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    Dollar General NNN Investment Property Title is generated by Realmo AI

    221 W School St, Leesburg, IN 46538

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    NNN leased Dollar General property with corporate guarantee.

    Type:Retail
    Property size:
    9,100 SF
    Price / SF:
    $125/SF
    Added:
    Jan 23, 2026
    Days on Market:
    111
    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

    We can help!

    Listing Contact
    Madison Harman

    Listing agent Madison Harman License #IN RB14052326

    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.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Dollar General Discount Store FedEx OnSite Postal Service Western Union Bank

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Big Box & Wholesale Store Auto Repair Shop Kitchen & Bath Showroom Storage Facility Grocery & Convenience Store Bar & Pub

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Leesburg
    County
    Kosciusko
    State
    Indiana
    Longitude
    -85.85043
    Latitude
    41.328445

    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
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Madison Harman
    Real Estate License ID: IN RB14052326
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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