17604 Wayne St Zanesville, IN 46799

Property Details for 17604 Wayne St

Year built

2018

Lot size

1.96 lot acres

Property size

7,545 SF

Property type

Retail properties

Property subtype

Grocery and convenience stores

Description

This exceptional investment opportunity presents a 7,545 square foot Dollar General store located at 17604 Wayne St, Zanesville, IN 46799, within the Fort Wayne MSA. The property sits on a 1.96-acre lot and boasts a 15-year NNN lease with 9.2 years remaining, commencing January 30, 2019, and expiring January 30, 2034. The lease includes five, 5-year options with 10% rent increases. The current annual net operating income (NOI) is $79,151, representing a 7.00% cap rate on the $1,131,000 asking price. The property benefits from its proximity to major interstates I-469 and I-69, experiencing a combined 60,748 vehicles per day. Furthermore, it's less than five miles from a significant General Motors assembly plant, employing over 4,300 people. Zanesville, an affluent suburb with a 10.76% growth rate within a 5-mile radius and an average household income of $108,040, provides a strong market for the Dollar General store. The tenant, Dollar General, is an investment-grade (S&P: BBB) Fortune 500 company with over 20,000 locations nationwide. The building was constructed in 2018 and enjoys 100% occupancy. This is a turnkey investment with a strong tenant and a long-term lease.

Location Insight

City

Zanesville

County

Allen

State

Indiana

Longitude

-85.2813

Latitude

40.92