72% Occupied, 52,049 SF Value-Add Grocery-Anchored Community Shopping Center in the Dayton, OH MSA
Anchored by Groceryland Foods – Tenant Since 1997 on NNN Lease with Recent 5-Year Renewal thru September 2030
Comprises 70.2% of Occupied GLA and Contributes 59.2% of In-Place Gross Income
Strong Groceyland sales with Healthy Rent to Sales Ratio – See Agent for Details
All-In Rent of $10.51/SF ($7.80/SF NNN)
Multi-Unit Operator with Several Grocery Stores in the Dayton & Columbus MSAs
Only Grocery Store in a 5-Mile Radius; Only Competition = Dollar General, Family Dollar, and Dollar Tree
5.5 Years of Grocery Anchor Term Remaining and 4.8 Years WALT Across Shopping Center
Offering Includes Recently Vacated 11,345 SF Freestanding Former Rite Aid Building
Comprises 21.8% of Total GLA, Posing Strong Potential for Purchaser to Drive Massive NOI Growth via Lease-Up
1997-Built Building with Drive-Thru; Highly Fungible GLA Appealing to a Variety of Uses
Shallow Setback with Direct Frontage & Visibility to Route 35
Offering Priced at 9.0% CAP Rate on the In-Place NOI, Plus an Additional $500K for the Freestanding Former Rite Aid Building
Former Rite Aid is Not Separately Parceled from Inline Shopping Center – All Unreimbursed Landlord Operating Expenses Associated with Vacant Rite Aid Building, Totaling $46,000, are Underwritten into In-Place NOI
In-Place NOI Yields a 7.77% CAP Rate on Offering Price
Dollar-for-Dollar NOI Upside on Every Dollar of New Income for Former Rite Aid GLA (Gross Rent or NNN Rent) Secured by Purchaser
11.5% Pro Forma CAP Rate if Former Rite Aid Building is Leased at $8/SF NNN
Additional Upside Potential via Lease-Up of One 3,215 SF Small-Shop Vacancy with Projected Market Rent of $13/SF NNN
Potential to Increase NOI by $54,000; +150 bps to CAP Rate
Six Small-Shop Tenants Comprise 29.8% of Occupied GLA and Contribute 40.8% of In-Place Gross Income
All Daily Needs Tenants – Dentist, Kettering Health Primary Care, Cassano’s Pizza, Edward Jones, Subway, and Smoke/Vape Shop
Kettering Health Primary Care (Alliance Physicians) – Major Dayton MSA Health System and Primary Care Group
Cassano’s Pizza – Non-Franchised Regional Pizza Chain with 30+ Units in Dayton MSA
Hard Corner Location with Excellent Visibility and 800 Feet of Frontage
Located Along Route 35 with 10,000 VPD – Highest Traffic Roadway in the Area
8-Minute Drive from Dayton’s West-Side Outer Highway (Route 49/Route 35 in Drexel)
18-Minute Drive on Route 35 Directly into Dayton’s CBD
Excellent Positioning as 1 of Only 2 Shopping Centers in a 5-Mile Radius, and Far Superior to the Only Competing Shopping Center
Competing Shopping Center is Located Across Street from Subject, is Class “C” Quality, has Substantial Small-Shop Vacancy, and is Only Occupied by Non-Retail Occupants (Church & Machine Shop)
10,365/3-Mi Population and 163,959/5-Mi Population; AHHI of $76K in a 3-Mile Radius
New Lebanon – Semi-Rural Dayton, OH Exurb (Dayton MSA = 800,000 Population); Located in Montgomery County Just 9.5 Miles West of Downtown Dayton