Walmart-Anchored Shopping
For Sale
$9,400,000
6140 - 6148 Wilmington Pike, Dayton, OH 45459
Neighborhood retail center with established national tenants and access to a signalized retail corridor.
Property Size69,858 SF
Days on Market60
Property Features for 6140 - 6148 Wilmington Pike
General Information
Standard status
Active
Size
69,858 SF
Property subtype
Commercial
Occupancy
100%
Net Operating Income
$752,041
Building Details
Building Size
69,858 SF
Year Built
1987
Units
4
Listing Agency:
Matthews Real Estate Investment Services | Cleveland
(216) 503-3607
Listed By:
Ben Snyder · License #2018002569 (OH)
(216) 503-3607
Source:
Matthews
Added: Jul 3
Changed: Aug 31
Last Checked: Aug 31 at 12:32AM
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 | Cleveland
Investment Insights
Based on property information with market context.
This shopping center at 6140–6148 Wilmington Pike was built in 1987 and benefits from a tenant roster that includes AutoZone, Planet Fitness, and Michaels. A new 15-year lease supports the AutoZone tenancy, while the three named occupants together represent 90% of rental income.
The property is positioned at a signalized intersection along Wilmington Pike, where traffic counts reach 21,050 VPD and combined traffic exceeds 33,000 VPD. I-675 is less than 1 mile away and carries 59,398 VPD. The surrounding retail environment includes Costco, Walmart, Target, Home Depot, Lowe’s, Kroger, Aldi, and Cabela’s, providing substantial nearby consumer and commercial activity.
The property is positioned at a signalized intersection along Wilmington Pike, where traffic counts reach 21,050 VPD and combined traffic exceeds 33,000 VPD. I-675 is less than 1 mile away and carries 59,398 VPD. The surrounding retail environment includes Costco, Walmart, Target, Home Depot, Lowe’s, Kroger, Aldi, and Cabela’s, providing substantial nearby consumer and commercial activity.
Key Highlights
- Walmart shadow‑anchored neighborhood shopping center
- New 15‑year AutoZone lease
- AutoZone, Planet Fitness, and Michaels comprise 90% of rental income
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
$659,102
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
7.01%
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%
$13,182,040
$13.2M
Cap Rate 7%
$9,415,743
$9.4M
Cap Rate 9%
$7,323,356
$7.3M
Market Conditions
NOI Build-Up for 69,858 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
$1.01M $14.40/SF
− Vacancy
−$64.4K −$0.92/SF
EGI
$941.6K $13.48/SF
− OpEx
−$282.5K −$4.04/SF
NOI
$659.1K $9.43/SF
Area
Dayton, OH
Vacancy
6.40%
Lease Rate
$14.40 /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%
$13,182,040
Cap Rate 7%
$9,415,743
Cap Rate 9%
$7,323,356
Alternative Uses
Best Use
Retail
$9.42M
$8.24M – $10.99M
NOI $659,102 @ 7.0% cap · market cap 7.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$14.89M
$13.03M – $17.37M
NOI $1,042,170 @ 7.0% cap · market cap 11.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
755
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 45459, OH
28,344
Population
13,988
Households
2
Avg Household Size
50
Median Age
50%
College-Educated
98%
High-School Grad
14.2 sq mi
ZIP Area
1,996
Density / Sq Mi
$89,144
Median Household Income
$54,044
Median Earnings
$1,187
Median Rent
$276,100
Median Home Value
Market
Vacancy Rate% for Retail in Dayton, OH
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Shopping center - Neighborhood retail center with established national tenants and access to a signalized retail corridor.
Where is this shopping center located?
The property is located at 6140 - 6148 Wilmington Pike Dayton, OH.
What is the asking price?
The asking price for this property is $9,400,000.
What are key features of this property?
This property features: Walmart shadow‑anchored neighborhood shopping center; New 15‑year AutoZone lease; AutoZone, Planet Fitness, and Michaels comprise 90% of rental income
