Dollar General NNN Properties for Sale in Florida
Dollar General (NYSE: DG) is the most active NNN build-to-suit program in the country, with approximately 19,000 stores nationwide and adding 1,000+ stores annually. The combination of relatively affordable entry prices ($1.3-$2M), investment-grade corporate credit (BBB), absolute NNN lease structure, and nationwide BTS program makes Dollar General the most popular 'starter' NNN asset for new 1031 buyers and passive investors.
Typical Cap Rate
5.75% - 6.50%
Lease Term
15 years
Price Range
$1.3M - $2.2M
Building Size
9,100 - 10,640 SF
Lot Size
1.00 - 1.50 acres
Credit Rating
S&P: BBB
Investment Highlights
- Affordable entry price — often the first NNN property for new investors
- Most active BTS (build-to-suit) program in retail net lease
- Absolute NNN lease structure
- Investment-grade corporate guarantee
- Counter-cyclical business model — performs well in recessions
- Rural and suburban locations with low competition
Lease Structure
Standard Dollar General lease: 15-year initial term, absolute NNN, with 5 five-year renewal options (total potential 40 years). Rent increases are commonly 10% at year 10 or 10% every 5 years in option periods. Tenant pays all property taxes, insurance, maintenance, roof, and structure.
Dollar General Tenant Profile
Dollar General is the largest dollar store chain in America with 19,000+ locations, primarily in rural and suburban markets underserved by larger retailers. The company targets lower- and middle-income consumers with consumables, household goods, and groceries. Credit: S&P BBB, Moody's Baa2 (solid investment grade). Revenue of $38B+ with consistent growth trajectory.
Dollar General in Florida
Florida has 650+ Dollar General locations, with ongoing BTS expansion in rural Central Florida, the Panhandle, and secondary markets. Lake County, Marion County, Polk County, and Volusia County have seen strong Dollar General BTS activity. Cap rates run 5.75-6.5% depending on lease term, rent level, and location. Newer 15-year leases in strong locations trade at the tight end.
Why Buy Dollar General
- +Lowest entry point for first-time NNN buyers
- +Largest and most active BTS program in US retail
- +Recession-resistant business model
- +Corporate-guaranteed lease with investment-grade credit
- +Huge buyer pool for future disposition creates liquidity
Considerations
- •Rural locations may have limited redevelopment value if DG vacates
- •Pay attention to trade area demographics and competition
- •Some early-generation stores have flat rent with no bumps
- •Understand difference between 'new construction' and 'existing' deals
Related Dollar Store Tenants
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