Address: 266 E South Street, Akron, Ohio, United States 44311
Type: Discount Store
Cap Rate: 8.00%
Lease Type: NN
Annual Rent: $69,720
Net Operating Income: $69,720
Lease Term Remaining: 5.5 Years
Rental Increases: 10% Every 5 Years in Options
Options: Three (3), Five (5)-Year Options
Year Built: 2006
Rentable Sq/Ft: 9,180 SF
Rent Sq/Ft: $7.59
Price Sq/Ft: $95
Lot Size: +/- 0.67 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Family Dollar located at 266 E South Street in Akron, OH. This fee-simple Family Dollar consists of roughly 9,180 rentable square feet of building space on an estimated 0.67-acre parcel of land.
Family Dollar Stores, Inc., the corporate operating entity, is subject to a 10-year double-net (NN) lease that commenced in September of 2006. The initial annual rent increased by 5% to $69,720 when the tenant added two years of lease term to and exercised their first five (5)-year option period.
This Family Dollar is located at 266 E South Street in Akron, Ohio. Akron is the fifth-largest city in the state of Ohio and is the county seat of Summit County. Fifty percent of America’s population lives within a 500-mile radius of Akron, and within a 150-mile radius there are approximately 10 million people. Akron has easy access to a network of superhighways and is a major trucking hub. A market potential of 111 million people live within a day’s drive of Akron.
This Family Dollar is situated on the hard corner of E South Street and Grant Street, in close proximity to Interstates 76 & 77. On average, approximately 7,920 vehicles travel along this section of E South Street each day. Grant Street intersects with E South Street, which brings an additional 5,508 vehicles past this Family Dollar each day. Nearby, Interstate 77 brings an additional 129,979 vehicles to the immediate area each day. There are over 111,590 individuals residing within 3-mile radius of this Family Dollar and approximately 218,278 within a 5-mile radius.
This Family Dollar benefits from being positioned on a hard corner, within proximity to the convergence of two of Ohio’s highly trafficked Interstates. This Family Dollar is located in close proximity to a variety of national tenants and local attractions. National tenants include: Aldi, Speedway, BP, U.S. Post Office, and Greyhound. Located 1.5 miles from this Family Dollar is Canal Park, the home of the Akron RubberDucks professional baseball team. The stadium holds approximately 7,630 individuals. Located within a 2.5 mile radius of this Family Dollar is the Akron Children’s Hospital, a 253 bed campus ranked among the best children’s hospitals in the country. Also located within the same radius is Summa Health System – Akron Campus, which features over 1,300 licensed inpatient beds, and serves over 1 million patients each year. Numerous performing arts centers are also located within a 2.5 mile radius of this Family Dollar, as well as the Akron Zoo. The Akron Zoo experiences over 400,000 visitors each year. Located just over 1 mile from this Family Dollar is The University of Akron, which has an annual enrollment that exceeds 25,170 students. Located on the campus is the 30,000+ seat InfoCision Stadium, home the University’s Division 1 football team. Also located less than 1 mile from this Family Dollar are Archbishop Hoban High School and Akron Preparatory School. The two schools have a combined enrollment of approximately 720 students.
Broker of Record: Michael Glass License #BRK.2007005898