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887 NW Washington Blvd

Hamilton, OH 45013

$2,088,913

Storefront For Sale  •  13,190 Sq Ft

Property Details

  • Property Type Storefront
  • Total Building Size 13,190 Sq Ft
  • Lot Size 1.19 ac
  • Building Class B
  • Year Built 2006
  • Cap Rate 8.00 %
  • Tenancy Multiple
15 Transit Score
46 Walk Score

Description

Washington Plaza - Dollar General & Armed Forces
Marcus & Millichap is pleased to present this Dollar General-anchored stripcenter at 887 NW Washington Boulevard in Hamilton, Ohio. This two-tenant center is 13,190 square feet, with both tenants carrying strong Standard & Poor's credit ratings.
Dollar General extended 4 years early in 2013 for an additional 5 years then again in 2017, showing its commitment to the location. That 2013 extension comes with an increase in CAM and the latest extension gives Dollar General 9 years remaining on its lease, which expires December 31, 2026. Dollar General also has three additional five year renewal options with 10 percent rent bumps at each renewal and 3.5 percent increases in CAM at each renewal. While this location does not officially report store sales, the store manager has told the owner this Dollar General is in the top 3 in the region in sales.
Dollar General invested $50k to install three new five-ton rooftop York AC units following a 2014 hail storm that
required a new $71k roof to be placed on the building. The York units carry 5-year warranties on each compressor and 10-year on the heat exchangers.

Positioned less than one minute from a hard, signalized corner with over 19k vehicles per day, this 1.19 acre parcel is located near the intersection of NW Washington Blvd and Knapp Drive. This center is approximately three miles west of State Highway 127 and .2 miles from the Kroger Shopping Center. The nearest Dollar General and Family Dollar are 1.6 miles and 1.2 miles south respectively. Retailers in the immediate area include Kroger, Meijer, Applebee's, Planet Fitness, Steak n Shake, Rural King Supplies, Tractor Supply Co, Walmart Supercenter, Lowe's, Big Boy, Texas Road House and Sonic as well as many other local retailers.

Highlights

Dollar General Carries BBB S&P Investment Grade Credit, S&P Rated United States Gov't AA+
U.S. Gov't just Renewed in June 2016 for Five Years and Will Invest $131k in Tenant Improvements in 2016 for U.S. Navy
Dollar General has 10 Percent Increases at each of the Three Remaining Five-Year Options
New $71k EPDM Roof Installed in 2014
Dollar General Invested $50k in to Install Three New Five-Ton Rooftop York AC Units in 2014
Traffic Count of Over 19k at the Intersection of Main and NW Washington Boulevard

Financial Summary (Actual)

Net Operating Income: $167,113 (2016)
Cap Rate: 8.00 %
Total Expenses: $24,717

Major Tenants

Tenant SF Occupied Lease End Date
Armed Forces Recruiting (U.S. Navy) 3,640 SF 5/31/2021
Dollar General 9,550 SF 12/31/2021

Amenities

  • Pylon Sign

Parking Details

Parking Available: Yes
Reserved: No
Spaces Provided: 61
Type: Surface
Included in Rent: Yes
Justin Fenn 614-360-9048 Marcus & Millichap
Justin Fenn 614-360-9048 Marcus & Millichap