Brand New Dollar General in Carolina Beach, NC

Dollar General Coming 2017
1136 North Lake Park Boulevard
Carolina Beach, NC 28428
BRAND NEW DOLLAR GENERAL WITH 15-YEAR CORPORATE LEASE
Click To View Property Tour
REPRESENTATIVE PHOTO - NOT ACTUAL BUILDING TYPE

The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and it should not
be made available to any other person or entity without the written consent of Marcus & Millichap. By taking possession of and reviewing the information contained herein the recipient agrees to hold and
treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject
property at this time, please return this offering memorandum to Marcus & Millichap.
This offering memorandum has been prepared to provide summary, unverified financial and physical information to prospective purchasers, and to establish only a preliminary level of
interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes
no warranty or representation with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of
the property and improvements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition
of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The
information contained in this offering memorandum has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the
information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or
completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Prospective buyers shall be responsible for their costs and
expenses of investigating the subject property.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT THE MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
Marcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows:
The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Marcus & Millichap has not and will not verify any of this information, nor has Marcus
& Millichap conducted any investigation regarding these matters. Marcus & Millichap makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information
provided.
As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing
Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. Marcus & Millichap expressly denies any obligation to conduct a due diligence examination of this
Property for Buyer.
Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of a net leased
property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors.
Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased property to determine to your satisfaction with the suitability of the
property for your needs.
Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the property
and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including newly-
constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed;
the tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market,
economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the
property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be
able to negotiate with a potential replacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use of the property.
By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services and hold it harmless from any kind of claim, cost, expense, or liability arising out of your inves-
tigation and/or purchase of this net leased property.
Confidentiality Agreement
Net Leased Disclaimer

Kevin Boeve
Senior Vice President Investments
ONTARIO OFFICE
Tel: (909) 456-3450
kevin.boeve@marcusmillichap.com
CA License: 01247016
Kyle Blatt
Associate
ONTARIO OFFICE
Tel: (909) 456-3475
kyle.blatt@marcusmillichap.com
CA License: 02017976
Raj Ravi
Broker of Record
NORTH CAROLINA OFFICE
Tel: (704) 831-4650
NC License: 281290
PRESENTED BY

TABLE OF CONTENTS
EXECUTIVE SUMMARY
Executive Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Tenant Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Dollar General in the News . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
FINANCIAL OVERVIEW
Financial Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
PROPERTY DESCRIPTION
Parcel Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Aerial Maps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-11
MARKET OVERVIEW
Carolina Beach, NC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
DEMOGRAPHICS
Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are
approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2011 Marcus & Millichap ACT ID Y0080454 2
Marcus & Millichap is pleased to exclusively market for sale an upcoming Dol-
lar General store located at 1136 North Lake Park Boulevard near the coast of
Carolina Beach, NC. The Dollar General will be delivered in December 2017.
The Dollar General is currently operating under a brand new 15-year triple net
lease. The lease includes 10 percent rent increases in each of the five, five-year
renewal options. The lease is guaranteed by Dollar General Corporation, which
is publicly traded on the New York Stock Exchange under the ticker “DG” and
has a current “BBB” credit rating by Standard & Poors.
The location benefits from having frontage along Lake Park Boulevard, or High-
way 421, a major thoroughfare in North Carolina. Nearby national credit re-
tailers include CVS Pharmacy, Food Lion, Walgreens, Subway, Domino’s Pizza,
McDonald’s, and more.
Carolina Beach is located 15 miles south of Wilmington, NC, on the northern
end of Pleasure Island. Though arguably best known for its beaches, Carolina
Beach is brimming with fantastic attractions ranging from the city’s top ranking
boardwalk to its remote island reserves.
overview
investment highlights
·· 15-Year Triple Net Investment Opportunity With Zero Landlord Responsi-
bilities | Five, Five-Year Options With 10 Percent Rent Increases
·· Frontage Along Lake Park Boulevard (Highway 421) | Traffic Counts of
Over 15,600 Cars Per Day
·· Carolina Beach is Arguably a Perfect Combination l Prime Tourist Desti-
nation plus Stable and Secure Upscale City Demographics l Perfect for a
Trophy Real Estate Investor.
·· Housing Values Have Increased 35 Percent Over Last Five Years l Carolina
Beach is Quickly Becoming One of The Region’s Primary Destinations to
Relocate, Own Investment Real Estate, or a Vacation Home
·· Dollar General is the Nation’s Largest Small-Box Discount Retailer With
Over 13,000 Locations in 40 States
·· Standard & Poor’s Investment Grade (S&P. “BBB”) Tenant | The Only
Small-Box Retailer With Investment Grade Credit
·· Dollar General Has $17.5 Billion in Sales Volume and is Ranked #139 in
Fortune 500

tenant overview
47
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2011 Marcus & Millichap ACT ID Y0080454
Dollar General (NYSE: DG) is a chain of more than 13,000 discount stores in 43 states, primarily in
the South, East, Midwest, and Southwest, offering basic household items, such as cleaning supplies,
health, and beauty aids, apparel, and food. The target is low, middle, and fixed-income shoppers.
The company has grown into the country’s largest small-box discount retailer. Stores are often
located in small towns off the radar of giant discounters. One of Dollar General’s main advantages
is that it offers prices as low or lower than Walmart but in more convenient locations. Dollar General
has more stores than other retailers and is easily the largest dollar store chain.
The company ranks 139th on the Fortune 500 list. Fiscal 2016 revenues exceed $20.3 billion with
a net income of $1.17 billion, and net worth of $5.3 billion.
In July 2015, Family Dollar was acquired by Dollar Tree and ceased to be a public company.
Dollar Tree took on billions of dollars of debt to acquire Family Dollar, and that negatively impacted
the credit rating of both companies. Moreover, Family Dollar, as a subsidiary of Dollar Tree, no
longer issues separate financial statements.
The best-known rating agency, Standard & Poor’s, downgraded Family Dollar in July, alongside
Dollar Tree having already been downgraded.
The combined Dollar Tree-Family Dollar entity will have approximately the same amount of
revenue as Dollar General, but more debt, hence the lower credit rating.
Dollar General is now the only dollar store chain with an investment grade rating. Dollar General
has been credit-upgraded five times since going public in 2009, most recently in October 2015. It
is now “BBB.”
DOLLAR GENERAL IS THE COUNTRY’S
LARGEST SMALL-BOX DISCOUNT RETAILER
Company Type:
PUBLIC (NYSE: DG)
Fiscal 2015 Sales
$20.4 BILLION
S&P 500 Credit Rating
“BBB”
2015 Fortune 500
#139
Number of Stores
12,483
The Three Largest Discount Store Chains, Ranked by 2015 Revenue Are:
Ranking Store Chain Revenue # 0f Stores
1 Dollar General $20.3 Billion 13,000+
2 Family Dollar $10.5 Billion 8,000+
3 Dollar Tree $8.6 Billion 13,600+

8
dollar general in the news

5
dollar general in the news
Dollar General is Starting to Look a Lot Like Wal-Mart
Doling Out Pay Increases to Managers
It’s no longer enough for retailers to compete on price alone. To improve the cleanliness and availability of products in its
stores, Dollar General will take a 16 cents per share hit to boost compensation for its managers and ramp up their training.
In the stores where it’s already rolled out these changes, Dollar General has seen lower turnover among managers and
hourly employees, CEO Todd Vasos said on the company’s earnings call. It’s also seen higher sales in those locations. This
decision follows Wal-Mart’s $2.7 billion investment into better training and pay for its employees, which it has credited for
higher customer service scores.
Investing in Lower Prices
There’s an all-out price war happening across retail. That includes both Dollar General and Wal-Mart. Shortly after Wal-
Mart said it would move faster to lower prices, Dollar General rolled out price cuts on hundreds of items across 17 percent
of its stores. “These locations have performed better than the chain average ever since,” Vasos said. While the company will
continue monitoring prices, it doesn’t anticipate further price cuts at this time, the CEO said.
Bringing in Fresh Produce
Dollar General’s food offering has traditionally skewed toward packaged goods. But as its customers ask for healthier
options, the retailer sees more opportunity in perishable items. The company is already testing fresh produce in some of its
stores, including the 41 locations it purchased from Wal-Mart last year after it shuttered the Express format. Dollar General
will now expand that pilot to some of its smaller shops. Wal-Mart has made fresh produce a key piece of its turnaround
plan, as it drives more frequent visits from shoppers. While Vasos acknowledged there’s stiff competition in fresh food, he
said the company’s massive fleet and small shops give it a competitive advantage.
Going Smaller
Dollar stores are already a fraction the size of a Wal-Mart Supercenter. But as Dollar General peppers the U.S. with
new shops, it’s making those locations smaller. The company plans to open an additional 160 small shops this year. At
6,000-square feet, these locations cater to central metropolitan and rural areas. That will bring the total number of these
shops to 250. Meanwhile, Dollar General is testing an even smaller 3,600-square-foot store that serves millennials living in
urban areas. The expansion of these stores comes as Wal-Mart grows its Neighborhood Market footprint.
Making a Bigger Bet on Digital
Dollar General lags much of the retail industry when it comes to digital commerce, but the chain is putting a bigger em-
phasis on technology. Though Vasos was mum on specifics, the decision comes as more low-income consumers purchase
mobile devices, the CEO said. Becoming more digitally savvy should also help Dollar General attract millennial shoppers,
whom Vasos says are playing a bigger role in its sales. Wal-Mart has also been rolling out upgrades to its website and mo-
bile technologies, including the ability for shoppers to pay directly from its app.

financial overview
7
annualized operating data
Lease Years Annual Rent Monthly Rent Increases
Years 1-15 $152,318.28 $12,693.19 3%
Years 16-20 (Option 1) $167,550.12 $13,962.51 10%
Years 21-25 (Option 2) $184,305.12 $15,358.76 10%
Years 26-30 (Option 3) $202,735.68 $16,894.64 10%
Years 31-35 (Option 4) $223,009.2 $18,584.10 10%
Years 36-40 (Option 5) $123,818 $20,442.51 10%
Net Operating Income $152,318.28
offering summary
Property Name Dollar General
Property Address 1136 North Lake Park Boulevard
Price $2,957,636
Price/SF $279.92
Cap Rate 5.15%
Rentable Square Feet 10,566 Square Feet
Year Built December 2017
Lot Size 1.98 Acres
tenant overview
Tenant Trade Name Dollar General
Ownership Public
Tenant Corporate Store
Lease Guarantor Corporate Guarantee
Lease Type Absolute Net
Roof and Structure Tenant Responsible
Lease Term 15 Years
Lease Commencement Date 11/16/2016
Rent Commencement Date 1/30/2018
Lease Expiration Date 11/16/2031
Term Remaining on Lease 15 Years
Increases 10% Increase For Each Option
Options Five, Five-Year Options
vita data
Net Operating Income - Current $152,318.28
Ownership Fee Simple (Land & Improvements)
Proposed Financing New First Trust Deed
financing options
Multiple financing options are available based on buyer requirements. Please contact listing
agents to discuss options in detail.
3-Year Fixed 3.70%
5-Year Fixed 4.0%
7-Year Fixed 4.25%
10-Year Fixed 4.6%

parcel overview
North Lake Park Boulevard - 15,600 CPD
49
location
1136 North Lake Park Boulevard
site
The subject property has frontage on North Lake Park
Boulevard with traffic counts of 15,600 cars per day.
size
The building square footage is 10,566-square feet and the
lot size is +/- 1.98 acres.
access
Access is from North Lake Park Boulevard.
year built
The property will be delivered in December 2017.

10
Median Home Value
$255,700
The median list price per square foot in Carolina
Beach is $214, which is higher than the Wilmington
Metro average of $141.
Wings
- 144 Rooms -
- 100 Rooms -
NorthLakeParkBoulevard-15,600CPD

NorthLakeParkBoulevard-15,600CarsPerDay
Bennet Lane
Wings
Wings
LAZY PIRATE ISLAND
SPORTS GRILL
HOPLITE
Parks & Recreation
and
Police Department
411
Traffic Counts Frequenty Triple During Weekends & Holidays Taking Them Above 45,000 Cars Per Day

207,424
RESIDENTS
$72,107
AVG HOUSEHOLD
INCOME
demographics
within a
10-mile radius:
Parks & Recreation
and
Police Department
WINNER GULF
STREAM FISHING
MICHAEL’S
Elementary School
Kupboard Grocery
Ranked one of the top 10 boardwalks in
the country by Food & Wine magazine, a
stroll on the Carolina Beach Boardwalk fea-
tures classic seaside family fun with shops,
restaurants, and nightlife entertainment.
Carolina Beach Boardwalk
12
Traffic Counts Frequenty Triple During Weekends & Holidays Taking Them Above 45,000 Cars Per Day

area overview
Fayetteville, NC
2 Hour Drive
Wilmington, NC
25 Min Drive
Jacksonville, NC
1 Hour, 30 Min Drive
Carolina Beach, NC
Carolina Beach is a town in New Hanover County, North Carolina. It is part of the Wilmington metropolitan
area.
There’s a reason why the Carolina Beach area is historically known as “Pleasure Island.” A favorite destina-
tion for generations of vacationers, this coastal town is more than meets the eye, thanks to the array of
activities and things to do that are sure to appeal to everyone in the vacationing party.
Carolina Beach’s old-fashioned seaside fun is centered on the vintage boardwalk dotted with pizza, dough-
nut, and ice cream stands. Named one of the Top 10 Boardwalks in the country by Food & Wine magazine,
the Carolina Beach Boardwalk is the pinnacle of classic beachside fun and is one of the few beach board-
walks in existence along the Carolina coastline. Nearby, amusements include miniature golf, batting cages,
rides, and an arcade; Enjoy live music venues, tiki bars, and fresh seafood served with views of the Atlantic
Ocean. You can surf or paddleboard, hike the white sand trails of Carolina Beach State Park or just take in
the sea, sun, and sights.
14
Distance To From Property

21
demographics
16
3 Miles 5 Miles 10 Miles
2016 Population 45,178 83,162 207,424
2021 Population 48,360 89,082 224,117
2016 Households 19,393 35,991 89,079
2016 Average Household Size 2.20 2.30 2.30
2016 Daytime Population 3,744 5,676 18,129
2016 Owner Occupied Housing Units 13,227 22,283 52,362
2016 Renter Occupied Housing Units 6,167 13,709 36,716
2016 Average Household Income $80,794 $75,156 $72,107

Brand New Dollar General in Carolina Beach, NC

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