Investment Summary
Price | $1,949,000 |
Cap Rate | |
NOI | |
Lease Term | 15 Years |
Lease Type | Absolute NNN, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Including Roof, Structure, And Parking Lot |
Rental Increases | 10% Rental Increases In Option Periods |
Year Built | 2021 |
Building Size | 9,100 SF |
Lot Size | 2.0 Acres (87,120 SF) |
Status | Sold |
Lead Brokers | Michael T. Yuras, CCIM Executive Managing Director 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Executive Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 Vincent Aicale Executive Director 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Executive Director 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 |
Investment Highlights
15-YEAR ABSOLUTE NNN LEASE WITH CORPORATE GUARANTY
» Guaranteed by Dollar General Corporation (NYSE: “DG”)
» Tenant is responsible for taxes, insurance, and all maintenance, including roof, structure, and parking lot
» Upgraded construction with no landlord management
» Ideal investment opportunity for an out-of-area investor
MAJOR NATIONAL TENANT WITH STRONG FINANCIALS
» Dollar General Corporation is rated “BBB” by Standard & Poor’s and “Baa2” by Moody’s
» Dollar General’s yearly revenues exceed $25.6 billion
» Dollar General operates more than 15,000 locations in 44 states and has plans for significant future growth
STRATEGIC LOCATION IN DENSELY POPULATED AND GROWING AREA
» Dense five-mile population of 63,999 residents with a five-mile average household income of $61,534
» 1.5 miles from I-75 (47,858 AADT) and less than five minutes from Downtown Lima (37,117 residents)
» Strategically located on St. Johns Road, one of the main north/south arterials of Lima
» Home of the University of Northwestern Ohio (4,500+ students and 550 staff)
BENEFICIAL PROXIMITY NEAR LARGE EMPLOYERS
» 1.7 miles from Husky Lima Refinery Company (2 billion gallons of refined petroleum products produced annually, including 25% of the gasoline consumed in Ohio – the refinery employs 470 employees)
» 3.4 miles from Joint Systems Manufacturing plant (800+ employees and produces 50+ armed forces tanks per month)
» Lima is home to a Ford Motor Company engine and drive shaft plant (1,530 employees) and a Procter & Gamble manufacturing plant (1,500+ employees)
Property Description
SOLD
The property is located on St Johns Road, one of the main north/south arterials for Lima, and is minutes from Interstate 75, with a daily traffic count of 47,848 vehicles. The location resides less than five minutes from downtown Lima, with a population of 37,117 residents. The site has a dense five-mile population of 63,999 residents and an five-mile average household income of $61,534. Moreover, Lima is home of the University of Northwestern Ohio with 4,500+ students and 550 staff.
The property is surrounded by several large employers and is 1.7 miles from Husky Lima Refinery Company, which produces two billion gallons of refined petroleum products annually, including 25% of the gasoline consumed in Ohio – the refinery employs 470 employees. The site is also 3.4 miles from Joint Systems Manufacturing plant with 800+ employees which produces 50+ armed forces tanks per month. Lima is home to a Ford Motor Company engine and drive shaft plant with 1,530 employees, and a Procter & Gamble manufacturing plant 1,500+ employees.