Building Details

Tenancy Single

Listing Agency: Matthews Real Estate Investment Services - Corporate

Listed By: Gannon Ethington · License #373272 (TN) Show Phone

Source: Matthews

Added: Apr 11 Changed: Oct 15 Last Checked: Oct 14 at 7:35PM

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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 Matthews Real Estate Investment Services - Corporate

Investment Insights

Based on property information with market context.

Located at 240 N 2nd St in Frankfort, Ohio, this 9,026-square-foot Dollar General store has operated since May 2021. The property is subject to a 15-year absolute NNN lease, with four additional five-year renewal options and 10% rent increases during each option period. The structure places no landlord responsibilities on the property owner as described in the lease terms.

The store is positioned along 2nd St, which records 2,466 cars per day. The surrounding market includes a 10-mile population of 26,130. Dollar General Corporation provides the lease guarantee and carries a BBB credit rating, identified as investment grade. The offering reflects a 5.15% cap rate based on the stated NOI.

Key Highlights

• 9,026 SF Dollar General store operating since May 2021
• 15‑year absolute NNN lease with zero landlord responsibilities
• Four 5‑year renewal options, each providing a 10% rental rate increase

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$97,278

Cap Rate

7.36%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,945,560 $1.9M

Cap Rate 7%

$1,389,686 $1.4M

Cap Rate 9%

$1,080,867 $1.1M

Market Conditions

NOI Build-Up for 9,026 SF

Gross rent

$135.4K $15.00/SF

− Vacancy

−$5.7K −$0.63/SF

EGI

$129.7K $14.37/SF

− OpEx

−$32.4K −$3.59/SF

NOI

$97.3K $10.78/SF

Area

Ross County, OH

Vacancy

4.20%

Lease Rate

$15.00 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,945,560

Cap Rate 7%

$1,389,686

Cap Rate 9%

$1,080,867

Alternative Uses

Best Use

Specialty Retail

$1.39M

$1.22M – $1.62M (±1% cap)

NOI $97,278 @ 7.0% cap · market cap 7.36%

Second Best

Retail

$956.6K

$837.0K – $1.12M (±1% cap)

NOI $66,963 @ 7.0% cap · market cap 5.07%

Theoretical Best

Office A

$1.70M

$1.49M – $1.99M (±1% cap)

NOI $119,230 @ 7.0% cap · market cap 9.02%

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

Property Analytics

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Current Use

Carpet Installation Today ... Carpet & Flooring Store FedEx OnSite Postal Service Dollar General Discount Store

Suggested Use

Top Pick Plumbing Service Garden Center Storage Facility Carpet & Flooring Store Building Supply Real Estate Agency

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

2,466 VPD

Traffic count

Single-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

89

Businesses Nearby

Explore this area Business Placement

Demographics for 45628, OH

5,429

Population

2,450

Households

2.2

Avg Household Size

40

Median Age

15%

College-Educated

92%

High-School Grad

75.8 sq mi

ZIP Area

72

Density / Sq Mi

$69,786

Median Household Income

$39,968

Median Earnings

$936

Median Rent

$167,500

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

Questions? Ask Rey

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What type of property is this? Where is this nnn properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

NNN property - Corporate-guaranteed retail asset with an absolute NNN lease and renewal options.

Where is this nnn property located?

The property is located at 240 N 2nd St Frankfort, OH.

What is the asking price?

The asking price for this property is $1,321,174.

What are key features of this property?

This property features: 9,026 SF Dollar General store operating since May 2021; 15‑year absolute NNN lease with zero landlord responsibilities; Four 5‑year renewal options, each providing a 10% rental rate increase