Address: 5722 S Perkins Road , Stillwater, Oklahoma, United States 74074
Type: Discount Store
Cap Rate: 6.50%
Lease Type: Net-Lease Dollar Store
Annual Rent: $86,742
Net Operating Income: $86,742
Lease Term Remaining: 14+ Years
Rental Increases: 10% Each Option Period
Options: Five (5), Five (5)-Year
Year Built: 2019
Rentable Sq/Ft: 9,026 SF
Rent Sq/Ft: $9.61
Price Sq/Ft: $148
Lot Size: +/- 1.26 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Dollar General located at 5722 S Perkins Road, Stillwater, Oklahoma. The property consists of approximately 9,026 square feet of building space and is situated on roughly 1.26 acres of land.
The Dollar General opened in 2019 and is subject to a 15-year absolute triple-net (NNN) lease. This lease commenced on February 17, 2019 and expires on March 31, 2034. The initial annual rent is $86,742 is scheduled to increase 10%in each of the five, five-year renewal options. 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.
The subject investment property is situated on Perkins Road in Stillwater, Oklahoma. Perkins Road is one of the busiest roads in Stillwater and boasts an average daily traffic count of 17,000 vehicles. This investment property benefits from its robust demographics.
More than 31,000 individuals reside within a five-mile radius of this property and more than 68,500 live within a ten-mile radius. Furthermore this property benefits from being located in an affluent community. The average income within a three-mile radius of this property is greater than $75,000.
Stillwater is home to a diverse mix of business and industry, from manufacturing to advanced technology. Among its export industries are printing and publishing, floor covering, wire products, software, food and kindred products, and research. Stillwater has the following economic clusters: aerospace, agribusiness, biotechnology, optoelectronics, printing and publishing, software and standard manufacturing. Oklahoma State University plays a significant part of Stillwater’s overall economy with more than 24,000 students, 5,500 personnel and a focus on research and technology. Stillwater is also home to a branch of Northern Oklahoma College, Meridian Technology Center, and the Oklahoma Department of Career and Technology Education. In 2011 Forbes Magazine named Stillwater the 6th fastest growing small cities in the United States. Stillwater is located 60-miles from Oklahoma City.
Oklahoma City is the capital of Oklahoma, its largest city and the county seat of Oklahoma County. The Oklahoma City MSA is the 44th most populous statistical area in the United States and the largest in the region outside of Texas. Oklahoma City lies along one of the primary corridors into Texas and Mexico, and is a three-hour drive from the Dallas-Fort Worth metropolitan area. Oklahoma City features one of the largest livestock markets in the world, however, oil, natural gas, petroleum products and related industries drive the economy due to its location in the middle of an active oil field – in fact, oil derricks dot the capitol grounds itself. Not surprisingly, two of the largest employers are Fortune 500 companies Chesapeake Energy Corporation (NYSE: CHK) and Devon Energy Corporation (NYSE: DVN). Yet as the city and MSA continue to grow and diversify, other sectors including information technology, services, healthcare and administration have drawn investments from other major entities. Sonic DriveIn, Hobby Lobby and Love’s Travel Stops & Country Stores have corporate headquarters in Oklahoma City and the FAA, OGE Energy Corporation, AT&T, Dell, Hertz, UPS, Farmers Insurance Group, CocaCola, Boeing and Johnson Controls, among others, have significant operations there. Moreover, the Oklahoma City MSA is home to both Tinker Air Force Base and the University of Oklahoma. The University of Oklahoma is the largest educational institution in Oklahoma currently serving over 30,000 students and employing nearly 12,000 full and part-time faculty and staff.
Broker of Record: Mark McCoy License #181981