| PRICE : | $755,000 |
|---|---|
| CAP RATE: | 7.2% |
| PROPERTY TYPE: | Retail |
| SITE SIZE: | 1.18 Acres |
| BUILDING SIZE: | 9,402 SF |
Highlights
- • Dollar Tree spent $300,000 and renovated former ± 9,402 SF CVS with a 7-year initial NN lease term
- • “Bite size” investment under $1,000,000 offering at a 7.2% cap rate
- • Red Bay attracts RV owners from all over the U.S. to visit the Tiffin Motorhomes manufacturing facility which employees over 1,500 people
- • Visitors use Red Bay year-round as “home base” while their RV is being refurbished or repaired
- • Corporate guaranteed by Dollar Tree
- • Value priced well below other active comps on the market
- • Nancy Miller, Alabama License #: 000093159-0
Description
Looking for a great tenant, higher cap rate and a “bite size” deal? This is it! Bull Realty is offering a Dollar Tree in Red Bay, AL that was fully renovated in 2019 from a former CVS. It is value priced at a 7.2% cap rate. This cap rate, as compared to other similar properties noted on Page 9, is outstanding. Dollar Tree invested $300,000 to renovate the ± 9,402 SF structure which included a new roof, all new framing & walls, fresh paint, new flooring, new plumbing & bathrooms, new ceiling & duct work and two additional new roof-mounted HVAC units.
The Dollar Tree is located on a large ± 1.18 parcel on Red Bay’s main retail corridor with traffic counts exceeding 7,200 VPD on 4th Avenue. The retail trade area is robust with other nearby retailers including Piggly Wiggly, Dollar General Market + pOpshelf, McDonald’s, Valley National Bank, O’Reilly Auto Parts, Jack’s and Farmers Home Furniture.
Red Bay is located in the northwest corner of Alabama near the Mississippi and Tennessee borders. Most notably, it has national recognition for its booming RV industry. Red Bay is home to Tiffin Motorhomes, a leading manufacturer of Class A and Super C motorhomes where factory tours are offered daily. RV owners travel to Red Bay throughout the year as temporary residents, often staying 2-3 weeks at a time while having maintenance done on their RV’s. Visitors spend leisure time with the many parks, fishing areas and going to nearby Russellville, the county seat of Franklin County. In December 2021, Tiffin was acquired by Elkhart, Indiana-based Thor Industries Inc. The Tiffin Group operates as a standalone division.
There are 3 ½ years remaining on this Dollar Tree guaranteed NN lease from the original 7-year lease with five 5-year renewals each with a $0.50/SF rent increase and with minimal Landlord responsibilities. The low rent/SF of $5.75 and high cap rate makes this a very attractive entry level dollar store investment under $1,000,000.
Offered at $755,000 or a 7.2% cap rate.
