Dollar General NNN Investment
221 W School St, Leesburg, IN 46538
NNN leased Dollar General property with corporate guarantee.
Type:Retail
Property size:
9,100 SFPrice / SF:
$125/SF- Added:
- Jan 23, 2026
- Days on Market:
- 163
- Last Refresh:
- Mar 17 at 1:13 pm
Property Features for 221 W School St
General Information
- Standard status
- Active
- Size
- 9,100 SF
- Property subtype
- Retail
Building Details
- Year Built
- 2015
Listing office Marcus & Millichap - Indianapolis
Listing date Jan 23, 2026
Source Crexi
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 Marcus & Millichap - Indianapolis
HighLights
- Absolute NNN Lease with 4.67 Years Remaining - No Landlord Responsibilities
- Corporate Guarantee from Investment Grade Tenant Dollar General (NYSE: DG, S&P: BBB)
- 10% Rental Increases in Each Five‑Year Option
- Located 3 Miles North of Downtown Warsaw - The Orthopedic Capital of the World - Home to Major Employers Zimmer Biomet and DePuy Synthes
- Strong Demographics: Part of Fast‑Growing Warsaw MSA with Projected Population Increase
- Recently Remodeled Interior Showing Tenant Commitment
Overview
This 9,100-square-foot property, constructed in 2015, is occupied by Dollar General under an absolute NNN lease with approximately 4.67 years remaining. The lease features 10% rental increases in each five-year option period. The tenant recently completed an interior remodel, demonstrating commitment to the location. The property is situated in Leesburg, part of the fast-growing Warsaw MSA, which has a population of 79,456. The surrounding area has experienced significant population growth, with a projected 10-mile population increase of 8.7% from 2010 to 2030. The current 10-mile daytime population is 67,610. The property is located within 10 miles of 12 lakes and several conservation areas, and is 3 miles north of downtown Warsaw, known as the Orthopedic Capital of the World. Warsaw is home to Zimmer Biomet Holdings, Inc., and DePuy Synthes. The property is 3 miles from the IN-15/US-30 interchange, which has a combined traffic count of 38,601 VPD, and the Warsaw Municipal Airport. It is also 47 miles from Fort Wayne, IN. Dollar General (NYSE: DG) has over 20,500 locations in 48 states and holds a BBB rating by S&P.
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $136.5k | $15.00 |
| − Vacancy | −$5.7k | −$0.63 |
| EGI | $130.8k | $14.37 |
| − OpEx | −$32.7k | −$3.59 |
| NOI | $98.1k | $10.78 |
9,100 SF · lease $15.00/SF/yr · vacancy 4.20% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$1.40M
$1.23M – $1.63M
NOI $98,075 @ 7.0% cap · market cap 8.60%
Second Best
Retail
$1.32M
$1.15M – $1.54M
NOI $92,269 @ 7.0% cap · market cap 8.09%
Theoretical Best
Office A
$1.59M
$1.39M – $1.85M
NOI $110,975 @ 7.0% cap · market cap 9.73%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Dollar General
Discount Store
FedEx OnSite
Postal Service
Western Union
Bank
Location Insight
- Map
- Local Demand
- City
- Leesburg
- County
- Kosciusko
- State
- Indiana
- Longitude
- -85.85043
- Latitude
- 41.328445
Nearby Similar for Sale
FAQs
What type of property is this?
Grocery and convenience store - NNN leased Dollar General property with corporate guarantee.
Where is this grocery and convenience store located?
The property is located at 221 W School St Leesburg, IN.
What is the asking price?
The asking price for this property is $1,140,506.
What are key features of this property?
This property features: Absolute NNN Lease with 4.67 Years Remaining - No Landlord Responsibilities; Corporate Guarantee from Investment Grade Tenant Dollar General (NYSE: DG, S&P: BBB); 10% Rental Increases in Each Five‑Year Option
