Dollar General NNN Loansfrom 6.35 percent, file specific Non-Recourse 10-Year Fixed CMBS
Dollar General is BBB from S&P as of 10 September 2025, outlook stable. Moody's is Baa3. It is not BBB minus. The rural America footprint (19,000+ stores) and 15 year base lease template make this a common small deal 1031 exchange target. PeerSense sources capital through a curated network of commercial lenders and capital sources.
15 yr base leases · BBB corporate guarantee as of 10 September 2025 · 7,500 to 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?
There is no single Dollar General NNN coupon. Stabilized CRE CMBS starts from 6.35 percent as of 1 August 2026. Dollar General is BBB from S&P as of 10 September 2025. It is not BBB minus. Walgreens has been unrated since 28 August 2025. It is not a BBB comparison. PeerSense sources capital through a curated network of commercial lenders and capital sources.
As of 26 August 2026. A rating needs an as of date. Next check 24 November 2026. PeerSense sources capital through a curated network of commercial lenders and capital sources.
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. Dollar General is BBB from S&P as of 10 September 2025, outlook stable. Moody's is Baa3. It is not BBB minus.
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 to 9,400 SF pad on 1.0 to 1.5 acre corner site, with the corporate parent serving as guarantor. Rent structure includes 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 and $1M to $2.5M typical purchase price make it a common 1031 exchange replacement for buyers with $1M to $3M to deploy. Key 2026 underwriting questions: (1) store level rent to sales ratio (prefer 10 percent or lower), (2) rural sub market demographics trend, (3) remaining lease term, (4) not on a store closure or optimization list. PeerSense sources capital through a curated network of commercial lenders and capital sources.
Dollar General NNN vs. Peer Credit Tenants, How Dollar General Prices
Every NNN lender underwrites the tenant first, the real estate second. Here is how Dollar General compares to peer credit tenants as of 26 August 2026. Coupon and leverage are lender underwriting.
Dollar General BBB (S&P) | Dollar Tree / Family Dollar BBB minus (S&P) | Aldi Private | Walmart AA (S&P) | Independent Grocer (Unrated) Unrated | |
|---|---|---|---|---|---|
| Credit as of 26 August 2026 | BBB S&P / Baa3 Moody's | BBB minus / Baa3 | Private. No public rating we will invent. | AA / Aa2 | Unrated |
| Max LTV | Lender underwriting | Lender underwriting | Lender underwriting | Lender underwriting | Lender underwriting |
| Min DSCR | 1.35x | 1.30x | 1.30x | 1.20x | 1.45x |
| 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 to $5M | $1M to $6M | $2M to $8M | $5M to $30M | $500K to $3M |
Credit as of 26 August 2026Dollar General: BBB S&P / Baa3 Moody's
- Dollar GeneralBBB (S&P)
- BBB S&P / Baa3 Moody's
- Dollar Tree / Family DollarBBB minus (S&P)
- BBB minus / Baa3
- AldiPrivate
- Private. No public rating we will invent.
- WalmartAA (S&P)
- AA / Aa2
- Independent Grocer (Unrated)Unrated
- Unrated
Max LTVDollar General: Lender underwriting
- Dollar GeneralBBB (S&P)
- Lender underwriting
- Dollar Tree / Family DollarBBB minus (S&P)
- Lender underwriting
- AldiPrivate
- Lender underwriting
- WalmartAA (S&P)
- Lender underwriting
- Independent Grocer (Unrated)Unrated
- Lender underwriting
Min DSCRDollar General: 1.35x
- Dollar GeneralBBB (S&P)
- 1.35x
- Dollar Tree / Family DollarBBB minus (S&P)
- 1.30x
- AldiPrivate
- 1.30x
- WalmartAA (S&P)
- 1.20x
- Independent Grocer (Unrated)Unrated
- 1.45x
Remaining Lease PreferredDollar General: 10+ years
- Dollar GeneralBBB (S&P)
- 10+ years
- Dollar Tree / Family DollarBBB minus (S&P)
- 10+ years
- AldiPrivate
- 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 minus (S&P)
- Corporate parent (Dollar Tree Inc.)
- AldiPrivate
- 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 minus (S&P)
- CMBS · life co.
- AldiPrivate
- 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 minus (S&P)
- Excellent
- AldiPrivate
- Good
- WalmartAA (S&P)
- Excellent (when available)
- Independent Grocer (Unrated)Unrated
- Fair
Typical Loan SizeDollar General: $700K to $5M
- Dollar GeneralBBB (S&P)
- $700K to $5M
- Dollar Tree / Family DollarBBB minus (S&P)
- $1M to $6M
- AldiPrivate
- $2M to $8M
- WalmartAA (S&P)
- $5M to $30M
- Independent Grocer (Unrated)Unrated
- $500K to $3M
Indicative only, as of 26 August 2026. Not a quote, commitment or offer of credit. Final pricing, leverage and terms are determined by the lender at underwriting, after full transaction materials are reviewed. PeerSense sources the file. The lender sets pricing. What these terms mean.
Program criteria current as of 26 August 2026.
Tenant credit as of 26 August 2026. Next check 24 November 2026. A rating needs an as of date. Do not cite a rating that does not exist. Stabilized CRE CMBS starts from 6.35 percent as of 1 August 2026. Boulder Group Q2 2026 asking caps only where we have them. PeerSense sources capital through a curated network of commercial lenders and capital sources.
Indicative only, as of September 1, 2026. Not a quote, commitment or offer of credit. Final pricing, leverage and terms are determined by the lender at underwriting, after full transaction materials are reviewed. PeerSense sources the file. The lender sets pricing. What these terms mean.
Dollar General NNN Deal Patterns We Place
Small 1031 Exchange Dollar General Acquisition
Common 1031 match for buyers with $1M to $3M exchange balances. 15 year base lease plus BBB guarantee as of 10 September 2025 plus $1M to $2.5M typical purchase price. Close within the 180 day window with rate lock coordinated to QI timeline.
Dollar General Portfolio (5 to 25 Stores)
Multi store DG portfolio structured as single pool CMBS. Geographic diversification across 3 or more states lowers concentration haircut. Coupon is file specific.
Recently Extended DG Refinance
Tenant just signed a 5 year extension or exercised first option. Extended WALT resets CMBS underwriting. 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 and income trend positive or stable. Pre screen demographic data during LOI.
Small Institutional REIT Acquisition
Institutional NNN REITs actively acquire DG portfolios. If you own 5 or more stores, a portfolio sale can be a higher price outcome than financing through the hold. PeerSense introduces. PeerSense sources capital through a curated network of commercial lenders and capital sources.
Dollar General NNN Financing, Frequently Asked Questions
What are typical Dollar General NNN rates?+
There is no single Dollar General NNN coupon. Stabilized CRE CMBS starts from 6.35 percent as of 1 August 2026. Dollar General is BBB from S&P as of 10 September 2025. It is not BBB minus. Walgreens has been unrated since 28 August 2025. It is not a BBB comparison. PeerSense sources capital through a curated network of commercial lenders and capital sources.
What is Dollar General's credit rating?+
Dollar General is BBB from S&P as of 10 September 2025, outlook stable. Moody's is Baa3. It is not BBB minus. Lender appetite stays because the rural America real estate footprint is uniquely positioned, limited retail competition and low rent to sales ratios.
What LTV on Dollar General NNN?+
Leverage is lender underwriting. Remaining lease term and sub market demographics drive the file. PeerSense introduces and places. Leverage is lender underwriting.
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 the files CMBS desks prefer because remaining term covers a 10 year loan with cushion.
What's the typical Dollar General property size and deal size?+
Typical Dollar General NNN is 7,500 to 9,400 SF on 1.0 to 1.5 acre rural or small town pad. Purchase prices often run $1M to $2.5M. Portfolio deals (5 to 25 stores) are common. Loan size is lender underwriting.
Is Dollar General NNN 1031 exchange friendly?+
Yes. Among the most common 1031 replacement properties due to small deal sizes, 15 year base leases, BBB corporate guarantee as of 10 September 2025, and nationwide availability (over 19,000 stores). Especially used by buyers with smaller exchange amounts ($1M to $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 percent or lower rent to sales coverage and stable demographics continue to clear. Urban and suburban stores with higher rent to sales or declining sales price wider. Verify trailing 12 month store sales during diligence.
How fast can Dollar General NNN close?+
Often 30 to 45 days from LOI to close. Dollar General NNN closes fast because deal size fits most CMBS conduit pool schedules, environmental diligence is light on modern pads, the 15 year lease template is standardized, and rural sub market diligence does not require complex WALT analysis. Timing is file specific.
Deals We Structure
Representative profiles from the placement desk and from the forward flow network tape. Sizes and structures only. No counterparties named.
$10 million and up flagged hotel, CMBS refi
6.75% fixed | 65% LTV | CMBS takeout
$10 million and up value add multifamily bridge
SOFR +395 | 75% LTC | Named takeout
$10 million and up mixed use construction
80% LTC | Interest only | 18 mo term
SBA 7(a) QSR franchise acquisition
Prime +2.75% | 25 yr term. Equity injection is lender underwriting.
$20 million a month manufacturing AR
1.5% factor fee | 90% advance | B2B invoices
$10 million and up rental portfolio
7.25% | 75% LTV | No income docs | 1.25x DSCR
$350M to $1.5B committed purchase of future originations
True sale | Par or premium to UPB | Weekly or monthly settlement | Servicing usually retained
$100M to $500M revolving line against eligible receivables
80 to 95% advance | 2 to 3 year revolver | Often paired with a flow takeout
$200M seasoned pool sold in one trade
Priced off the tape | Off balance sheet at settle | Cash recycles into new production
Indicative only, as of September 1, 2026. Not a quote, commitment or offer of credit. Final pricing, leverage and terms are determined by the lender at underwriting, after full transaction materials are reviewed. PeerSense sources the file. The lender sets pricing. What these terms mean.
Tell Us About Your Dollar General NNN Deal
Property address, purchase price or payoff, remaining lease term, and Dollar General lease specifics. We introduce and place. PeerSense sources capital through a curated network of commercial lenders and capital sources.
Dollar General NNN Loan: The desk will reach out. No obligation.
Ready to talk about your Dollar General NNN deal?
Send us the property address, purchase price or refinance balance, remaining lease term, and current rent. We introduce and place. PeerSense sources capital through a curated network of commercial lenders and capital sources.
Fee at closing only · Complimentary initial consultation
Published by PeerSense Capital Advisory · Written by Ed Freeman, Founder. As of 26 August 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. Figures in this guide are as of 26 August 2026. Next check 24 November 2026. Do not cite a rating that does not exist. Stabilized CRE CMBS starts from 6.35 percent as of 1 August 2026. Coupon is file specific. Dollar General corporate and franchisee lease structures vary, pricing outcomes are tenant- and lease-specific. PeerSense is a capital advisory firm, 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.