DISCOUNT DRUG MART CENTER 3032 N RIDGE ROAD E

ONE EAST FOURTH STREET, SUITE 500, CINCINNATI, OH 45202

513.241.2300

FEATURES

ADDRESS: 3032 N Ridge Road E Ashtabula, OH 44004

FOR SALE: 30,426 SF on 2.70 acres

PRICING: $3,098,000

► 8.5% CAP rate ► Discount Drug Mart recently exercised renewal thru March 31, 2024

► Corner traffic light location with three curb cuts

► Solid concrete block construction ► Building painted in 2019

TRAFFIC COUNTS: ► N Ridge Rd E and State Route 11 = 21,070 AADT in 2017

INVESTMENT HIGHLIGHTSDiscount Drug Mart is a 30,426 SF retail center located on US Highway 20, just east of State Highway 11 in Ashtabula, Ohio. The Discount Drug Mart consists of two suites and is currently 100% triple-net leased.

STRATEGIC LOCATION

3032 North Ridge Road East is located in Ashtabula within Ashtabula County. This situates the Property in the northeast corner of Ohio along Lake Erie approximately 60 miles east of Cleveland and 54 miles west of Erie, Pennsylvania. Additionally, the Property benefits from its’ positioning along US Highway 20 and adjacency to State Highway 11, providing excellent local and regional access to the surrounding area. Furthermore, the strategic positioning of the Property directly opposite of Ashtabula Towne Square provides for a consistent stream of cross-shopping activity.

EXCELLENT RETAIL FUNDAMENTALS

The Discount Drug Mart is a 100% triple-net leased retail asset constructed in 1999 on a 2.70 acre lot. The retail center consists of a single-story building occupied by the Discount Drug Mart (23,926 SF) and the Super Buffet (6,500 SF). In addition, both tenants remain long-term tenants with Discount Drug Mart occupying the property for 20 years. Furthermore, the Property benefits from excellent visibility and superb access given its’ location and three curb cuts at the signaled intersection of US Highway 20 and Vineland Avenue. This convenient positioning allows well-established restaurants and retailers to drive significant foot traffic to the center including Aspen Dental, Lowe’s Red Lobster, Burger King, Office Max, Dollar General, as well as additional nationally recognized tenants located withint Ashtabula Towne Square.

PROPERTY INFO

DISCOUNT DRUG MARTDiscount Drug Mart, Inc., is an Ohio-based drug store chain that opened its first store in Elyria, Ohio in 1969. It now operates 73 stores in more than 20 of Ohio’s 88 counties, with its coporate headquarters and warehouse based in Medina, Ohio. The store prides itself on its one-strop shoping and the variety of products it provides, and it says it all in their slogan “We Save You the Runaround”. Today, Discount Drug Mart has a revenue of over $550 million and continues to expand, catering to smaller cities that do not have the population to attract a larger retailer.

50 YEARS OF ONE-STOP BARGAIN SHOPPING

When Parviz Boodjeh opened the first Discount Drug Mart in 1969, there was almost nothing he wouldn’t carry. He loved scouring importers’ inventory and going on buying trips, looking for merchandise he thought his customers might like. His early stores carried lawnmowers, vacuum cleaners, even lumber.

That spirit of offering the unexpected permeates Discount Drug Mart stores today, where shoppers might come across all kinds of things they wouldn’t see in other drug stores: Fresh produce and frozen foods, pet foods and auto supplies, home health care products, beer and wine, board games and video rentals, hardware and paint supplies, and fishing and hunting licenses.

Now run by Boodjeh’s children, Discount Drug Mart has thrived for nearly 50 years (the company will officially celebrate its anniversary on April 15) despite heavy competition from national chain drug stores and mass discounters. By targeting value shoppers who are more frugal than fancy, Drug Mart expanded to 74 stores from Ashtabula to Sandusky, and now employs more than 3,700 Ohioans, including 225 pharmacists.

The company is opening three more stores this year: In Bainbridge Township, Broadview Heights, and Lisbon in Columbiana County.

With stores that range from 25,000 to 30,000 square feet, they are larger than many chain drug stores but smaller than mass market discounters like Walmart and Target. Discount Drug Mart stores carry about 30,000 items, more than twice the industry average for stores that usually focus on health and beauty items.

DISCOUNT DRUG MART

Founded: 1969

Number of stores: 74, from Ashtabula to Sandusky to Columbus

Employees: More than 3,700, including 225 pharmacists

Headquarters: 211 Commerce Drive, Medina

ASHTABULA, OHIOThe City of Ashtabula is located on Lake Erie’s coastline about an hour between Cleveland, Ohio and Erie, Pennsylvania. The name, Ashtabula, comes from the Algonquin Indian term which signified the Ashtabula River as “River of many fish.”

The Ashtabula Lift Bridge is a Strauss bascule bridge that spans the Ashtabula River in the harbor of Ashtabula, Ohio. Built in 1925, it is one of only two of its type which remain in service in Ohio today. In 1985, it was listed on the National Register of Historic Places. It was restored in 1986 and was repaired and repainted in 2009.

Walnut Beach is a city-owned park that features a wildlife preserve, swimming beach, playground, volleyball courts, bocce courts and a short boardwalk. The beach offers a good view of Ashtabula’s Historic Lighthouse.

Walnut Boulevard is also home to the Hubbard House and the Ashtabula Maritime Museum. The 19th century home of the Hubbard family tells the history of the Underground Railroad. The Ashtabula Maritime Museum features displays about shipping on the Great Lakes.

Across the street from the Maritime Museum is Point Park which over looks the river and the famous Bascule Lift Bridge, which goes up every half hour during the summer. There are steps leaning from Point Park to Bridge Street where there are many quaint shops and restaurants that line the historic Bridge Street shopping district.

Downtown Ashtabula offers shops, Cornelius Park, South Park and dining facilities. Cornelius Park often features live music during the summer in the gazebo.

Close to Ashtabula are more parks on the Lakeshore, specialty dining restaurants, wineries, the Ashtabula Mall, and many beautiful covered bridges, including the longest covered bridge in the United States.

Nearby Lakeshore Park is also on Lake Erie’s coastline and offers a swimming beach with lifeguards, playgrounds, picnic tables, a concession stand and a pond where you can feed the ducks. In the summer time, there are antique car shows. Starting at the end of November and going through December, Lakeshore Park is home to Ashtabula Lights on the Lake for the holiday season.

cityofashtabula.com

ASHTABULA, OHIO

SITE

LOCATION

SITE

AERIAL

DEMOGRAPHICS

POPULATION 1 MILE 3 MILE 5 MILE2000 Population 3,043 23,966 34,484

2010 Population 2,852 21,891 32,157

2019 Population 2,814 21,150 31,327

2024 Population 2,783 20,737 30,794

2000-2010 Annual Rate -0.65% -0.90% -0.70%

2010-2019 Annual Rate -0.15% -0.38% -0.29%

2019-2024 Annual Rate -0.22% -0.39% -0.34%

2019 Male Population 49.4% 48.5% 48.3%

2019 Female Population 50.6% 51.5% 51.7%

2019 Median Age 45.7 40.3 42.3

MEDIAN HOUSEHOLD INCOME 1 MILE 3 MILE 5 MILE2019 Median Household Income $42,356 $29,637 $36,422

2024 Median Household Income $50,698 $33,224 $40,468

2019-2024 Annual Rate 3.66% 2.31% 2.13%

AVERAGE HOUSEHOLD INCOME 1 MILE 3 MILE 5 MILE2019 Average Household Income $53,788 $45,303 $52,763

2024 Average Household Income $61,450 $51,505 $59,924

2019-2024 Annual Rate 2.70% 2.60% 2.58%

PER CAPITA INCOME 1 MILE 3 MILE 5 MILE2019 Per Capita Income $22,848 $18,934 $21,837

2024 Per Capita Income $26,115 $21,576 $24,867

2019-2024 Annual Rate 2.71% 2.65% 2.63%

HOUSING 1 MILE 3 MILE 5 MILE2000 Total Housing Units 1,372 10,449 14,854

2000 Owner Occupied Housing Units 76.5% 57.2% 63.3%

2000 Renter Occupied Housing Units 18.7% 35.2% 30.0%

2000 Vacant Housing Units 4.8% 7.7% 6.7%

2010 Total Housing Units 1,364 10,388 15,025

2010 Owner Occupied Housing Units 67.7% 48.5% 54.9%

2010 Renter Occupied Housing Units 23.1% 37.8% 32.7%

2010 Vacant Housing Units 9.2% 13.7% 12.3%

2019 Total Housing Units 1,360 10,174 14,825

2019 Owner Occupied Housing Units 60.5% 41.3% 48.2%

2019 Renter Occupied Housing Units 29.7% 44.4% 38.9%

2019 Vacant Housing Units 9.8% 14.3% 12.9%

2024 Total Housing Units 1,366 10,223 14,898

2024 Owner Occupied Housing Units 60.0% 41.5% 48.4%

2024 Renter Occupied Housing Units 28.8% 42.3% 37.0%

2024 Vacant Housing Units 11.1% 16.1% 14.5%

HOUSEHOLDS 1 MILE 3 MILE 5 MILE2000 Households 1,306 9,649 13,866

2010 Households 1,238 8,963 13,170

2019 Households 1,227 8,722 12,919

2024 Households 1,214 8,574 12,734

2000-2010 Annual Rate -0.53% -0.73% -0.51%

2010-2019 Annual Rate -0.10% -0.30% -0.21

2019-2024 Annual Rate -0.21% -0.34% -0.29%

2019 Average Household Size 2.28 2.37 2.38

RACE AND ETHNICITY 1 MILE 3 MILE 5 MILE2019 White Alone 93.0% 82.6% 85.1%

2019 Black Alone 2.2% 7.7% 6.3%

2019 American Indian/Native Alaskan Alone 0.1% 0.4% 0.3%

2019 Asian Alone 0.7% 0.4% 0.5%

2019 Pacific Islander Alone 0.0% 0.0% 0.0%

2019 Other Race 0.6% 3.5% 3.0%

2019 Two or More Races 3.4% 5.4% 4.6%

2019 Hispanic Origin (Any Race) 4.4% 10.1% 8.7%

Data Note: Income is expressed in current dollarsSource: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts fro 2019 and 2024. Esri converted Census 2000 data into 2010 geography. July 25, 2019

The information contained herein has been obtained from sources deemed reliable but has not been verified and no guarantee, warranty or representation, either express or implied, is made with respect to such information. Terms of sale and availability are subject to change or withdrawal without notice.

FOR FURTHER INFORMATION, PLEASE CONTACT:

CHRIS NACHTRAB Managing Director 513.864.6042 chris.nachtrab@ngkf.com