Building Details

Building Size 8,125 SF

Year Built 2004

Stories 1

Tenancy Single

Listed By: Jeff Gates Show Phone

Source: Srsre

Added: Sep 16 Last Checked: Sep 16 at 2:41PM

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Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Jeff Gates

Investment Insights

Based on property information with market context.

This NNN property is occupied by Dollar General, a nationally recognized discount retailer. The store has operated at the property for 22+ years, providing a long-established tenancy. The current lease has 2+ years remaining and carries a corporate guarantee from Dollar General, Corp., which is identified as investment grade with an S&P rating of BBB.

The tenant reported 21,055 locations as of May 2026. The building was constructed in 2004 and is located at 115 Citizens Pkwy in Bluffton, Ohio.

Key Highlights

• Dollar General has operated at the property for 22+ years
• Current lease has 2+ years remaining
• Corporate guarantee from Dollar General, Corp.

Financial Insights

Estimated NOI and Cap Rate

NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).

NOI / Yr

$32,245

Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.

Cap Rate

4.53%

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$644,900 $644.9K

Cap Rate 7%

$460,643 $460.6K

Cap Rate 9%

$358,278 $358.3K

Market Conditions

NOI Build-Up for 8,125 SF Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent. EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs. OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements. NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.

Gross rent

$47.8K $5.88/SF

− Vacancy

−$1.7K −$0.21/SF

EGI

$46.1K $5.67/SF

− OpEx

−$13.8K −$1.70/SF

NOI

$32.2K $3.97/SF

Area

Allen County, OH

Vacancy

3.58%

Lease Rate

$5.88 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$644,900

Cap Rate 7%

$460,643

Cap Rate 9%

$358,278

Alternative Uses

Best Use

Specialty Retail

$1.58M

$1.38M – $1.84M (±1% cap)

NOI $110,338 @ 7.0% cap · market cap 15.49%

Second Best

Retail

$460.6K

$403.1K – $537.4K (±1% cap)

NOI $32,245 @ 7.0% cap · market cap 4.53%

Theoretical Best

Office A

$1.96M

$1.71M – $2.28M (±1% cap)

NOI $136,991 @ 7.0% cap · market cap 19.23%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

FedEx OnSite Postal Service Western Union Bank Dollar General Discount Store

Suggested Use

Top Pick Real Estate Agency Dental Office Building Supply Law Firm Auto Parts Store Big Box & Wholesale Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Single-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

86

Businesses Nearby

93k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Dining 65% Shops & Services 35%

McDonald's Dining

23,321 visits/mo 0.4 miles

Circle K Shops & Services

14,999 visits/mo 0.3 miles

Shell Shops & Services

10,128 visits/mo 0.2 miles

Arby's Dining

9,817 visits/mo 0.3 miles

Dunkin' Donuts Dining

9,436 visits/mo 0.3 miles

Demographics for 45817, OH

6,420

Population

2,479

Households

2.6

Avg Household Size

40

Median Age

36%

College-Educated

98%

High-School Grad

64.0 sq mi

ZIP Area

100

Density / Sq Mi

$82,784

Median Household Income

$42,820

Median Earnings

$842

Median Rent

$195,100

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this nnn properties located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

NNN property - Corporate-backed retail tenancy with an established operating history and lease term remaining.

Where is this nnn property located?

The property is located at 115 Citizens Pkwy Bluffton, OH.

What is the asking price?

The asking price for this property is $712,500.

What are key features of this property?

This property features: Dollar General has operated at the property for 22+ years; Current lease has 2+ years remaining; Corporate guarantee from Dollar General, Corp.