Single-Tenant Net-Leased (STNL) Investment Opportunity | Family Dollar in Spencer, TN

Bull Realty is pleased to present the exclusive fee-simple offering for a single-tenant net-leased (NN+) Family Dollar commercial retail property in Spencer, Van Buren County, Tennessee. Constructed in 2023, this $\pm 10,500\text{ SF}$ freestanding storefront sits on a $\pm 1.25$-acre parcel prominently positioned at the intersection of State Road 111 (a primary four-lane arterial) and Taft Drive.

Located directly across from the Van Buren County Administrative Offices, the property operates as a vital retail anchor for Spencer and the surrounding community, providing household consumer goods and essential groceries to a trade area where alternative options are located over 15 miles away. Offered at $1,523,100 with an attractive 8.10% capitalization rate, this recently constructed asset yields an annual Net Operating Income (NOI) of $123,375 backed by a corporate guarantee.

Investment Overview & Asset Financials

• Purchase Price: $1,523,100

• Capitalization Rate (Cap Rate): 8.10%

• Net Operating Income (NOI): $123,375

• Price Per Square Foot: $145.06/SF

• Building Square Footage: $\pm 10,500\text{ SF}$

• Land Area: $\pm 1.25\text{ Acres}$ ($\pm 54,450\text{ SF}$)

• Year Built: 2023

• Occupancy: 100% Single-Tenant

• Ownership Interest: Fee Simple

• Parking Capacity: 27 Dedicated Spaces (2.57 spaces per 1,000 SF)

• Assessor's Parcel Number (APN): 030B B 001.00

Lease Structure & Landlord Responsibilities

The property features an initial 10-year double-net (NN+) lease that commenced on July 27, 2023, and runs through July 31, 2033 (approximately 7 years remaining on the primary term). The lease includes five (5) consecutive 5-year renewal options, with contractual rent escalations of $0.50 per square foot at the start of each extension period.

+-------------------------------------------------------------------+
|                         LEASE LEAKAGE BREAKDOWN                   |
+---------------------------------+---------------------------------+
| LANDLORD RESPONSIBILITIES       | TENANT RESPONSIBILITIES         |
+---------------------------------+---------------------------------+
| • Roof & Structural Components  | • HVAC System Repair/Maint.     |
| • Parking Lot Capital Expenses  | • Grounds & Facility Maintenance|
| • General Liability Insurance   | • Full Property Tax Reimburse.  |
|                                 | • Full Property Insurance Reimb.|
+---------------------------------+---------------------------------+

Corporate Lease Guarantee

The lease carries a corporate guarantee from Family Dollar Stores, Inc., an established value retailer with more than 7,500 store locations across 49 states. The corporate backing delivers dependable cash flow to real estate investors, backed by a retail format designed for secondary and rural growth submarkets.

Location Overview & Submarket Drivers

Spencer serves as the county seat of Van Buren County, strategically situated in eastern Tennessee equidistant between Nashville and Knoxville. The local economy benefits from civic infrastructure, regional eco-tourism, and residential development:

• Civic Hub: Situated directly across the street from the Van Buren County Administrative Complex.

• High-Visibility Intersection: Located along State Road 111, a major four-lane highway connecting central and eastern Tennessee.

• Fall Creek Falls State Park: Located near one of the largest and most visited state parks in the Eastern U.S., encompassing over 26,000 acres and featuring a 256-foot waterfall, driving tourism throughout the year.

• Evolving Residential Profile: The surrounding area is experiencing growth in residential tiny home communities and ongoing downtown revitalization initiatives.

Demographics & Submarket Fundamentals (10-Mile Radius)

• 10-Mile Population: 11,416 Residents

• Average Household Income: $66,991

• Competitive Advantage: Fulfills an essential community requirement for discount groceries and consumables in a market with minimal direct competition within 15 miles.