Family Dollar NN Investment Property | 8.1% Cap Rate | Louisville, KY

This property is located in Louisville, KY.This NN leased Family Dollar in Louisville, KY is one of the dollar store deals in the region. The motivated seller recently reduced the price to an 8.1% cap rate. This Family Dollar has successfully operated this location since 1984. In 2021, they expanded and renovated the store and extended the lease to a 10-year term. The store is in the heart of Louisville, down the street from Churchill Downs, home of the Kentucky Derby, with nearby traffic counts of nearly 20,000 VPD. Louisville has a presence of many major employers including Humana Healthcare, Yum! Brands, nearby University of Louisville, GE Appliance division, Ford Motor Company truck manufacturing, and Norton Healthcare. This densely populated area has a five-mile population of over 248,500 residents (not including visitors to Churchill Downs) and an average household income of almost $68,000, making this an ideal urban Family Dollar location. When Family Dollar expanded the store in 2021, they invested over $350,000 to remodel the now ±8,025 SF building. They reimburse the landlord for taxes and insurance. Landlord responsibilities are limited to roof, structure, parking lot and repairs over $300 per occurrence. The lease is corporate guaranteed by Family Dollar, with over 7,500 stores in 49 states, and who was recently sold to two private equity firms. This offering is one of the best large metro dollar store opportunities on the market with a proven long-term track record. It is priced at $1,020,460 or an 8.1% cap rate and a low rent/SF of $10.30.