| PROPERTY INFORMATION |
| Address |
10 & 14 - 4th Street SE
Aitkin ,
MN 56431 |
| Purchase Price |
$1,494,285 |
| Total Square Feet |
19,500 |
| Price / SqFt |
$76.63 |
| Cash on Cash Return |
7.000 % |
| Lease Guarantor |
Family Dollar, Inc. / O'Reilly Auto, Inc. |
| Lot Size |
1.45 acres |
| Percentage Rent |
N/A |
| Minimum Investment |
$50,000 |
| Year Built |
1993 |
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| TENANT PROFILE |
| Tenant |
Family Dollar/O'Reilly Auto |
| Research Report |
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| Net Worth / Credit Rating |
FD: $1.17B / ORLY:$1.6B /
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| Ticker Symbol |
FDO / ORLY |
| Tenant Website |
www.familydollar.com / www.oreillyauto.com |
Family Dollar, Inc. is one of the fastest growing retailers in the United States. In 2007, the company operates over 6,300 stores in 44 states, generating annual revenue in excess of $6 billion. The company consistently maintains strong financials with little to no long term debt.
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| DEMOGRAPHIC INFORMATION |
| Population |
8,062 |
| Average Household Income |
$38,071 |
Aitkin is an historic Mississippi Riverboat Town, that today can be described as a full service community with excellent educational and medical facilities. Aitkin is in the heart of beautiful lakes and woods.
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| PROPERTY DESCRIPTION |
This newly renovated (2007) 2-tenant structure contains a 13,000 sf Family Dollar and 6,500 sf O'Reilly Auto.
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| LEASE INFORMATION |
| Lease Commencement |
2007-10-01 |
| Fixed Term Ends |
12/31/12 / 11/30/27 |
| Lessor Responsibility |
Roof & Structure, CAM w/tenant reimbursement |
| Tenant Responsibility |
RE Taxes, Insurance, Utilities, & HVAC |
| Lease Term |
FDO: 5 / ORLY: 10 |
| Annual Rent |
$104,600 |
| Rent Escalation |
10% per extension |
| Lease Type |
NN |
| Lease Renewal Options |
FDO: (5) 5-year extensions ORLY: (3) 5-year extensions |
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| RENT PAYMENT SCHEDULE |
Year |
Rent |
Annual ROI |
1-5 |
$104,600 |
7.00% |
6-10* |
$111,727 |
7.48% |
11-15* |
$121,453 |
8.13% |
16-20* |
$131,980 |
8.83% |
21-25 |
$95,167 |
NA |
26-30 |
$104,684 |
NA |
* Assuming tenant exercises this option
| Average Term Rent |
$117,458 |
| Average Term Cap Rate |
7.86% |
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