Dollar Tree Drug
For Sale
Contact for pricing
770 Ashland Road, Mansfield, OH 44905
The 2006 property is leased to Dollar Tree under a new 10-year lease.
Property Size14,820 SF
Price / SF$148.38
Days on Market9
Property Features for 770 Ashland Road
General Information
Standard status
Active
Size
14,820 SF
Property subtype
Retail
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$170,430
Additional Details
Cap Rate
7.75%
Building Details
Year Built
2006
Stories
1
Units
1
Tenancy
Single
Listing Agency:
CBRE - Orange County
(949) 725-8463
Listed By:
Ian Schroeder · License #CA 01497897
Source:
Crexi
Added: Jul 29
Changed: Aug 4
Last Checked: Aug 6 at 10:31AM
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 CBRE - Orange County
Investment Insights
Based on property information with market context.
Located at 770 Ashland Road in Mansfield, Ohio, this 14,820-square-foot drug store was constructed in 2006 and is occupied by Dollar Tree. The property is offered with a new 10-year lease and a 7.75% cap rate.
Mansfield provides access to the Columbus market, which is approximately one hour away. The asset combines an established national retail occupant with a defined lease term and an existing commercial building.
Mansfield provides access to the Columbus market, which is approximately one hour away. The asset combines an established national retail occupant with a defined lease term and an existing commercial building.
Key Highlights
- Dollar Tree occupancy
- New 10‑year lease
- 7.75% cap rate
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
$201,889
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
9.18%
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%
$4,037,780
$4.0M
Cap Rate 7%
$2,884,129
$2.9M
Cap Rate 9%
$2,243,211
$2.2M
Market Conditions
NOI Build-Up for 14,820 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
$281.0K $18.96/SF
− Vacancy
−$11.8K −$0.80/SF
EGI
$269.2K $18.16/SF
− OpEx
−$67.3K −$4.54/SF
NOI
$201.9K $13.62/SF
Area
Richland County, OH
Vacancy
4.20%
Lease Rate
$18.96 /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%
$4,037,780
Cap Rate 7%
$2,884,129
Cap Rate 9%
$2,243,211
Alternative Uses
Best Use
Specialty Retail
$2.88M
$2.52M – $3.36M
NOI $201,889 @ 7.0% cap · market cap 9.18%
Second Best
Retail
$2.04M
$1.79M – $2.39M
NOI $143,111 @ 7.0% cap · market cap 6.51%
Theoretical Best
Office A
$2.98M
$2.61M – $3.48M
NOI $208,713 @ 7.0% cap · market cap 9.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
282
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44905, OH
16,827
Population
5,227
Households
3.2
Avg Household Size
39
Median Age
6%
College-Educated
82%
High-School Grad
12.8 sq mi
ZIP Area
1,315
Density / Sq Mi
$55,716
Median Household Income
$34,765
Median Earnings
$859
Median Rent
$111,000
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- American HomePatient — 929 Ashland Rd, Mansfield, OH 44905
- Kroger Pharmacy — 1060 Ashland Rd, Mansfield, OH 44905
- Andrea Reisinger — 770 Ashland Rd, Mansfield, OH 449052536
- Craig Adie — 770 Ashland Rd, Mansfield, OH 449052536
- CVS Pharmacy — 755 Ashland Rd, Mansfield, OH 44905
Frequently Asked Questions
What type of property is this?
Drug store - The 2006 property is leased to Dollar Tree under a new 10-year lease.
Where is this drug store located?
The property is located at 770 Ashland Road Mansfield, OH.
What is the asking price?
The asking price for this property is $2,199,000.
What are key features of this property?
This property features: Dollar Tree occupancy; New 10‑year lease; 7.75% cap rate
