Dollar General
2649 East 79th Street - Chicago IL 60649
| LTV (Loan to Value) | 65.00% | Current NOI | $115,000.00 |
| Interest Rate | 4.250% | Cap Rate | 10.000% |
| Fixed Term | 10 Years | Land Area | +/- 0.483 Acres |
| Amortization | 25 Years | Lease Type | NNN |
| Loan Amount | $747,500 | Property Type | Retail |
| Payment | $4,049.49 | Property Lease | Discount |
| Building Size | +/- 12,375 SF | Remaining Terms | Approx. 4.75 Years |
Location Description
NNN Lenders is pleased to offer for sale to qualified investors, the opportunity to purchase a 100% fee- simple interest in the corporately guaranteed Dollar General property located at 2649 East 79th Street in Chicago, Illinois (the “Property”). The Property is located along the border of Chicago’s South Shore and South Chicago neighborhoods, roughly 10 miles south of city center.Highlights
Investment Grade Tenant - Dollar General (NYSE: DG) currently holds credit rating of BBB-/Stable from S&P. FY2013 revenue of $17.5 billion and net income of $1.03 billon
Dense Urban Infill Location with Ideal Demographics – Population of 388K+ with average HH income of $45K+ within 5 miles. These demographics are superior to typical DG locations and site was selected as an optimal location for store
Recent Retrofit – Property was retrofitted to suit DG in 2009 (former Walgreens building)
Below Market Rent – DG is currently paying a replaceable annual rent of $9.29 PSF, below DG rates that are typically greater than $10.00 PSF
Excellent Residual Value – Priced at a 10% cap rate, Property provides excellent residual value
Exceptional Rent to Sales Ratio – Rent to sales ratio is less than 7%, representing outstanding economic metrics for DG and this location
Neighborhood Development – Surrounding area is currently undergoing revitalization efforts, the largest of which is the $4 billion Chicago Lakeside Development that aims to bring 13,575 new homes and 17.5M square feet of retail and commercial space
Property Description
The Subject Property is located on the border of Chicago’s South Shore and South Chicago neighborhoods, roughly 10 miles south of downtown. These neighborhoods are currently undergoing revitalization efforts with many mixed-use plans being considered, the largest of which is the Chicago Lakeside Development. Recently approved, Lakeside is an estimated $4 billion redevelopment project of about 600 acres on the former U.S. Steel SouthWorks site. The plan calls for 13,575 new homes, 17.5 million square feet of retail and commercial space, a new high school, a 1,500-slip marina, 125 acres of public land, lakefront access, new bike paths and commuter rail and bus service to serve an estimated population of 150,000 people.Chicago is the largest city in the state of Illinois and the third most populous city in the U.S. with approximately 2.7 million residents. Its metropolitan area, sometimes called Chicagoland, is also the third-largest in the U.S., trailing only New York City and Los Angeles, with an estimated 9.8 million people. Listed as an “alpha+ global city” by the Globalization and World Cities Research Network, Chicago is an international hub for finance, commerce, industry, telecommunications and transportation.NNN Loans Funding
Triple-Net Lease Financing arranged by NNNLenders. Offering Triple Net NNN Property Loans.