within a three-mile radius of the subject property and 8,000 within a five-mile radius of the subject property.

This Dollar General is well-positioned in a fairly dense residential and retail corridor consisting of national and local tenants. Major national tenants include: Big M Supermarkets, Stewart’s Shops, Kinney Drugs, The Cakery Café and more retailers within a close distance of this property. The site is located just off the downtown Dolgeville area with strong visibility and ease of access directly off South Main Street. This site also benefits from its close proximity to Dolgeville school district. This Dollar General is located approximately 7-miles from Little Falls Hospital, Herkimer County’s only provider of a 25-bed, acute inpatient and emergency care hospital.

Dolgeville is a village in Herkimer County and Fulton County, New York, United States. The village is named after Alfred Dolge, and industrialist from the 19th Century. The village is mostly in the eastern part of the town of Manheim (Herkimer County) but is partly in the western edge of the town of Oppenheim (Fulton County). Dolgeville is east of Utica. Dolgeville is currently experiencing an economic recovery with the opening of a crafts, antiques, and furniture mall, Dolgeville Mill, in the old Daniel Green factory, which in turn has encouraged some other businesses to open in Dolgeville. Charles Soukup, who bought the mill in 2003, announced at the end of 2011 that he was converting the main building, a limestone structure, into 40 one- and two-bedroom apartments which would be renovated in early 2012, with the first ones ready to be rented by July 2012. He has yet to do this though. The village still has a number of factories, including Rawlings, which makes a large percentage of the baseball bats used by Major League Baseball, Adirondack brand bats, as well as other wood products. North Hudson Woodcraft Corp., which had manufactured piano parts for Steinway since the 1800s until about 2005, now manufactures other wood products such as kitchen cabinets and caskets. Other companies include Tricot, which manufactures textile products, and Tumbleforms and Bergeron By Design, which both manufacture therapy products.

 

 

Broker of Record:  John Krueger  License #10311205789

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Glen Kunofsky

President, Founder
(212) 430-5115

Richard Nardi

Senior Managing Director, Investments
(212) 430-5202