Absolute NNN Retail
For Sale
Contact for pricing
915 Jonesville Rd, Columbus, IN 47201
Newly completed retail space is leased under an absolute NNN structure with a corporate tenant guarantee.
Property Size10,640 SF
Price / SF$221.05
Days on Market8
Property Features for 915 Jonesville Rd
General Information
Standard status
Active
Size
10,640 SF
Property subtype
Retail
Zoning
Commercial
Occupancy
100%
Lease Type
Absolute NNN
Investment Type
Net Lease
Net Operating Income
$149,349
Site & Location
Corner Location
Yes
Traffic Count
14,239 vehicles/day
Additional Details
Cap Rate
6.35%
Building Details
Year Built
2026
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
Fortis Net Lease
(248) 419-3810
Listed By:
Bryan Bender · License #MI 6501319610
Source:
Crexi
Added: Aug 3
Changed: Aug 10
Last Checked: Aug 10 at 6:51AM
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 Fortis Net Lease
Investment Insights
Based on property information with market context.
Completed in 2026, this 10,640 SF Dollar General Plus store is a newly constructed retail property in Columbus, Indiana. The location opened for business in February 2026 and carries Commercial zoning. The lease is structured as a 15-year absolute NNN agreement, placing no landlord responsibilities on the owner. Rental increases of 5% occur every 5 years, including throughout five additional 5-year renewal options.
Dollar General Corporation provides the corporate guarantee and holds a BBB credit rating, identified in the source information as investment grade. The store occupies the corner of Garden Street and Jonesville Road, with reported traffic of 14,239 cars per day. It is situated just off W Jonathan Moore Pike, 1 mile from Tony Stewart Speedway, across from a mobile home community, and among surrounding homes.
Dollar General Corporation provides the corporate guarantee and holds a BBB credit rating, identified in the source information as investment grade. The store occupies the corner of Garden Street and Jonesville Road, with reported traffic of 14,239 cars per day. It is situated just off W Jonathan Moore Pike, 1 mile from Tony Stewart Speedway, across from a mobile home community, and among surrounding homes.
Key Highlights
- 10,640 SF Dollar General Plus store completed in 2026
- 15‑year absolute NNN lease with zero landlord responsibilities
- 5% rental increases every 5 years
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
$137,607
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
5.85%
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%
$2,752,140
$2.8M
Cap Rate 7%
$1,965,814
$2.0M
Cap Rate 9%
$1,528,967
$1.5M
Market Conditions
NOI Build-Up for 10,640 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
$191.5K $18.00/SF
− Vacancy
−$8.0K −$0.76/SF
EGI
$183.5K $17.24/SF
− OpEx
−$45.9K −$4.31/SF
NOI
$137.6K $12.93/SF
Area
Bartholomew County, IN
Vacancy
4.20%
Lease Rate
$18.00 /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%
$2,752,140
Cap Rate 7%
$1,965,814
Cap Rate 9%
$1,528,967
Alternative Uses
Best Use
Specialty Retail
$1.97M
$1.72M – $2.29M
NOI $137,607 @ 7.0% cap · market cap 5.85%
Second Best
Retail
$971.3K
$849.9K – $1.13M
NOI $67,993 @ 7.0% cap · market cap 2.89%
Theoretical Best
Healthcare Medical
$2.06M
$1.80M – $2.40M
NOI $143,985 @ 7.0% cap · market cap 6.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
14,239 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
37
Businesses Nearby
Explore this area
Business Placement
Demographics for 47201, IN
45,969
Population
20,924
Households
2.2
Avg Household Size
36
Median Age
36%
College-Educated
92%
High-School Grad
201.2 sq mi
ZIP Area
228
Density / Sq Mi
$82,667
Median Household Income
$46,243
Median Earnings
$1,159
Median Rent
$217,600
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 - Newly completed retail space is leased under an absolute NNN structure with a corporate tenant guarantee.
Where is this nnn property located?
The property is located at 915 Jonesville Rd Columbus, IN.
What is the asking price?
The asking price for this property is $2,351,947.
What are key features of this property?
This property features: 10,640 SF Dollar General Plus store completed in 2026; 15‑year absolute NNN lease with zero landlord responsibilities; 5% rental increases every 5 years
