Address: 217 Bennett Ave, Martin, South Dakota, United States 57551
Cap Rate: 6.50%
Lease Type: Triple-Net (NNN)
Annual Rent: $91,677
Net Operating Income: $91,677
Rentable Sq/Ft: 9,100 SF
Rent Sq/Ft: $10.07
Price Sq/Ft: $155
Lot Size: +/- 1.01 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Dollar General located at 217 Bennett Avenue in Martin, South Dakota. The property consists of approximately 9,100 square feet of building space and is situated on roughly 1.01 acres of land.
The Dollar General opened in January 2020 and is subject to a 15-year absolute triple-net (NNN) lease. This lease commenced on January 27, 2020 and expires on January 31, 2035. The current annual rent is $91,677 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.
The subject investment property is situated on West Bennett Avenue in Martin, South Dakota. West Bennett Avenue experiences an average daily traffic count of approximately 1,000 vehicles. West Bennett Avenue also intersects with South Dakota Route 73, which brings an additional 500 vehicles into the immediate area daily.
This Dollar General is well-positioned opposite a school in the main retail hub of Martin, consisting of national and local tenants, academic institutions and hospitality accommodations. National and local tenants in the area include Dairy Queen, Family Dollar, Lynn’s Dakotamart, ACE Hardware, True Value, Yes Way and many more. Additionally, this investment property benefits from its proximity to surrounding academic institutions. There are two academic institutions within a one-mile radius of this Dollar General, Martin Grade School is located across the road, with a combined total enrollment exceeding 750 students.
There is also a prominent medical presence. Bennett County Hospital, a state-of-the-art medical facility that serves the county, is located within a one-mile radius. Furthermore, this subject property is near numerous hospitality accommodations, these include the Crossroads Inn and Candlelight Inn, both also located within a one-mile radius.
Martin rests on U.S. Highway 18, 130 miles southeast of Rapid City. Surrounded by the tall prairie grasses of south-central South Dakota, the heartland town of Martin has a population of approximately 1,100 and serves a market area of approximately 8,000. The largest community in Bennett County and the county seat, Martin is the center for business, education and medical care. The nearest large city is Rapid City, South Dakota. Rapid City is home to such popular attractions as Art Alley, Dinosaur Park, the City of Presidents walking tour, Chapel in the Hills, Storybook Island, Main Street Square, and more. In the neighboring Black Hills are the tourist attractions of Mount Rushmore, the Crazy Horse Memorial, Custer State Park, Wind Cave National Park, Jewel Cave National Monument, the museum at the Black Hills Institute of Geological Research, and to the east of the city is Badlands National Park.
B.O.R Todd Lindblom License: 0511964