Family Dollar | Recent Lease Extension | 1105 3rd Ave W
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Family Dollar | Recent Lease Extension 1105 3rd Ave W
11,400 SF Retail Building International Falls, MN 56649 $1,130,490 CAD ($99 CAD/SF) 9% Cap Rate
Executive Summary
LOW RENT & PRICE POINT
• The subject property has a low rent which equates to a low price point of $795,000.
RECENTLY EXTENDED CORPORATE NN LEASE WITH DOLLAR TREE
• This Family Dollar Tree has been operating at this location since 2013 and recently extended the lease for an additional 5 years.
• Dollar Tree exercised their first option period and increased the rent in July 2023 which extended the lease through June 2028.
• There are over 4 years remaining on a corporate guaranteed NN lease with Dollar Tree.
• This lease extension & rent increase speaks to Dollar Tree's confidence and dedication to this market & location.
• Tenant is responsible for parking lot, taxes, Insurance, HVAC, and Utilities.
• There are limited Landlord responsibilities which include only Roof & Structure.
• There are 10% rent increases in each of the remaining four, 5-year option periods.
INVESTMENT GRADE TENANT
• Dollar Tree/Family Dollar is a publicly traded (NYSE: DLTR) Fortune 500 company with an S&P investment grade credit rating of BBB.
• Dollar Tree/Family Dollar operate 16,340+ stores across 48 states and five Canadian provinces.
• Dollar Tree has been in business for 70 years and has a current net worth of over $33 billion.
INTERNATIONAL FALLS
• International falls is the county seat of Koochiching county and is located on the Rainy River directly across from Fort Frances in Ontario, Canada.
• There is a major U.S. Customs and Border Protection Port of Entry on the International Falls side of the toll bridge and a Canadian Customs entry point on the north side of the bridge.
• Nearly 900,000 vehicles cross the toll bridge each year and it is only 1 mile from this Family Dollar.
• The largest industries in International Falls, MN are Manufacturing, Retail Trade, and Health Care & Social Assistance.
• Home to Voyageurs National Park which supports over 250,000 visitors per year.
• The subject property has a low rent which equates to a low price point of $795,000.
RECENTLY EXTENDED CORPORATE NN LEASE WITH DOLLAR TREE
• This Family Dollar Tree has been operating at this location since 2013 and recently extended the lease for an additional 5 years.
• Dollar Tree exercised their first option period and increased the rent in July 2023 which extended the lease through June 2028.
• There are over 4 years remaining on a corporate guaranteed NN lease with Dollar Tree.
• This lease extension & rent increase speaks to Dollar Tree's confidence and dedication to this market & location.
• Tenant is responsible for parking lot, taxes, Insurance, HVAC, and Utilities.
• There are limited Landlord responsibilities which include only Roof & Structure.
• There are 10% rent increases in each of the remaining four, 5-year option periods.
INVESTMENT GRADE TENANT
• Dollar Tree/Family Dollar is a publicly traded (NYSE: DLTR) Fortune 500 company with an S&P investment grade credit rating of BBB.
• Dollar Tree/Family Dollar operate 16,340+ stores across 48 states and five Canadian provinces.
• Dollar Tree has been in business for 70 years and has a current net worth of over $33 billion.
INTERNATIONAL FALLS
• International falls is the county seat of Koochiching county and is located on the Rainy River directly across from Fort Frances in Ontario, Canada.
• There is a major U.S. Customs and Border Protection Port of Entry on the International Falls side of the toll bridge and a Canadian Customs entry point on the north side of the bridge.
• Nearly 900,000 vehicles cross the toll bridge each year and it is only 1 mile from this Family Dollar.
• The largest industries in International Falls, MN are Manufacturing, Retail Trade, and Health Care & Social Assistance.
• Home to Voyageurs National Park which supports over 250,000 visitors per year.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Freestanding
Building Size
11,400 SF
Building Class
C
Year Built/Renovated
1966/2013
Price
$1,130,490 CAD
Price Per SF
$99 CAD
Cap Rate
9%
NOI
$101,709 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.47
Lot Size
0.56 AC
Parking
20 Spaces (1.75 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Corner Lot
- Pylon Sign
- Signage
- Signalized Intersection
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 92-015-01180 | Improvements Assessment | $563,112 CAD |
| Land Assessment | $71,100 CAD | Total Assessment | $634,212 CAD |
PROPERTY TAXES
Parcel Number
92-015-01180
Land Assessment
$71,100 CAD
Improvements Assessment
$563,112 CAD
Total Assessment
$634,212 CAD
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Family Dollar | Recent Lease Extension | 1105 3rd Ave W
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