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NNN Family Dollar for Sale
Family Dollar is a small-box discount chain with about 8,192 stores, and the typical lease runs 10 years with 10% rent increases in the option periods (The Boulder Group, Net Lease Tenant Profiles, September 2026). Dollar Tree sold Family Dollar in July 2025 (Dollar Tree, July 7, 2025), and it is now privately held and not credit rated. In exchange, asking cap rates run higher than for Dollar General or Dollar Tree, so buyers get a higher yield with more tenant risk to review.
Not Rated
Credit rating
8,192
Locations
10 Years
Typical lease term
10%
Increase in options
8,320 SF
Typical building size
Double Net
Typical lease type
Sources: The Boulder Group, Net Lease Tenant Profiles, September 2026.
Key Takeaways
Private Tenant, No Public Credit Rating
Dollar Tree sold Family Dollar to Brigade Capital Management and Macellum Capital Management in July 2025, and it now operates as a private retailer (Dollar Tree, July 7, 2025). Boulder lists it as privately held and not credit rated, so tenant due diligence matters more.
Short Leases, Increases in Options
The typical Family Dollar lease runs 10 years with 10% rent increases in the option periods. Boulder lists it as double net, so confirm who handles the roof and structure (The Boulder Group, Net Lease Tenant Profiles, September 2026).
Higher Cap Rates
Family Dollar properties currently show asking cap rates of 7.90% – 8.30% with 10 years remaining and 8.50% – 8.90% with 5 years remaining (The Boulder Group, Net Lease Tenant Profiles, September 2026), at or above Dollar General and Dollar Tree at the same terms.
Lower Price Point
Boulder puts the average Family Dollar sale at about $1.3 million with average rent of about $100,000 a year, well below the roughly $2 million averages for Dollar General and Dollar Tree (The Boulder Group, Net Lease Tenant Profiles, September 2026).
Family Dollar NNN Cap Rates and Lease Data
Family Dollar is priced differently from the other dollar stores, so it’s worth seeing the numbers before you look at a specific property.
Boulder lists Family Dollar as privately held and not credit rated, with about 8,192 locations and a typical building of 8,320 SF.1 The typical lease runs 10 years, with rent increases of 10% in the option periods rather than during the initial term. Without a public credit rating, the lease terms and the store’s performance carry more of the weight, so those deserve a close look. Boulder also lists the typical lease as double net, so confirm who handles the roof and structure.
Pricing looks different too. Boulder shows asking cap rates of 7.90% – 8.30% with 10 years left and 8.50% – 8.90% with 5 years left.2 That’s about 0.8 points above Dollar Tree’s 10-year range of 7.10% – 7.50%, a gap that likely reflects the difference in credit.
In dollars, Boulder puts the average sale price at about $1.3 million with average rent of about $100,000 a year. On a typical 8,320 SF store, that works out to roughly $156 per square foot.3
1. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 36. Ownership and credit status (private, not rated) as reported by Boulder. Lease type, typical term and escalations (10% in the options) are also from Boulder. ↩
2. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 36. Asking cap rates as of September 2026. The Dollar Tree comparison is from p. 33 of the same report. ↩
3. The Boulder Group, Net Lease Tenant Profiles, September 2026, p. 36. Average sale price and average rent as reported by Boulder; the per-square-foot figure is our calculation (about $1.3 million across a typical 8,320 SF store). ↩
Family Dollar as a Tenant
How Family Dollar operates
Family Dollar was founded in 1959 in Charlotte, North Carolina, and operates small-box discount stores, with about 8,192 locations and a typical building of 8,320 square feet (The Boulder Group, Net Lease Tenant Profiles, September 2026). That is smaller than the typical Dollar General (9,000 SF) or Dollar Tree (10,000 SF) building.
Dollar Tree bought Family Dollar for $8.5 billion more than a decade ago (Retail Dive) and sold it in July 2025 to Brigade Capital Management and Macellum Capital Management for a base price of $1,007.5 million, after reviewing strategic alternatives for the business since June 2024 (Dollar Tree, July 7, 2025).
Ownership, credit and what to check
Family Dollar now operates as a private retailer headquartered in Chesapeake, Virginia (Retail Dive), and Boulder lists it as not rated (The Boulder Group, Net Lease Tenant Profiles, September 2026). Because it is no longer a Dollar Tree subsidiary, descriptions of Family Dollar leases as backed by Dollar Tree’s credit may be out of date. On any specific property, check which entity is the tenant and whether any parent guarantee is still in place after the sale.
Among the three dollar chains, Family Dollar is the only one without a credit rating: Dollar General and Dollar Tree are both rated BBB (The Boulder Group, Net Lease Tenant Profiles, September 2026).
Why Investors Buy Family Dollar Properties
Family Dollar is a yield play. With 10 years remaining, The Boulder Group’s September 2026 asking range of 7.90% – 8.30% compares with 7.20% – 7.50% for Dollar General and 7.10% – 7.50% for Dollar Tree, a gap of about 0.7 to 0.8 points that likely reflects the missing credit rating.
The lower price point helps too. Boulder puts the average sale at about $1.3 million, or roughly $156 per square foot on a typical 8,320 SF store, against about $2.1 million for Dollar General and about $2.03 million for Dollar Tree. That can suit buyers with a smaller amount to invest.
Rent increases come later than on a Dollar General lease: Family Dollar’s typical 10-year lease has 10% increases in the options, while Dollar General’s typically adds 5% every five years. The higher yield is compensation for that and for the credit.
Risks and Market Conditions
Family Dollar carries more tenant risk than the other dollar chains. It is privately held and not credit rated, it changed owners in 2025, and it is no longer part of a public company that reports its results. In 2024, Dollar Tree announced plans to close almost 1,000 Family Dollar stores as part of a turnaround effort (Retail Dive).
The lease terms deserve a close look: a typical 10-year term, rent increases only in the options, and a double net structure (The Boulder Group, Net Lease Tenant Profiles, September 2026). When you evaluate a specific store, look at the years remaining, store sales if available, who signs the lease, and the local market.
Build a Diversified NNN Portfolio
Pairing a Family Dollar with other net-lease brands spreads risk across tenants, industries and markets. Compare other brands we help buyers acquire:
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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.