9994 Long Lake RdTraverse City, MI 49685

Property Details for 9994 Long Lake Rd

Year built

2024

Lot size

3.00 AC

Property size (Sq ft)

7,500 SF

Property type

Retail properties

Property subtype

Retail space

Description

This exceptional investment opportunity presents a fee-simple ownership of a brand-new, 7,500-square-foot Dollar General store in Traverse City, Michigan. The property boasts a 15.1-year absolute NNN lease, commencing July 15, 2024, and expiring July 31, 2039, with a substantial 14.7 years remaining. The lease includes five 5-year renewal options, each with a 5% rent increase. The tenant, Dollar General, is investment-grade rated and provides a corporate guarantee, minimizing landlord responsibilities. The property features a prime, high-visibility corner location on N Long Lake Rd, experiencing 5,663 cars per day, and benefits from strong demographics: a 3-mile average household income of $93,416 and a 10-mile population of 70,496. Built in 2024, this single-story building sits on a 3-acre lot with 30 parking spaces. The property's Net Operating Income (NOI) is $112,153, yielding a 6.60% cap rate at the asking price of $1,699,288 ($226.57 per square foot). The property is zoned commercial and offers two points of ingress/egress. This is an ideal opportunity for a 1031 exchange or passive investor seeking a secure, high-return investment with a nationally recognized tenant. The store opened in July 2024 and is currently operating at 100% occupancy.

Location Insight

City

Traverse City

County

Grand Traverse

State

Michigan

Latitude

44.7323

Longitude

-85.778

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