All Forum Posts by: Barry Hickson

Fort Deposit, Alabama

This building was free standing. The main thing to take note of  for any investor considering investing in a Dollar General property I would say is to be aware that they can (and did in our case) vacate the property they were renting from us  AND just open up in a building almost right next door. I would try to ask for contractual assurances where they agree not to build a new property right new door to an old store. In considering investing, also make sure that based on the remain years on the lease and the very real risk being them of them not opting for additional extensions (and possibly  simply moving to a new building next door) your rate of return is high enough to merit the risk of this happening.  

We still have this on the market and have just lowered the price from $ 400 K to $ 299 K. Will probably just donate it to a charity and  use the tax write off if we can't get  the lowered asking price.  

Some good ideas and we're definitely open. Rent was $ 3,400 and on top of that, they of course were also were paying the property tax, utilities & insurance.  Yes it is out there on loopnet now. Txs.

Typo on the date (lease expired 03/31/17). I appreciate all of the input. We are definitely looking at all angles and a sale (first preference) or rental arrangement if not able to sell as next best option. The property is fully paid for so the main carrying costs are Electricity (was $ 1,300/month when tenant  was there) and then of course property taxes. I have had a local contractor with whom I've been working for years and he has painted, power washed, and re-striped the parking lot so the property looks decent, but  the big thing is finding an interested tenant. There is a HUGE Hyundai plant a few miles away and a supplier of theirs just opened a 3 story building about 1/2 miles from us. It's also  only about 2 miles from the freeway but the neighborhood itself is not great.  Signed a 6 month listing with broker and offering 10 % commission on the sale.

Thanks for input. They did pay through end of lease (03/32/17)  but vacated about 1 year ago with no notice until they were out of building. Also, had to spend a small fortune on hvac as they did not maintain in spite of lease requiring it. Going forward would never do anything but a triple net as this was a pain. Right now trying to sell (and listed with broker) or alternately rent. 

Area is not great and with the new DG literally right next door it is  definitely going to be tricky. Only asking $ 400 K  so it's not pricey, but gotta find someone interested. Carrying cost also there so will negotiate on price.

My in-laws had a property in Fort Deposit Alabama that was lease to DG for a couple of decades.  Without advising them, Dollar General built a new store right next door to their store and now we have vacated 8000 square foot premise that will not be easy to rent out. Any good ideas for getting it rented ?