1329 Bellard Dr, Bowling Green, OH 43402

Building Details

Year Built 2006 More

Buildings 1 More

Tenancy Single More

Listing Agency: Cushman & Wakefield - Phoenix, Arizona

Listed By: Chris Hollenbeck · License OH SA584876000 Show Phone

Source: Crexi

Added: Oct 14 Changed: Nov 8 Last Checked: Nov 10 at 5:16AM

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Investment Insights

Based on property information with market context.

Built in 2006, this approximately 38,246-square-foot furniture showroom occupies a 2.84-acre site and has been leased to Ashley HomeStore since March 31, 2022. The tenant is The Dufresne Spencer Group, LLC, doing business as Ashley HomeStore, with a guarantee from Dufresne Spencer Group Holdings, LLC. The absolute NNN lease runs through March 31, 2034, and includes four five-year renewal options. Annual rent adjustments begin April 1, 2027, at the lesser of 1.375% or 1.25 times CPI.

At 1329 Bellard Drive in Bowling Green, Ohio, the property is near Interstate 75, which carries approximately 57,792 vehicles per day. Bowling Green State University, with more than 19,000 students, is among the area's major economic institutions.

Key Highlights

• Approximately 38,246‑square‑foot showroom on 2.84 acres
• Absolute NNN lease with no landlord responsibilities
• Lease runs through March 31, 2034, with four five‑year renewal options

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$151,124

Cap Rate

6.10%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,022,480 $3.0M

Cap Rate 7%

$2,158,914 $2.2M

Cap Rate 9%

$1,679,156 $1.7M

Is this asking price fair?

Market Conditions

NOI Build-Up for 38,246 SF

Gross rent

$224.9K $5.88/SF

− Vacancy

−$9.0K −$0.24/SF

EGI

$215.9K $5.64/SF

− OpEx

−$64.8K −$1.69/SF

NOI

$151.1K $3.95/SF

Area

Wood County, OH

Vacancy

4.00%

Lease Rate

$5.88 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,022,480

Cap Rate 7%

$2,158,914

Cap Rate 9%

$1,679,156

Alternative Uses

Best Use

Retail

$2.16M

$1.89M – $2.52M (±1% cap)

NOI $151,124 @ 7.0% cap · market cap 6.10%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$8.91M

$7.79M – $10.39M (±1% cap)

NOI $623,587 @ 7.0% cap · market cap 25.15%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Ashley Homestore Distribution ... Distribution Center

Suggested Use

Top Pick Real Estate Agency Pharmacy Electrical Service Spa & Massage Center Storage Facility Hair Salon

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

93

Businesses Nearby

Explore this area Business Placement

Demographics for 43402, OH

31,459

Population

14,784

Households

2.1

Avg Household Size

31

Median Age

45%

College-Educated

96%

High-School Grad

110.7 sq mi

ZIP Area

284

Density / Sq Mi

$56,245

Median Household Income

$26,393

Median Earnings

$875

Median Rent

$230,500

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

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Frequently Asked Questions

What type of property is this?

NNN property - The absolute NNN lease assigns no landlord responsibilities and provides scheduled rent adjustments and renewal options.

Where is this nnn property located?

The property is located at 1329 Bellard Dr Bowling Green, OH.

What is the asking price?

The asking price for this property is $2,479,115.

What are key features of this property?

This property features: Approximately 38,246‑square‑foot showroom on 2.84 acres; Absolute NNN lease with no landlord responsibilities; Lease runs through March 31, 2034, with four five‑year renewal options