Tractor Supply Co.

Washington Court House | Ohio

Offering Summary

  • Status: just listed
  • Price: $2,300,000
  • Cap Rate: 6.60%
  • GLA: 39,775 SF
  • Net Operating Income: $151,800
  • Price/SF: $58
  • Year(s) Built: 1974
  • Year(s) Renovated: 2002 / 2024 TBD
  • Lot Size (Acres): 6.75 Acres
  • Lease Type: Double Net
  • Major Tenants: Tractor Supply Co.
  • Tractor Supply Co. Double-Net Lease with 8.2 Years Remaining in Washington Court House, OH
  • Low Rent of Only $3.82/SF; Offered Well-Below Replacement Cost at $58/SF
  • 5.4% Upcoming Rent Increase in June 2025 adds 36 bps to Cap Rate
  • Additional 5.7 % Rent Increase in June 2030 Adds another 40 bps to Cap Rate; +75 bps Total by End of Current Term
  • Tenant Relocated to Subject Property from Another Site in Market Back in 2002; 22 Years of History at Site & Multiple Extensions
  • Minimal Landlord Responsibilities – Roof & Structure Only; Tenant Self-Maintains HVAC, Parking Lot, CAM & Insurance, Reimburses Taxes
  • Landlord Acquired Additional 1.37-Acre Land Parcel Adjacent to Building in 2023 & Leased to Tenant for Additional $9,600 Annual Rent
  • Tenant has Indicated Strong Likelihood of Major Store Upgrades (FUSION project) and Addition of Garden Center (SIDE-LOT project) in the Near Future
  • S&P “BBB” Investment-Grade Credit & Corporate Lease (Nasdaq: TSCO); $27B Market Cap with 2,200 Stores Across the U.S.
  • Large 39,775 SF Building on Oversized 6.75-Acre Parcel with Ample Parking; Strong Intrinsic Value in the Real Estate
  • Located Along Columbus Ave – Major Retail Corridor & Primary Arterial with 9,400 VPD; 19,600/5-Mi Population
  • Situated Amongst a Variety of Cross-Traffic Driving National Retailer Including Bealls, Ollie’s Bargain Outlet, Roses, Harbor Freight, Dollar Tree, AutoZone, Dollar General, Advance Auto, and More
  • Adjacent to Adena Fayette Medical Center – Busy Regional Hospital
  • Ideal Retailer-Demographic Fit for the Surrounding Rural Lifestyle/Farm-Centric Population
  • Located Just 3 Hours from Tractor Supply’s New 900K SF Distribution Center in Navarre, OH (Opened Jan 2023 & Serves 250 Stores)
  • Washington Court House is the County Seat of Fayette County; 30 Miles Southwest of the Columbus, OH Suburbs
EXCLUSIVELY LISTED BY:

Erin Patton

Senior Managing Director