Buttermilk Crossing

Crescent Springs | Kentucky

Offering Summary

  • Status: just listed
  • Price: $15,360,000
  • Cap Rate: 7.26%
  • GLA: 78,125 SF
  • Net Operating Income: $1,115,597
  • Price/SF: $197
  • Year(s) Built: 1993 & 2004
  • Year(s) Renovated: 2023
  • Lot Size (Acres): 5.83
  • Major Tenants: Northern Tool & Equipment, Cincy Seafood, Heritage Dental Center, Cancun Mexican Bar & Grill, KJ's, Laundry Solutions, Unite Studio
  • 85% Occupied 53,357 SF Neighborhood Retail Center + Free Standing STNL Northern Tool Situated Along Buttermilk Pike
  • Prime Visibility with 39,140 VPD on Buttermilk Pike and 147,360 VPD on I-71/I-75
  • Upside Available through Lease Up of 3 Vacancies, Additionally 31% of Occupied Shop Space GLA has No Options Remaining
  • Diverse Tenant Mix Featuring Food, Service, and Daily-Needs Retailers Such as Domino’s, Penn Station, Great Clips, H&R Block, and The UPS Store
  • Close to $600,000 in Landlord Investments to Shopping Strip within Past 2 Years Including New Roofs and Parking Lot Resurfacing (2023) and Updates to Façade (2024)
  • Highway Visible Center with Signage to 165,000 VPD on I-71; Dedicated Pylon Sign along/above I-71 & Just off Exit Ramps at Buttermilk Pike
  • Complete 2023 Renovation of Former Staples Box into Freestanding Northern Tool; Over $1.1 Million Invested by Seller in Renovations & TIA
  • 10-Year NNN Lease with Northern Tool | Minimal Landlord Responsibility – Roof & Structure Only
  • In Place Rental Increases and Vacancy Upside Produce Attractive CAGR of 3.49%
  • 10-Year Unleveraged IRR of 10.10% | Leveraged IRR of 15.97% | DSCR of 1.34x
  • Opportunity to Spin Off Northern Tool Property for CAP Arbitrage – Separately Parceled
  • Perpetual Rights to Additional Parking in the Adjacent Municipally-Owned Parking Garage at No Cost to Landlord or Tenants
  • Dense Infill Location with 193,000+ Residents Within 5 Miles and Average Household Income Exceeding $100,000 Within 1 Mile
  • Located Near the $200M Ormsby Senior Living Development Featuring 203 Residences, Restaurants, and Hotel — Under Construction, Opening 2026
  • Situated within the Buttermilk Pike (39,140 VPD) Retail Pocket at I-71; Neighboring Retailers Include Home Depot, Sportsman’s Warehouse, Remke, Esporta Fitness, Walgreens, Advance Auto, Sherwin-Williams, and More
  • Situated 6.5 Miles from Downtown Cincinnati and 8 Miles from Cincinnati/Northern Kentucky International Airport
  • Cincinnati MSA – Home to a Population of Over 2.2M & Five Fortune 500 HQs; Anchors a Broad Tri-State Area with the Largest GDP in Ohio ($171 Billion)
EXCLUSIVELY LISTED BY:

Erin Patton

Senior Managing Director