Shopping Strip

Carlisle Center

500 Central Ave, Carlisle, OH 45005

Listing Price: $1,500,000

Cap Rate
3.43%
Gross SF
43,050
Rentable SF
43,050
Price/Gross SF
$34.84
Lot Size
9.50 acres
Year Built
1995

Investment Overview

Marcus and Millichap is pleased to present for your acquisition review the Carlisle Center in Carlisle, Ohio.

Carlisle Center is part of a three-property portfolio of value-add shopping centers in southern Ohio. The subject property is approximately 43,050 square-feet on a 9.5-acre parcel strategically placed among local businesses and residential developments. The buildings major systems have been well maintained while the parking lot was sealed and striped in 2019. The roof is in good shape; approximately 20,000 square-feet received a new overlay in 2009. Dollar General provides an investment grade anchor while the remainder of the center offers abundant upside potential. Cassanos Pizza, Fu Lin Chinese, and Simply Brown Salon comprise the tenant mix occupying the remainder of the performing businesses at this location. A single-tenant Dairy Queen outparcel on the south side of the lot drives a significant amount of traffic to this site.

Carlisle is a municipality of approximately 5,000 people, located in the Dayton-Cincinnati metropolitan area. The town is home to an excellent school system, a diverse commercial and industrial base, and a strong, family-oriented community. Originally a railroad town, Carlisle is marked by a rich history of both culture and commerce. Recognizable retailers in the area include Dairy Queen, CVS, Speedway, Save-A-Lot, AutoZone, Dominos Pizza, and Dollar Tree. The Dayton MSA is home to over 800,000 residents. Multiple colleges and universities drive a significant number to the area annually and creates a steady workforce for various employers such as Premier Health Partners, Honda Manufacturing, and LexisNexis.

Dollar General Corporation is an American chain of variety stores headquartered in Goodlettsville, Tennessee. Dollar General operates 16,278 stores across the continental United States and reports annual revenue in excess of $27.8 Billion and has more than $22.825 Billion in assets. Cassano's Pizza King, currently operating under the brandCassano's, is apizzeriachain based inKettering, Ohio, asuburbofDayton. Established on June 4, 1953, Cassano's Pizza King operates 34 restaurants in the Dayton area, and has three other western Ohio franchises (inRussells Point,FairfieldandSidney), plus a franchise inQuincy, Illinois, and another inHannibal, Missouri. The company also operates dozens ofCassano's Pizza Expresskiosks in gas stations, convenience stores and hotels, and sells frozenpizzadough under the nameCassano's Fresh Frozen Dough Company.

Investment Highlights

  • Enormous Value-Add Opportunity | Offered at 34.84% Occupancy with 5 Vacancies
  • Proforma Cap Rate of 14.29% with 100% Occupancy & a 10% Vacancy Factor
  • Dollar General has a 9-Year History at this Location
  • Triple Net Leases with Tenants Reimbursing for Pro-Rata Share of Expenses
  • Dayton MSA | 4th Largest MSA in the State of Ohio with 800,000+ Residents
  • Dollar General has 5.5 Years Remaining on their Lease (23.23% of the GLA)

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    License(s): OH: BRK.2007005898

    Ohio

Listing Price: $1,500,000

Cap Rate
3.43%
Gross SF
43,050
Rentable SF
43,050
Price/Gross SF
$34.84
Lot Size
9.50 acres
Year Built
1995

Investment Highlights

  • Enormous Value-Add Opportunity | Offered at 34.84% Occupancy with 5 Vacancies
  • Proforma Cap Rate of 14.29% with 100% Occupancy & a 10% Vacancy Factor
  • Dollar General has a 9-Year History at this Location
  • Triple Net Leases with Tenants Reimbursing for Pro-Rata Share of Expenses
  • Dayton MSA | 4th Largest MSA in the State of Ohio with 800,000+ Residents
  • Dollar General has 5.5 Years Remaining on their Lease (23.23% of the GLA)

Investment Overview

Marcus and Millichap is pleased to present for your acquisition review the Carlisle Center in Carlisle, Ohio.

Carlisle Center is part of a three-property portfolio of value-add shopping centers in southern Ohio. The subject property is approximately 43,050 square-feet on a 9.5-acre parcel strategically placed among local businesses and residential developments. The buildings major systems have been well maintained while the parking lot was sealed and striped in 2019. The roof is in good shape; approximately 20,000 square-feet received a new overlay in 2009. Dollar General provides an investment grade anchor while the remainder of the center offers abundant upside potential. Cassanos Pizza, Fu Lin Chinese, and Simply Brown Salon comprise the tenant mix occupying the remainder of the performing businesses at this location. A single-tenant Dairy Queen outparcel on the south side of the lot drives a significant amount of traffic to this site.

Carlisle is a municipality of approximately 5,000 people, located in the Dayton-Cincinnati metropolitan area. The town is home to an excellent school system, a diverse commercial and industrial base, and a strong, family-oriented community. Originally a railroad town, Carlisle is marked by a rich history of both culture and commerce. Recognizable retailers in the area include Dairy Queen, CVS, Speedway, Save-A-Lot, AutoZone, Dominos Pizza, and Dollar Tree. The Dayton MSA is home to over 800,000 residents. Multiple colleges and universities drive a significant number to the area annually and creates a steady workforce for various employers such as Premier Health Partners, Honda Manufacturing, and LexisNexis.

Dollar General Corporation is an American chain of variety stores headquartered in Goodlettsville, Tennessee. Dollar General operates 16,278 stores across the continental United States and reports annual revenue in excess of $27.8 Billion and has more than $22.825 Billion in assets. Cassano's Pizza King, currently operating under the brandCassano's, is apizzeriachain based inKettering, Ohio, asuburbofDayton. Established on June 4, 1953, Cassano's Pizza King operates 34 restaurants in the Dayton area, and has three other western Ohio franchises (inRussells Point,FairfieldandSidney), plus a franchise inQuincy, Illinois, and another inHannibal, Missouri. The company also operates dozens ofCassano's Pizza Expresskiosks in gas stations, convenience stores and hotels, and sells frozenpizzadough under the nameCassano's Fresh Frozen Dough Company.

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    License(s): OH: BRK.2007005898

    Ohio

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