Perch Dollar Fund One

Dollar Store NNN Lease Real Estate Fund

A curated portfolio of Dollar General and Family Dollar properties acquired at cap rates above 8%, structured with absolute triple-net leases that eliminate landlord capital expenditure obligations. Targeting accredited investors seeking stable, recession-resistant income from essential retail real estate.

8%+
Acquisition Cap Rate
~9%
Cash-on-Cash
~1.7×
Equity Multiple
~11%
Annualized Return
~13%
Target IRR
5 Yr
Hold Period

Market Thesis

Why Dollar Stores Are the Strongest Net Lease Asset Class

Recession-Proof Consumer Demand

Dollar stores historically outperform during economic downturns as consumers trade down to value-oriented retailers. During the 2008–2009 recession, Dollar General's same-store sales grew while most retail sectors contracted. This countercyclical demand pattern creates a natural hedge for real estate investors seeking portfolio stability.

Rural Market Dominance

Traditional grocery chains require populations of 15,000+ to operate profitably. Dollar stores thrive in communities as small as 3,000–5,000 residents, serving as the sole source of affordable groceries and household essentials. Over 19 million Americans live in food deserts where dollar stores fill a critical infrastructure gap.

NNN Lease Structure Advantages

Absolute triple-net leases transfer all property operating expenses — real estate taxes, property insurance, and maintenance costs — directly to the tenant. This eliminates surprise landlord CapEx obligations, provides predictable NOI, and creates an investment profile ideally suited for fund and DST structures.

Aggressive National Expansion

Dollar General opens approximately 1,000 new stores annually, with roughly 70% located in rural markets. Combined with Walmart's ongoing small-market closures and grocery consolidation, dollar stores are absorbing retail market share at an accelerating pace across the United States.


Fund Structure

Designed for Investor Alignment

Protected Series LLC

Organized as a Florida Protected Series LLC (Series 1), providing liability isolation between fund assets and enhanced investor protection.

Delaware Statutory Trust

Qualifying properties structured as DST offerings for 1031 exchange eligible investors seeking tax-deferred passive ownership of NNN lease assets.

Preferred Return + Waterfall

LP-first distribution structure with preferred return hurdles, ensuring investors are compensated before GP carry participation begins.

Quarterly Distributions

Targeted quarterly cash distributions from net operating income, providing consistent income cadence for accredited investors.

Request the Offering Memorandum

Accredited investors can request detailed fund documents including the PPM, subscription agreement, and property-level financial projections.