4515 Old Gentilly Rd is aretail property for lease in New Orleans, LA.
* 10% Increase in 2009 and in Renewal Option Periods *
Year 3 Cap Rate = 6.88%.
We are pleased to offer a strong urban infill Dollar General net leased investment in the heart of New Orleans, LA. The recently developed Dollar General prototype bldg sits on a large 0.91 Acre parcel in a dense area with strong residual land values.
LONG TERM PASSIVE INCOME WITH RENTAL INCREASES:
The current rent is considered very sustainable for a national credit discount retailer in a densely populated New Orleans in-fill market. The Buyer of this passive income investment with minimal landlord responsibilities, will enjoy a stable cash flow stream from a 15 year lease (8 years remaining), with a 10% rental increase in 2019 as well as 10% increases in the Renewal Option Periods, a great hedge against inflation!
CORPORATE SIGNATURE AND SEASONED TENANT:
The tenant, Dollar General, is a publicly held company founded in 1939 and headquartered in Goodlettsville, TN. Dollar General operates over 12,400 stores in 43 states and employs over 114,000 employees. 2015 revenues at Dollar General totaled $20.3 Billion USD. Dollar General has an Investment Grade credit rating from S&P and Moody's.
Old Gentilly Road is a short road located between the Chef Menteur Highway 90 and Interstate 10 Freeway and has multiple on/off ramps from the I-10 freeway. The traffic count for the I-10 Freeway is over 116,000 cars per day and the traffic count for Chef Menteur Highway 90 is over 25,000 cars per day.
The property is in the neighborhood of Gentilly, which is a middle class, diverse area north east of the Central Business District of New Orleans. The total population of Gentilly is approximately 102,000 with over 45,000 households and an average household income of over $52,000.
These demographics are ideal for Dollar General, evident by the subject property's strong sales performance from day 1.
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