Address: 418 East Main Street, Spencer, Ohio, United States 44275
Cap Rate: 6.70%
Lease Type: Triple-Net (NNN)
Annual Rent: $94,860
Net Operating Income: $94,860
Lease Term Remaining: 15.0 Years
Rental Increases: 10% Each Option Period
Options: Four (4), Five (5)-Year
Year Built: 2019
Rentable Sq/Ft: 9,026 SF
Rent Sq/Ft: $10.51
Price Sq/Ft: $157
Lot Size: +/- 1.77 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Dollar General located at 418 East Main Street in Spencer, Ohio. The property consists of approximately 9,026 square feet of building space and is situated on roughly 1.77 acres of land.
The Dollar General opened in May 2019 and is subject to a 15-year absolute triple-net (NNN) lease. This lease commenced on May 12, 2019 and expires on May 31, 2034. The initial annual rent is $94,860 is scheduled to increase 10% in each of the four, five-year renewal options.
Founded in Goodlettsville, Tennessee, Dollar General Corporation has been delivering value to shoppers for over 75 years. Dollar General helps shoppers Save time. Save money. Every day!® by offering products that are frequently used and replenished, such as food, snacks, health and beauty aids, cleaning supplies, clothing for the family, housewares and seasonal items at low everyday prices in convenient neighborhood locations. With over 15,000 stores in 45 states Dollar General is among the largest discount retailer.
The subject investment property is situated on East Main Street in Spencer, Ohio. US Main Street is the main thoroughfare through Spencer which connects the city to Route 42 and other larger thoroughfares. There are approximately 43,000 people residing within a ten-mile radius of this property.
This Dollar General is well-positioned in a suburban throughway consisting of national and local industrial tenants, medical centers, automotive care, and local banks. National and local tenants in the area include Farmers Savings Bank, USPS, Ohio E Check, Main Street Market, Holmes Tire, and many more. This Dollar General benefits from its lack of competition in the area. The nearest dollar store is over 9-miles away.
Settled in the mid-west corner of Medina County, the Village of Spencer has been home for several generations of families, and continues to keep the family legacies and traditions growing today. The village is only a forty-five minute drive to Akron, OH. Akron is a city in and is the county seat of Summit County, Ohio. It is the fifth-largest city in the state of Ohio. Co-founded along the Little Cuyahoga River in 1825 by Simon Perkins and Paul Williams, it was chosen as a strategic point at the summit of the developing Ohio and Erie Canal. The city has a long history of rubber manufacturing, which today still includes Goodyear Tire. Recently, the company, which is the largest tire manufacturer in the city, built its new world headquarters in Akron. Other corporations, including Gojo Industries, FirstEnergy, Huntington Bank, and Charter Spectrum all have diversified the economy to include manufacturing, education, healthcare, and biomedical research.
Bridgestone has also built a new technical center with state-of-the-art research and development labs, and moved its product development operations to the new facility in 2012. The Eastern Ohio Division of KeyBank, which has six branches in the city, recently built regional headquarters downtown. Akron has continued to expand into the medical sector, and has a designated area call the Biomedical Corridor, with the goal of luring health-related ventures to the region. Akron’s adult hospitals are owned by two health systems, Summa Health Systems and Akron General Health System. Summa Health Systems operates Akron City Hospital and the former St. Thomas Hospital, which have been recognized as some of “America’s Best Hospitals” by U.S. News & World Report. The city also has two Level I Trauma Centers: Akron City and Akron General hospitals.
Broker of Record: Michael Glass License #BRK.2007005898