Dollar Tree NNN Retail
For Sale
$1,085,206
2518 S Reynolds Rd, Toledo, OH 43614
Modernized store with an extended lease term and direct corporate backing from Dollar Tree Stores, Inc.
Property Size10,500 SF
Days on Market65
Property Features for 2518 S Reynolds Rd
General Information
Standard status
Active
Size
10,500 SF
Property subtype
Commercial
Lease Term
±6.25 YRS
Site & Location
Traffic Count
52,900 vehicles/day
Highway Access
Yes
Building Details
Building Size
10,500 SF
Year Renovated
2017
Tenancy
Single
Listing Agency:
Matthews Real Estate Investment Services | Dallas
(214) 692-2289
Listed By:
Josh Bishop · License #688810 (TX)
(214) 692-2289
Source:
Matthews
Added: Jun 28
Changed: Aug 31
Last Checked: Aug 31 at 12:42PM
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 | Dallas
Investment Insights
Based on property information with market context.
This single-tenant retail property at 2518 S Reynolds Rd in Toledo, Ohio, received a store retrofit in 2017. The improvements created a contemporary layout for Dollar Tree’s operations, with the tenant occupying the property under a recently extended lease. Approximately 6.25 years remain on the current term, and the lease is signed directly by Dollar Tree Stores, Inc.
The agreement includes three 5-year renewal options, providing additional lease-term continuity. The property is positioned at the intersection of Hwy 20 and I-80, where traffic is reported at approximately 52,900 vehicles per day. The surrounding 5-mile area has a population of 151,090 and an average household income of $103,430. Toledo is located along the western shore of Lake Erie, approximately 60 miles south of Detroit and 115 miles west of Cleveland.
The agreement includes three 5-year renewal options, providing additional lease-term continuity. The property is positioned at the intersection of Hwy 20 and I-80, where traffic is reported at approximately 52,900 vehicles per day. The surrounding 5-mile area has a population of 151,090 and an average household income of $103,430. Toledo is located along the western shore of Lake Erie, approximately 60 miles south of Detroit and 115 miles west of Cleveland.
Key Highlights
- 2017 retrofit completed for Dollar Tree
- Approximately ±6.25 years remaining on the extended lease
- Lease signed directly by Dollar Tree Stores, Inc.
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
$79,947
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
7.37%
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%
$1,598,940
$1.6M
Cap Rate 7%
$1,142,100
$1.1M
Cap Rate 9%
$888,300
$888.3K
Market Conditions
NOI Build-Up for 10,500 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
$113.4K $10.80/SF
− Vacancy
−$6.8K −$0.65/SF
EGI
$106.6K $10.15/SF
− OpEx
−$26.6K −$2.54/SF
NOI
$79.9K $7.61/SF
Area
Toledo, OH
Vacancy
6.00%
Lease Rate
$10.80 /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%
$1,598,940
Cap Rate 7%
$1,142,100
Cap Rate 9%
$888,300
Alternative Uses
Best Use
Specialty Retail
$1.14M
$999.3K – $1.33M
NOI $79,947 @ 7.0% cap · market cap 7.37%
Second Best
Retail
$978.0K
$855.7K – $1.14M
NOI $68,457 @ 7.0% cap · market cap 6.31%
Theoretical Best
Office A
$1.75M
$1.53M – $2.04M
NOI $122,321 @ 7.0% cap · market cap 11.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
52,900 VPD
Traffic count
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
511
Businesses Nearby
148k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 49%
Dining 24%
Home Improvements & Furnishings 19%
Hotels & Casinos 6%
Speedway
Shops & Services
18,854 visits/mo
0.0 miles
McDonald's
Dining
18,603 visits/mo
0.5 miles
Ollie's Bargain Outlet
Shops & Services
18,132 visits/mo
0.2 miles
At Home
Home Improvements & Furnishings
15,144 visits/mo
0.3 miles
Dollar Tree
Shops & Services
11,988 visits/mo
0.1 miles
Demographics for 43614, OH
29,866
Population
14,651
Households
2
Avg Household Size
42
Median Age
32%
College-Educated
94%
High-School Grad
9.0 sq mi
ZIP Area
3,318
Density / Sq Mi
$57,253
Median Household Income
$38,463
Median Earnings
$887
Median Rent
$160,600
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Modernized store with an extended lease term and direct corporate backing from Dollar Tree Stores, Inc.
Where is this nnn property located?
The property is located at 2518 S Reynolds Rd Toledo, OH.
What is the asking price?
The asking price for this property is $1,085,206.
What are key features of this property?
This property features: 2017 retrofit completed for Dollar Tree; Approximately ±6.25 years remaining on the extended lease; Lease signed directly by Dollar Tree Stores, Inc.
