Dollar General NNN Loans: 6.50% – 7.25% Non-Recourse 10-Year Fixed CMBS
PeerSense structures non-recourse CMBS financing on Dollar General-anchored NNN single-tenant retail at 6.50%–7.25% 10-year fixed. Dollar General Corporation carries BBB- S&P rating (Q1 2026) — lowest investment-grade rung. The rural America footprint (19,000+ stores) and 15-year base lease template make this the most-common small-deal 1031 exchange target.
15-yr base leases · BBB- corporate guarantee · 7,500–9,400 SF prototype · rural / small-town · 1031 exchange small-deal standard.
Last updated: ·By Ed Freeman, Capital Advisor — PeerSense
What are typical Dollar General NNN rates?
Dollar General NNN rates are 6.50%–7.25% on 10-year fixed non-recourse CMBS in April 2026. BBB- corporate guarantee prices at borderline investment-grade levels — 75–100 bps wider than A- CVS and 25–75 bps wider than BBB Walgreens. Max LTV 65%–70%, min DSCR 1.35x. Typical cap rates 6.75%–7.75%. Standard 15-year base lease with 4 × 5-year options.
Published by PeerSense Capital Advisory · Written by Ed Freeman, Founder. Updated April 2026. Credit rating sourced from S&P Global Ratings Q1 2026 reports.
Dollar General — Credit Profile & NNN Investment Characteristics
Dollar General Corporation (NYSE: DG) operates more than 19,000 small-format retail stores across 47 U.S. states, predominantly in rural and small-town markets underserved by Walmart and mainstream grocers. Annual revenue exceeds $40B. S&P Global Ratings assigns BBB- (Q1 2026) — the lowest investment-grade rung — with outlook trending negative as 2023–2025 earnings pressure reflects margin compression and elevated shrinkage.
Dollar General's NNN lease template is 15 years base with 4 five-year renewal options (fully extended 35 years). Typical prototype is 7,500–9,400 SF pad on 1.0–1.5 acre corner site, with the corporate parent serving as guarantor. Rent structure includes 10% bumps at option periods and full triple-net operating expense pass-through.
For NNN financing, Dollar General is the most-financed small-deal credit tenant in U.S. CRE — the 19,000-store footprint, $1M–$2.5M typical purchase price, and BBB- parent guarantee make it the perfect 1031 exchange replacement for buyers with $1M–$3M to deploy. Key 2026 underwriting questions: (1) store-level rent-to-sales ratio (prefer 10% or lower), (2) rural sub-market demographics trend, (3) remaining lease term, (4) not on a store closure or optimization list.
Dollar General NNN vs. Peer Credit Tenants — How Dollar General Prices
Every NNN lender underwrites the tenant first, the real estate second. Here's how Dollar General compares to peer credit tenants in April 2026 pricing — rate, LTV, DSCR, typical cap rate, and max loan size.
Dollar General BBB- (S&P) | Dollar Tree / Family Dollar BBB | Aldi Private (Est. BBB) | Walmart AA (S&P) | Independent Grocer (Unrated) Unrated | |
|---|---|---|---|---|---|
| CMBS Rate (10-yr Fixed) | 6.50% – 7.25% | 6.25% – 7.0% | 6.25% – 7.0% | 5.5% – 6.0% | 7.5% – 9.0% |
| Max LTV | 65% – 70% | 65% – 70% | 65% – 70% | 75% | 55% – 65% |
| Min DSCR | 1.35x | 1.30x | 1.30x | 1.20x | 1.45x |
| Typical Cap Rate | 6.75% – 7.75% | 6.50% – 7.50% | 6.50% – 7.25% | 5.00% – 5.50% | 8.0% – 10.5% |
| Remaining Lease Preferred | 10+ years | 10+ years | 10+ years | 10+ years | 10+ years |
| Guarantor Structure | Corporate parent (Dollar General Corp) | Corporate parent (Dollar Tree Inc.) | Privately held — limited transparency | Corporate parent (Walmart Inc.) | Individual / operating co. |
| Primary Capital Source | CMBS · credit tenant lease specialist | CMBS · life co. | CMBS · life co. (limited) | CMBS · life co. | Bank · private credit |
| 1031 Exchange Suitability | Excellent (top small-deal 1031) | Excellent | Good | Excellent (when available) | Fair |
| Typical Loan Size | $700K – $5M | $1M – $6M | $2M – $8M | $5M – $30M | $500K – $3M |
CMBS Rate (10-yr Fixed)Dollar General: 6.50% – 7.25%
- Dollar GeneralBBB- (S&P)
- 6.50% – 7.25%
- Dollar Tree / Family DollarBBB
- 6.25% – 7.0%
- AldiPrivate (Est. BBB)
- 6.25% – 7.0%
- WalmartAA (S&P)
- 5.5% – 6.0%
- Independent Grocer (Unrated)Unrated
- 7.5% – 9.0%
Max LTVDollar General: 65% – 70%
- Dollar GeneralBBB- (S&P)
- 65% – 70%
- Dollar Tree / Family DollarBBB
- 65% – 70%
- AldiPrivate (Est. BBB)
- 65% – 70%
- WalmartAA (S&P)
- 75%
- Independent Grocer (Unrated)Unrated
- 55% – 65%
Min DSCRDollar General: 1.35x
- Dollar GeneralBBB- (S&P)
- 1.35x
- Dollar Tree / Family DollarBBB
- 1.30x
- AldiPrivate (Est. BBB)
- 1.30x
- WalmartAA (S&P)
- 1.20x
- Independent Grocer (Unrated)Unrated
- 1.45x
Typical Cap RateDollar General: 6.75% – 7.75%
- Dollar GeneralBBB- (S&P)
- 6.75% – 7.75%
- Dollar Tree / Family DollarBBB
- 6.50% – 7.50%
- AldiPrivate (Est. BBB)
- 6.50% – 7.25%
- WalmartAA (S&P)
- 5.00% – 5.50%
- Independent Grocer (Unrated)Unrated
- 8.0% – 10.5%
Remaining Lease PreferredDollar General: 10+ years
- Dollar GeneralBBB- (S&P)
- 10+ years
- Dollar Tree / Family DollarBBB
- 10+ years
- AldiPrivate (Est. BBB)
- 10+ years
- WalmartAA (S&P)
- 10+ years
- Independent Grocer (Unrated)Unrated
- 10+ years
Guarantor StructureDollar General: Corporate parent (Dollar General Corp)
- Dollar GeneralBBB- (S&P)
- Corporate parent (Dollar General Corp)
- Dollar Tree / Family DollarBBB
- Corporate parent (Dollar Tree Inc.)
- AldiPrivate (Est. BBB)
- Privately held — limited transparency
- WalmartAA (S&P)
- Corporate parent (Walmart Inc.)
- Independent Grocer (Unrated)Unrated
- Individual / operating co.
Primary Capital SourceDollar General: CMBS · credit tenant lease specialist
- Dollar GeneralBBB- (S&P)
- CMBS · credit tenant lease specialist
- Dollar Tree / Family DollarBBB
- CMBS · life co.
- AldiPrivate (Est. BBB)
- CMBS · life co. (limited)
- WalmartAA (S&P)
- CMBS · life co.
- Independent Grocer (Unrated)Unrated
- Bank · private credit
1031 Exchange SuitabilityDollar General: Excellent (top small-deal 1031)
- Dollar GeneralBBB- (S&P)
- Excellent (top small-deal 1031)
- Dollar Tree / Family DollarBBB
- Excellent
- AldiPrivate (Est. BBB)
- Good
- WalmartAA (S&P)
- Excellent (when available)
- Independent Grocer (Unrated)Unrated
- Fair
Typical Loan SizeDollar General: $700K – $5M
- Dollar GeneralBBB- (S&P)
- $700K – $5M
- Dollar Tree / Family DollarBBB
- $1M – $6M
- AldiPrivate (Est. BBB)
- $2M – $8M
- WalmartAA (S&P)
- $5M – $30M
- Independent Grocer (Unrated)Unrated
- $500K – $3M
Program criteria current as of April 2026.
Tenant credit ratings sourced from S&P Global Ratings Q1 2026 public tenant reports. Actual pricing varies based on lease-remaining-term (WALT), rent-to-sales ratios, tenant improvement reserves, corporate vs. franchisee guarantee structure, and sub-market. Rate premiums shown are indicative — individual CMBS conduit spreads vary by originator, securitization schedule, and market volatility at rate lock.
Dollar General NNN Deal Patterns We Structure
Small 1031 Exchange Dollar General Acquisition
Perfect 1031 match for buyers with $1M–$3M exchange balances. 15-year base lease + BBB- guarantee + $1M–$2.5M typical purchase price. Close within 180-day window with rate lock coordinated to QI timeline.
Dollar General Portfolio (5–25 Stores)
Multi-store DG portfolio structured as single-pool CMBS at improved economics — 50–75 bps tighter than individual-store pricing. Geographic diversification across 3+ states lowers concentration haircut.
Recently-Extended DG Refinance
Tenant just signed a 5-year extension or exercised first option. Extended WALT resets CMBS underwriting and qualifies for improved pricing + higher LTV — a common value-creation move for DG NNN owners.
Rural Market Demographics Diligence
Stores in slow-growth or declining rural sub-markets price wider. Strong DG underwriting requires sub-market population/income trend positive or stable. We pre-screen demographic data during LOI.
Small Institutional REIT Acquisition
Institutional NNN REITs (Realty Income, National Retail Properties, Spirit Realty) actively acquire DG portfolios. If you own 5+ stores, portfolio-sale-to-REIT is often a higher-price outcome than financing through holding period.
Dollar General NNN Financing — Frequently Asked Questions
What are typical Dollar General NNN rates?+
Dollar General NNN rates are 6.50%–7.25% on 10-year fixed non-recourse CMBS in April 2026. BBB- corporate guarantee prices at borderline investment-grade levels — wider than CVS (A-) or Walgreens (BBB), tighter than unrated franchisees. 15-year base lease structure is the standard.
What is Dollar General's credit rating?+
Dollar General Corporation carries BBB- rating from S&P Global Ratings (Q1 2026) — the lowest rung of investment-grade. Recent earnings pressure has trended negative on outlook. Lender appetite remains strong because the rural America real estate footprint is uniquely positioned (limited retail competition, low rent-to-sales ratios).
What LTV on Dollar General NNN?+
Dollar General NNN LTV: 65%–70% on standard corporate-guarantee with 10+ year WALT. Lower than Walgreens/CVS reflecting BBB- rating. Max LTV 70% on freshly-extended 15-year leases with strong sub-market demographics.
Are Dollar General stores 15-year leases standard?+
Yes. Dollar General's lease template is 15 years base with 4 five-year renewal options (35 years fully extended). Freshly-executed 15-year base leases are ideal for CMBS 10-year financing — meaningful WALT cushion for re-leasing risk stress tests.
What's the typical Dollar General property size and deal size?+
Typical Dollar General NNN is 7,500–9,400 SF on 1.0–1.5 acre rural/small-town pad. Purchase prices $1M–$2.5M, loan sizes $700K–$1.75M at 65%–70% LTV. Portfolio deals (5–25 stores) are common and trade at tighter economics than single-store.
Is Dollar General NNN 1031 exchange friendly?+
Yes. Among the top 5 most common 1031 replacement properties due to small deal sizes (easy to match exchange balances), 15-year base leases, BBB- corporate guarantee, and nationwide availability (over 19,000 stores). Especially popular for buyers with smaller exchange amounts ($1M–$3M).
Should I worry about Dollar General's earnings pressure in 2026?+
Lenders underwrite store-level economics more than parent-level earnings. Rural-market Dollar General stores with 10%+ rent-to-sales coverage and stable demographics continue to price well. Urban and suburban DG stores with higher rent-to-sales (14%+) or declining sales are pricing wider. Verify trailing 12-month store sales during diligence.
How fast can Dollar General NNN close?+
30–45 days from LOI to close. Dollar General NNN closes fast because (1) deal size is small enough to fit most CMBS conduit pool schedules, (2) environmental diligence is minimal (no underground storage tanks on modern DG pads), (3) 15-year lease template is standardized across the portfolio, (4) rural sub-market diligence doesn't require complex WALT analysis.
Deals We Fund
Representative deal profiles showing our typical financing structures and terms.
$12M Hilton-Flag Hotel — Charlotte, NC
6.75% fixed | 65% LTV | 52-day close
$8M Value-Add Multifamily — Tampa, FL
SOFR +395 | 75% LTC | 14-day close
$6.5M Mixed-Use Development — Austin, TX
80% LTC | Interest-only | 18-mo term
$2.8M QSR Franchise — 3 Units — Indianapolis, IN
Prime +2.75% | 25-yr term | 10% down
$3.2M/mo Manufacturing AR — Cleveland, OH
1.5% factor fee | 90% advance | 48-hr funding
$1.8M 6-Unit Rental Portfolio — Phoenix, AZ
7.25% | 75% LTV | No income docs | 1.25x DSCR
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Published by PeerSense Capital Advisory · Written by Ed Freeman, Founder. Updated April 2026.
Disclaimer: Dollar General NNN financing rates, terms, and availability are subject to change based on tenant credit rating, remaining lease term, property condition, sponsor qualifications, and market conditions. Tenant credit ratings change over time; figures in this guide reflect Q1 2026 S&P Global Ratings. Rate ranges quoted reflect approximate April 2026 CMBS conduit pricing and may not reflect current market conditions at the time of reading. Dollar General corporate and franchisee lease structures vary — pricing outcomes are tenant- and lease-specific. PeerSense is a capital advisory firm, not a lender. We do not originate, fund, or service loans. All financing is provided by third-party lenders subject to their own underwriting criteria and approval processes. This page is not an endorsement or sponsorship of Dollar General or its parent corporation.