Building Details

Year Built 2017

Tenancy Single

Listing Agency: Forged Real Estate m***@forgedre.com Show Phone

Listed By: Stephen Schrenk · License #RS379039

Source: Crexi

Added: Aug 6 Changed: Aug 30 Last Checked: Aug 30 at 7:09PM

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Investment Insights

Based on property information with market context.

This 2017-built retail property in Ottawa, Ohio, is occupied by Tractor Supply Co. under a fee simple double-net lease. The arrangement assigns limited responsibilities to the landlord and has six years of firm term remaining. Contractual rent increases are set at 5% every five years, with the next adjustment scheduled for 2027.

The store at 203 Meadowglen Drive serves a rural and agricultural trade area and is the only Tractor Supply Co. location within a 15-mile radius. Ottawa is the county seat of Putnam County and functions as a regional center for government, healthcare, shopping, and employment. The tenant is a Fortune 500 company with an investment-grade BBB credit rating from Standard & Poor’s.

Key Highlights

• Tractor Supply Co. single‑tenant retail property in Ottawa, Ohio
• Fee simple double‑net lease with limited landlord responsibilities
• Six years of firm lease term remaining

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

$124,508

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

4.17%

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%

$2,490,160 $2.5M

Cap Rate 7%

$1,778,686 $1.8M

Cap Rate 9%

$1,383,422 $1.4M

Market Conditions

NOI Build-Up for 19,097 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

$192.5K $10.08/SF

− Vacancy

−$14.6K −$0.77/SF

EGI

$177.9K $9.31/SF

− OpEx

−$53.4K −$2.79/SF

NOI

$124.5K $6.52/SF

Area

Toledo, OH

Vacancy

7.60%

Lease Rate

$10.08 /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%

$2,490,160

Cap Rate 7%

$1,778,686

Cap Rate 9%

$1,383,422

Alternative Uses

Best Use

Retail

$1.78M

$1.56M – $2.08M (±1% cap)

NOI $124,508 @ 7.0% cap · market cap 4.17%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$3.18M

$2.78M – $3.71M (±1% cap)

NOI $222,472 @ 7.0% cap · market cap 7.44%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Retail space

Suggested Use

Top Pick Law Firm Real Estate Agency Dental Office Parking Lot & Garage Restaurant 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.

Location Intelligence

Trade Area within ½ mile

71

Businesses Nearby

7k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 100%

Valero Energy Shops & Services

6,638 visits/mo 0.5 miles

Demographics for 45875, OH

11,273

Population

4,203

Households

2.7

Avg Household Size

40

Median Age

34%

College-Educated

95%

High-School Grad

102.6 sq mi

ZIP Area

110

Density / Sq Mi

$86,358

Median Household Income

$51,309

Median Earnings

$810

Median Rent

$214,300

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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Frequently Asked Questions

What type of property is this?

Retail space - Established retailer occupies the building under a fee simple double-net lease with limited landlord obligations.

Where is this retail space located?

The property is located at 203 Meadowglen Drive Ottawa, OH.

What is the asking price?

The asking price for this property is $2,989,000.

What are key features of this property?

This property features: Tractor Supply Co. single‑tenant retail property in Ottawa, Ohio; Fee simple double‑net lease with limited landlord responsibilities; Six years of firm lease term remaining