single tenant nnn - loopnet · 2020-04-27 · retail professionals offices largest real estate...

SINGLE TENANT NNN Investment Opportunity

303 EAST MAIN STREET

WILMINGTON OHIOACTUAL SITE

ACTUAL SITE 2 NATIONAL NET LEASE GROUP

ANDREW FALLONExecutive Managing Director & Market LeaderSRS National Net Lease Group - Washington D.C.

D 703.787.4733M [email protected] License No. 0225193951

Broker of Record: John M. Hoty of Hoty Entprises, Inc. | OH License #2001013563

EXCLUSIVELY MARKETED BY

REPRESENTATIVE PHOTO 3 NATIONAL NET LEASE GROUP

5INVESTMENT SUMMARY

Offering Summary | Investment Highlights

9PROPERTY OVERVIEW

Aerials | Site Plan | Location Map

14AREA OVERVIEW

Demographics

16FINANCIALS

Rent Roll | Brand Profile

CONTENTS


PROPERTY PHOTO


SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, investment grade (S&P: BBB-), corporate guaranteed, Family Dollar investment property located in Wilmington, Ohio. The tenant, Family Dollar Stores of Ohio, Inc., has approximately 3 years remaining on their lease with 4 (5-year) options to extend. The lease features 10% rental increases at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is NNN with limited landlord responsibilities making it an ideal, low-management investment opportunity for a passive investor.

Family Dollar is located along E. Main St. (15,100 VPD) and E. Locust St. (14,000 VPD), consisting of multiple points of ingress/egress from both adjacent roads, providing ease and convenience for customers. The site is also equipped with a large pylon sign on E. Main St. and a monument sign on E. Locust St., producing excellent visibility and exposure for the store. The property is in the center of a primary retail corridor with nearby national/credit tenants including a Walmart Supercenter, Lowe’s Home Improvement, Kroger, Aldi, Dollar Tree, and more. Strong tenant synergy within the immediate trade area increases consumer draw and promotes crossover shopping to the site. Moreover, Family Dollar is situated less than one mile east of Wilmington College, a private liberal arts institution with nearly 1,300 students currently enrolled, providing a direct consumer base to draw from. The 5-mile trade area is supported by a population of nearly 18,000 with an average household income of $64,000.

INVESTMENT SUMMARY


PROPERTY PHOTOS


Offering

Property Specifications

PRICING $975,000

NET OPERATING INCOME $99,478

CAP RATE 10.20%

GUARANTY Corporate

TENANT Family Dollar Stores of Ohio, Inc.

LEASE TYPE NNN

LANDLORD RESPONSIBILITIES Roof & Structure, Exterior Plumbing, Electrical Lines, and Sprinkler Repair

RENTABLE AREA 8,000 SF

LAND AREA 1.00 Acre

PROPERTY ADDRESS 303 East Main Street Wilmington, OH 45177

YEAR BUILT 2012

PARCEL NUMBER 290-16-09-24-C005-00

OWNERSHIP Fee Simple (Land & Building)

Parcel Map

OFFERING SUMMARY


3 Years Remaining | Corporate Guaranteed (S&P: BBB-) | Options To Extend | Rental Increases

• Approximately 3 years remaining in the initial term with 4 (5-year) option periods to extend

• Corporate guaranteed - investment grade tenant (S&P: BBB-)• The lease features 10% rental increases at the beginning of each option

period, generating healthy NOI growth

NNN Lease | Fee Simple Ownership | Limited Landlord Responsibilities

• Tenant pays for CAM, taxes, insurance and maintains most aspects of the premises

• Landlord responsibilities limited to roof and structure, exterior plumbing, electrical lines, and sprinkler repair

Located Along Major Thoroughfare | Excellent Visibility & Access | Pylon and Monument Sign

• Located along E. Main St. (15,100 VPD) and E. Locust St. (14,000 VPD), two major thoroughfares traveling through the city of Wilmington

• Multiple access points from both adjacent streets, providing ease and convenience for customers

• Equipped with a large pylon sign and a monument sign

National/Credit Tenants | Wilmington College (1,300 Students)• Nearby national/credit tenants including a Walmart Supercenter, Lowe’s

Home Improvement, Kroger, Aldi, Dollar Tree, and more• Strong tenant synergy within the immediate trade area increases

consumer draw and promotes crossover shopping to the site• Situated less than one mile east of Wilmington College, a private liberal

arts institution with nearly 1,300 students currently enrolled

Demographics In 5-Mile Trade Area• Nearly 18,000 residents and 16,000 employees support the trade area• $64,000 average household income

INVESTMENT HIGHLIGHTS

9 NATIONAL NET LEASE GROUP

Location

Parking

Access

Parcel

Traffic Counts

Year Built

Improvements

Zoning

Located inClinton County

There are approximately 15 parking spaces

on the owned parcel.

The parking ratio is approximately 1.88 stalls per

1,000 SF of leasable area.

E. Main Street 1 Access Point

E. Locust Street 1 Access Point

Parcel Number: 290-16-09-24-C005-00

Acres: 1.00 Square Feet: 43,560 SF

E. Main Street 15,100 Cars Per Day

E. Locust Street 14,000 Cars Per Day

2012

There is approximately 8,000 SF of existing

building area

Commercial

PROPERTY OVERVIEW


E. MAIN ST./U.S. HIGHWAY 22

E. MAIN ST./U.S. HIGHWAY 22

E LOCUST ST/U.S. HIGHWAY 22E LOCUST ST/U.S. HIGHWAY 22

CASH

MAN

LN.

CASH

MAN

LN.

HIG

H ST

.H

IGH

ST.

CARS PER DAY14,000

CARS PER DAY15,100


E MAIN STE MAIN ST

WILMINGTON WILMINGTON HIGH SCHOOLHIGH SCHOOL

WILMINGTON WILMINGTON COLLEGECOLLEGE

EAST END EAST END ELEMENTARY ELEMENTARY

SCHOOLSCHOOL

WILMINGTON PLAZA WILMINGTON PLAZA SHOPPING CENTERSHOPPING CENTERCENTER FOR CENTER FOR

SCIENCE & SCIENCE & AGRICULTUREAGRICULTURE

CLINTON CLINTON MEMORIAL MEMORIAL HOSPITALHOSPITAL

E LOCUST STE LOCUST ST

STATE HIGHWAY 730

STATE HIGHWAY 730

CARS PER DAY14,000

CARS PER DAY15,100

CASH

MAN

LN.

CASH

MAN

LN.

U.S. HIGHWAY 22/STATE HIGHWAY 3

U.S. HIGHWAY 22/STATE HIGHWAY 3


PYLO

N SI

GN

E. LOCUST ST.E. LOCUST ST.

CAS

HM

AN L

N. C

ASH

MAN

LN.

E. MAIN ST.E. MAIN ST.

CARS PER DAY15,100

CARS PER DAY14,000


CINCINNATI63 min 52 miles

WILMINGTON

LOCATION MAP

2019 ESTIMATED POPULATION

1 Mile 7,479

3 Mile 14,223

5 Mile 17,634

2019 AVERAGE HOUSEHOLD INCOME

1 Mile $55,648

3 Mile $60,682

5 Mile $64,194

2019 ESTIMATED TOTAL EMPLOYEES

1 Mile 5,166

3 Mile 15,424

5 Mile 16,115

COLUMBUS62 min 62 miles


Wilmington, Ohio

Wilmington is the county seat of Clinton County, Ohio and within easy commuting distance to the major metropolitan areas of Columbus, Dayton and Cincinnati. The City of Wilmington had a population of 12,642 as of July 1, 2019.

The largest industries in Wilmington, OH are Manufacturing, Retail Trade, and Accommodation & Food Services, and the highest paying industries are Information, Construction, and Public Administration. Most manufacturing businesses either processed farm products or manufactured farming implements for local use.

Wilmington is neither predominantly blue-collar nor white-collar, instead having a mixed workforce of both blue-collar and white-collar jobs. Overall, Wilmington is a city of sales and office workers, service providers, and professionals. There are especially a lot of people living in Wilmington who work in office and administrative support, food service, and management occupations.

The parks and recreation department offers a variety of activities from picnicking to trails, from soccer to baseball, Splash Pad to Skate Parks, adult sports and basketball and tennis courts. The City own and operate seven parks throughout the City. Each park has its own unique contribution of enjoyment to each patron who visits the park. Galvin, South East, and The Point are all neighborhood parks, whereas the three main parks, J.W. Denver Williams Park, David R. Williams Park, and Lytle Creek Nature Preserve are where all the programs take place. Lytle Creek Nature Preserve will offer hiking and other nature-related activities.

Major colleges in the City are Wilmington College, Southern State Community College, Wilmington City Schools and Laurel Oaks Career Development Campus.

Major Hospitals in the City are Clinton Memorial Hospital, Veterans Administration Wilmington Outreach Clinic, Wilmington Family Planning Clinic and Solutions Community Counseling and Recovery Centers.

The nearest major airport is James M. Cox Dayton International Airport. Another major airport is Cincinnati Municipal Lunken Airport.

AREA OVERVIEW


1 MILE 3 MILES 5 MILES

2019 Estimated Population 7,479 14,223 17,634

2024 Projected Population 7,507 14,330 17,790

2010 Census Population 7,477 14,105 17,430

Projected Annual Growth 2019 to 2024 0.07% 0.15% 0.18%

Historical Annual Growth 2010 to 2019 0.02% 0.10% 0.14%

2019 Estimated Households 2,931 5,758 7,074

2024 Projected Households 2,944 5,807 7,144

2010 Census Households 2,924 5,690 6,962

Projected Annual Growth 2019 to 2024 0.09% 0.17% 0.20%

Historical Annual Growth 2010 to 2019 0.04% 0.14% 0.18%

2019 Estimated White 89.05% 89.25% 90.66%

2019 Estimated Black or African American 5.80% 5.61% 4.72%

2019 Estimated Asian or Pacific Islander 0.59% 0.79% 0.75%

2019 Estimated American Indian or Native Alaskan 0.27% 0.30% 0.31%

2019 Estimated Other Races 1.43% 1.06% 0.94%

2019 Estimated Hispanic 3.21% 3.00% 2.69%

2019 Estimated Average Household Income $55,648 $60,682 $64,194

2019 Estimated Median Household Income $37,603 $41,037 $45,988

2019 Estimated Per Capita Income $21,949 $24,536 $25,744

2019 Estimated Total Businesses 347 766 821

2019 Estimated Total Employees 5,166 15,424 16,115

AREA DEMOGRAPHICS


Lease Term Rental Rates

TENANT NAMESQUARE

FEETLEASE START

LEASE END

BEGIN INCREASE MONTHLY PSF ANNUALLY PSFRECOVERY

TYPEOPTIONS

Family Dollar Stores of Ohio, Inc.

8,000 Oct. 2012 Sep. 2022 Current - $8,290 $1.04 $99,478 $12.43 NNN 4 (5-Year)

(Corporate Guaranty)10% Increase at Beg.

of Each Option

Note: Tenant must pay a percentage rent equal to 3% of the gross sales in excess of $2,000,000 each lease year.

FINANCIAL INFORMATION

Price $975,000

Net Operating Income $99,478

Cap Rate 10.20%

Lease Type NNN

For financing options and loan quotes:Please contact our SRS Debt & Equity team at [email protected].

PROPERTY SPECIFICATIONS

Year Built 2012

Rentable Area 8,000 SF

Land Area 1.00 Acre

Address 303 East Main Street Wilmington, OH 45177

RENT ROLL


Family Dollar familydollar.com

Family Dollar is one of the nation’s fastest growing retailers, Family Dollar offers a compelling assortment of merchandise for the whole family ranging from household cleaners to name brand foods, from health and beauty aids to toys, from apparel for every age to home fashions, all for everyday low prices. While shoppers can find many items at $1 or less, most items in the store are priced below $10, which makes shopping fun without stretching the family budget. The average size of a Family Dollar store is approximately 7,000 square feet, and most stores are operated in leased facilities. This relatively small footprint allows the Company to open new stores in rural areas and small town, as well as in large urban neighborhoods. Family Dollar offers a compelling mix of merchandise for the whole family. Ranging from an expanded assortment of refrigerated and frozen foods and health and beauty items to home décor and seasonal items, Family Dollar offers the lowest possible price, the name brand and quality private-brand merchandise customers need and use every day. Family Dollar, headquartered in Matthews, North Carolina, is a wholly-owned subsidiary of Dollar Tree, Inc. of Chesapeake, Virginia.

BRAND PROFILE

COMPANY TYPE PARENT 2019 REVENUE

Subsidiary Dollar Tree $22.82 B

2019 ASSETS 2019 EQUITY CREDIT RATING

$13.50 B $5.64 B S&P: BBB-

RETAIL PROFESSIONALS

OFFICES LARGEST REAL ESTATE SERVICES FIRMin North America

exclusively dedicated to retail

RETAIL LISTINGSin 2018

TRANSACTION VALUEin 2018

275+ 25+ #1 1500+ $2.6B

SRS NATIONAL NET LEASE GROUP IS THE EXCLUSIVE NET LEASE CAPITAL MARKETS TEAM OF SRS REAL ESTATE PARTNERS.

This Offering Memorandum has been prepared by SRS National Net Lease Group (SRS) and has been approved for distribution by the owner. Although effort has been made to provide accurate information, neither the owner nor SRS can warrant or represent accuracy or completeness of the materials presented herein or in any other written or oral communications transmitted or made

available to the purchaser. Many documents have been referred to in summary form and these summaries do not purport to represent or constitute a legal analysis of the contents of the applicable documents. Neither owner nor SRS represents that this offering summary is all inclusive or contains all of the information a purchaser may require. All of the financial projections and/or conclusions presented herein are provided strictly for reference purposes and have been developed based upon assumptions and conditions in effect at the time the evaluations were undertaken. They do not

purport to reflect changes in the economic performance of the property or the business activities of the owner since the date of preparation of this Offering Memorandum. The projected economic performance of the property, competitive submarket conditions, and selected economic and demographic statistics may have changed subsequent to the preparation of the package. Qualified

purchasers are urged to inspect the property and undertake their own independent evaluation of the property, the market and the surrounding competitive environment.

*Statistics are for 2018

SRSRE.COM/NNLGACTUAL SITE

single tenant nnn - loopnet · 2020-04-27 · retail professionals offices largest real estate...

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