NNN Lease with Corporate
For Sale
Contact for pricing
183 E Dayton Yellow Springs Rd, Fairborn, OH 45324
NNN property with a corporate-backed lease and strong sales.
Property Size14,490 SF
Price / SF$196.69
Days on Market727
Property Features for 183 E Dayton Yellow Springs Rd
General Information
Standard status
Active
Size
14,490 SF
Property subtype
Retail
Zoning
NC
Building Details
Year Built
2000
Listing Agency:
Encore Real Estate Investment Services
(248) 702-0286
Listed By:
Deno Bistolarides · License #6502378067
Source:
Crexi
Added: Sep 5, 2024
Changed: Aug 31
Last Checked: Jul 24 at 12:48PM
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 Encore Real Estate Investment Services
Investment Insights
Based on property information with market context.
This property features an absolute NNN lease with no landlord obligations and a 20-year operating history with strong sales reporting. The lease is corporately guaranteed by Walgreen Co. The property is located within 3 miles of Wright Patterson Medical Center, a medical center with over 300 beds. It is also situated 11 miles outside of Downtown Dayton, within the Dayton, OH MSA, which is one of the top 15 largest MSAs in the Midwest. The location benefits from high traffic counts, with over 38,300 vehicles passing through the signalized intersection of E Dayton Yellow Springs Rd & Beaver Valley Rd. Additionally, it is within 2 miles of Wright State University, which has a total student enrollment exceeding 11,000. The property is also located within 4 miles of Wright Patterson Air Force Base, which employs 31,000 civilians and servicemen and services over 54,000 retirees. The property size is 14,490 square feet.
Key Highlights
- Absolute NNN Lease w/ No Landlord Obligations
- Corporate Guarantee Backed Lease from Walgreen Co.
- 20 Year Operating History With Strong Sales Reporting**
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
$162,243
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
5.69%
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%
$3,244,860
$3.2M
Cap Rate 7%
$2,317,757
$2.3M
Cap Rate 9%
$1,802,700
$1.8M
Market Conditions
NOI Build-Up for 14,490 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
$226.0K $15.60/SF
− Vacancy
−$9.7K −$0.67/SF
EGI
$216.3K $14.93/SF
− OpEx
−$54.1K −$3.73/SF
NOI
$162.2K $11.20/SF
Area
Greene County, OH
Vacancy
4.30%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
25.00%
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%
$3,244,860
Cap Rate 7%
$2,317,757
Cap Rate 9%
$1,802,700
Alternative Uses
Best Use
Specialty Retail
$2.32M
$2.03M – $2.70M
NOI $162,243 @ 7.0% cap · market cap 5.69%
Second Best
Retail
$1.95M
$1.71M – $2.28M
NOI $136,711 @ 7.0% cap · market cap 4.80%
Theoretical Best
Office B
$2.72M
$2.38M – $3.18M
NOI $190,715 @ 7.0% cap · market cap 6.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
255
Businesses Nearby
72k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 56%
Dining 28%
Groceries 8%
Home Improvements & Furnishings 7%
Dunkin' Donuts
Dining
13,165 visits/mo
0.2 miles
Speedway
Shops & Services
11,901 visits/mo
0.2 miles
Dollar General
Shops & Services
9,138 visits/mo
0.2 miles
Dollar Tree
Shops & Services
6,912 visits/mo
0.4 miles
Save-A-Lot
Groceries
5,424 visits/mo
0.4 miles
Demographics for 45324, OH
40,449
Population
19,729
Households
2.1
Avg Household Size
34
Median Age
30%
College-Educated
92%
High-School Grad
33.1 sq mi
ZIP Area
1,222
Density / Sq Mi
$59,861
Median Household Income
$37,348
Median Earnings
$989
Median Rent
$177,700
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- CVS Pharmacy — 200 E Dayton Yellow Springs Rd, Fairborn, OH 45324
- Michael A. Nwankwo, RPH — 183 E Dayton Yellow Springs Rd, Fairborn, OH 45324
- COVID-19 Drive-Thru Testing at Walgreens — 183 E Dayton Yellow Springs Rd, Fairborn, OH 45324
- Brittany Koester, RPH — 183 E Dayton Yellow Springs Rd, Fairborn, OH 45324
- Walgreens Pharmacy — 183 E Dayton Yellow Springs Rd, Fairborn, OH 45324
Frequently Asked Questions
What type of property is this?
Drug store - NNN property with a corporate-backed lease and strong sales.
Where is this drug store located?
The property is located at 183 E Dayton Yellow Springs Rd Fairborn, OH.
What is the asking price?
The asking price for this property is $2,850,000.
What are key features of this property?
This property features: Absolute NNN Lease w/ No Landlord Obligations; Corporate Guarantee Backed Lease from Walgreen Co.; 20 Year Operating History With Strong Sales Reporting**
