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Dollar Generals for Sale
Investors looking for steady, long-term income have long turned to retail real estate. With a shift towards affordable shopping options, discount retailers like Dollar General, Family Dollar and Dollar Tree stand out as leading players. These low-price business models, along with their double-net and triple net lease type, are a solid investment for both the tenant and the landlord.
BBB
S&P credit rating
20,893
Locations
15 Years
Typical lease term
5%
Increase every 5 years
9,000 SF
Typical building size
Triple Net
Typical lease type
Sources: The Boulder Group, Net Lease Tenant Profiles, September 2026; Dollar General fiscal 2025 results, March 12, 2026 (store count as of January 30, 2026).
Key Takeaways
Strong Tenant & Credit Profile
Dollar General Corporation (NYSE: DG) is a publicly traded, nationally recognized discount retailer with over 20,000 locations and a strong national presence, supporting long-term stability and consistent demand.
Typically Triple Net Leases
Most properties feature long-term triple net leases with built-in rent increases, providing predictable, passive income. Typical new leases run 15 years with 5% rent increases every 5 years (The Boulder Group, September 2026).
Attractive Cap Rates
Dollar General NNN properties currently show asking cap rates of 7.20% – 7.50% with 10 years remaining and 6.75% – 7.05% for a new 15-year lease (The Boulder Group, September 2026), offering a balance of income and stability compared to other retail investments.
Recession-Resistant, Rural-Focused Model
Most stores are in towns under 20,000 people, reducing competition and benefiting from steady demand for essential goods.
Dollar General NNN Cap Rates and Lease Data
If you’re weighing a Dollar General property, three things shape what you’ll earn: who the tenant is, how the lease is structured, and what yield you’re paying for. Here’s how they fit together.
On the first two, the picture is reassuring. Dollar General is rated BBB, which is investment grade, and new stores typically come with a 15-year lease and a 5% rent increase every five years.1 That means steady, predictable income. Those increases work out to only about 1% a year, though, so most of your return comes from the yield you buy in at, not from rent growth.
That’s where cap rates come in. Boulder shows asking cap rates of 6.75% – 7.05% on a new 15-year lease, 7.20% – 7.50% with 10 years left, and 8.00% – 8.50% with 5 years left.2 The pattern is worth knowing: as the remaining term gets shorter, the yield goes up. You’re being paid more to take on the question of whether Dollar General renews when the lease ends.
Closed sales tell the same story. Matthews reports an average cap rate of 7.49% across 612 Dollar General deals in 2025, right at the top of that 10-year range. Those deals averaged about 10 years of lease remaining, so the asking numbers are a fair guide to where deals actually land. So far in 2026, the average is 7.61% across 112 deals.3
In dollars, Boulder puts the average sale price at about $2.1 million with average rent of about $150,000 a year. On a typical 9,000 SF new store, that works out to roughly $233 per square foot.4
1. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 32. Credit rating is S&P, as reported by Boulder; lease terms are typical for new construction. The 1% a year figure is our calculation (5% over five years). ↩
2. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 32. Asking cap rates as of September 2026. ↩
3. Matthews, 2026 Net Lease Tenant Report, May 2026, p. 22. Average cap rate on closed transactions in 2025 (301 in the first half, 311 in the second); average lease term remaining was about 10 years. Matthews figures are averages of closed sales, while Boulder’s are asking rates, so the two measure different things. The 2026 figure is year to date as of the report (112 transactions). ↩
4. The Boulder Group, Net Lease Tenant Profiles, September 2026. Average sale price and average rent as reported by Boulder; the per-square-foot figure is our calculation (about $2.1 million across a typical 9,000 SF new store). ↩
Dollar General as a Tenant
How Dollar General operates
Dollar General was founded in 1939 as a family-owned business and is now a leading U.S. discount retailer. It serves mainly smaller towns where big retailers like Walmart are scarce, with a broad range of food, health, beauty and household essentials. Strong brand recognition supports a loyal customer base.
The model is low-cost and no-frills, which keeps maintenance and operating costs low and lets Dollar General offer consistent value to shoppers. It also leases its stores instead of buying them, which lowers its opening cost per store compared with the millions a large general-market store can cost. For investors, that means long-term triple net leases with corporate guarantees, which offer attractive terms and potential rent bumps.
Most stores are in towns with populations of 20,000 or fewer, which reduces competition and builds customer loyalty. The typical store is 9,100 to 10,500 square feet, with some newer prototype stores in Kentucky, New York, Pennsylvania and Tennessee being built at 12,500 square feet. These stores often replace relocated stores and are often on busy highways, giving them high visibility and easy access.
Financial strength and growth
Dollar General is rated BBB by S&P, with a market capitalization of roughly $27.0 billion and headquarters in Goodlettsville, Tennessee (Matthews, 2026 Net Lease Tenant Report, May 2026). Fiscal year 2025, which ended January 30, 2026, brought net sales of $42.7 billion, a 5.2% increase from $40.6 billion in fiscal 2024 (Dollar General, March 12, 2026). Review its current credit ratings from the major agencies as part of your due diligence; its SEC filings and financial reports are available in its financial document library.
It is still growing. Dollar General operated 20,893 stores across the contiguous United States and Mexico as of January 30, 2026, after opening 589 stores and closing 290 in fiscal 2025, a net gain of 299. For fiscal 2026 it plans about 4,730 real estate projects, including approximately 450 new stores in the United States and 10 in Mexico, where it opened 8 stores in fiscal 2025 (Dollar General fiscal 2025 results, March 12, 2026).
It is also the largest dollar store chain by location count, with 20,893 stores versus more than 9,200 for Dollar Tree (Dollar Tree, March 16, 2026) and 8,192 for Family Dollar, which is now privately held. It carries the same S&P BBB rating as Dollar Tree, while Family Dollar is not rated (The Boulder Group, Net Lease Tenant Profiles, September 2026).
Why Investors Buy Dollar General Properties
Dollar General offers stability with room for growth. Because most stores sit in small towns, they face less competition from larger retailers and shopping centers.
Dollar General leases are typically triple net (NNN) with a long term, typically 15 years. Dollar Tree and Family Dollar, on the other hand, are double net with typical 10-year terms (The Boulder Group, September 2026). Long leases like these provide security and predictability in cash flow, which is why investors find them attractive.
Dollar General also trades at higher cap rates than brands such as AutoZone and McDonald’s. With 10 years remaining, The Boulder Group’s September 2026 asking range of 7.20% – 7.50% compares with 5.40% – 5.70% for AutoZone and 4.50% – 4.80% for McDonald’s. Add the expansion plans and financial strength above, and it is a natural fit for a net lease portfolio.
Risks and Market Conditions
Investing in Dollar General properties comes with some risk. Most stores are in smaller communities, and while that reduces competition, store performance is tied to the local economy. Economic shifts in these areas can influence store sales and, ultimately, the viability of the store.
Dollar General plans to keep expanding into these communities, even as some face economic challenges. Its bet is that as large retailers close stores, people who need quick access to essentials will turn to Dollar General, which lets it serve a niche others have overlooked. When you evaluate a specific store, look at the local economy as well as the tenant.
Build a Diversified NNN Portfolio
Pairing a Dollar General with other net-lease brands spreads risk across tenants, industries and markets. Compare other brands we help buyers acquire:
Dollar General NNN FAQs
How are Dollar General leases structured?
Most properties feature long-term triple net leases with built-in rent increases, providing predictable, passive income. Typical new leases run 15 years with 5% rent increases every 5 years (The Boulder Group, September 2026).
What cap rate do Dollar General properties trade at?
Asking cap rates for Dollar General properties currently run 8.00% – 8.50% with 5 years remaining, 7.20% – 7.50% with 10 years remaining and 6.75% – 7.05% for a new 15-year lease (The Boulder Group, September 2026). Actual cap rates vary by location, remaining lease term, guarantor and rent history. Contact us for current cap rates on specific Dollar General listings.
What does a new Dollar General cost?
Newly constructed Dollar General stores are priced according to factors such as location, store size, and market conditions. The Boulder Group reports an average sale price of about $2.1 million with average annual rent of about $150,000 for typical new construction (September 2026).
What are the main risks?
Most stores are in towns with populations under 20,000. That reduces competition, but store performance is tied to the local economy.
Questions about NNN Dollar General Properties for Sale?
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Contact Our Team →Disclaimer
Market data, cap rates, and tenant statistics on this page come from third-party reports and company disclosures, cited in the footnotes. We believe these sources are reliable but do not guarantee their accuracy or completeness. Figures reflect the date of each source and change with market conditions, so verify current numbers before relying on them.