Listing Agency: Matthews Real Estate Investment Services | Phoenix w***@matthews.com Show Phone

Listed By: Wyatt Wagner Show Phone

Source: Moodyscre

Added: Aug 21, 2025 Changed: Aug 25 Last Checked: Aug 26 at 9:28AM

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Investment Insights

Based on property information with market context.

This property was built in 2015 as a build-to-suit construction for Dollar General. It is an absolute NNN Lease with zero landlord responsibilities. The lease is corporately guaranteed by Dollar General Corporation. The property is priced below replacement cost. The average household income in the area is $87,320. The nearest dollar store is over 5 miles away. The property size is 9,026 square feet and is located in New Athens, IL.

Key Highlights

• Absolute NNN Lease – Zero Landlord Responsibilities
• Corporately guaranteed lease from Dollar General Corporation
• Priced well below replacement cost

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

$90,186

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

8.11%

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%

$1,803,720 $1.8M

Cap Rate 7%

$1,288,371 $1.3M

Cap Rate 9%

$1,002,067 $1.0M

Market Conditions

NOI Build-Up for 9,026 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

$140.8K $15.60/SF

− Vacancy

−$12.0K −$1.33/SF

EGI

$128.8K $14.27/SF

− OpEx

−$38.7K −$4.28/SF

NOI

$90.2K $9.99/SF

Area

St. Clair County, IL

Vacancy

8.50%

Lease Rate

$15.60 /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%

$1,803,720

Cap Rate 7%

$1,288,371

Cap Rate 9%

$1,002,067

Alternative Uses

Best Use

Retail

$1.29M

$1.13M – $1.50M (±1% cap)

NOI $90,186 @ 7.0% cap · market cap 8.11%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$2.14M

$1.87M – $2.49M (±1% cap)

NOI $149,575 @ 7.0% cap · market cap 13.45%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Dollar General Discount Store Western Union Bank FedEx OnSite Postal Service

Suggested Use

Top Pick Dental Office Building Supply HVAC Service Auto Repair Shop Pharmacy Law Firm

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

57

Businesses Nearby

15k

Monthly Visits Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 100%

Casey's General Store Shops & Services

9,343 visits/mo 0.1 miles

Dollar General Shops & Services

5,212 visits/mo 0.1 miles

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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Frequently Asked Questions

What type of property is this?

Storefront property - NNN Dollar General with zero landlord responsibilities in New Athens.

Where is this storefront property located?

The property is located at 902 New Baldwin Rd New Athens, IL.

What is the asking price?

The asking price for this property is $1,112,118.

What are key features of this property?

This property features: Absolute NNN Lease – Zero Landlord Responsibilities; Corporately guaranteed lease from Dollar General Corporation; Priced well below replacement cost