14,445 SF

The Ovaness-Rostamian Group of Marcus & Millichap is pleased to present an attractive investment opportunity in the form of a single tenant Family Dollar with approximately 1.56 Acres of value-add excess land located at 2151 and 2211 South Chester Avenue in Bakersfield, California. The property was built in 1956 and renovated in 2012 specifically for Family Dollar when they signed a new 10 Year lease. Family Dollar currently has 3+ years remaining on its recently exercised option. However, investors can take advantage of the potential for stable long-term returns, as there remains four 5-year options still available, each with a 10% increase in rental income.

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The subject Family Dollar boasts an impressive 11-year operating history, establishing a track record of successful operations and tenant reliability. Notably, this Family Dollar is strategically positioned as the only Family Dollar East of Golden State Highway 99 and Highway 58 with a Placer.ai ranking of the #1 Family Dollar location in a 5-mile radius out of 4 closest locations.

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This opportunity also provides investors a value-add component with adjacent excess land totaling 56,192 Sq.Ft. According to public record the property is zoned General Commercial and partially High Medium Residential which allows a variety of uses that could generate additional income and add significant value to the property if pursued successfully. Please inquire with listing agent.

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The investment is further strengthened by a corporate lease with Family Dollar, Inc., which is an investment-grade subsidiary of Dollar Tree, Inc. (NASDAQ: DTLR) and holds a favorable S&P rating of BBB. Family Dollar, Inc. is the largest dollar store chain in the United States, boasting an impressive network of 15,500+ locations. The company achieved record-setting net sales of $26.3 billion in 2021 and was ranked #137 in the prestigious Fortune 500 list in 2022.

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The property’s location is strategically chosen for excellent accessibility, situated near the intersection of Wilson Road and Chester Ave., with a daily traffic count exceeding 23,000 cars per day. This accessibility ensures the property’s visibility and ease of access for consumers, further enhancing the tenant’s success in serving the local market. The surrounding population of 316,991 people have an average household income of $64,401 in a 5-mile radius spending on average $113,665 on retail per year. Bakersfield, the largest city in Kern County California, serves as a significant hub for both agriculture and energy production. Kern County is the most productive oil-producing county in California and the fourth most productive agricultural county (by value) in the United States.