Shopping Strip

West Chester Plaza

9076 Cox Rd, West Chester, OH 45069

Listing Price: $3,021,000

Cap Rate
10.09%
Gross SF
58,143
Rentable SF
58,143
Price/Gross SF
$51.96
Lot Size
1.94 acres
Year Built
1988

Investment Overview

Marcus and Millichap is pleased to present for your acquisition review the West Chester Plaza in West Chester, Ohio.

West Chester Plaza is part of a three-property portfolio of value-add shopping centers in Southern Ohio. The approximately 60,000 square-foot building is situated at the intersection of two highly trafficked thoroughfares in the affluent suburb of West Chester. The rent roll is anchored by Dollar Generals investment grade credit (S&P BBB) with upside potential in low rent per-square-foot and upcoming lease rollover. Deferred maintenance is minimal; the roof had a 40,000 square foot silicone overspray in 2020 and the parking lot was sealed and striped within the last year. The HVAC is well-maintained, highlighted by the recent replacement of multiple compressors and a heat exchange. A billboard on the southeast side of the property provides an additional stream of income for a prospective investor.

West Chester Township is located about 18 miles north of Cincinnati and is served by three exits on Interstate 75 creating ease of access for commuters and travelers alike. With a population of over 60,000 at the 2010 census, West Chester is the most populous township in Ohio. Many large and reputable employers have a foothold in the community, including: GE, BAE Systems, and Procter & Gamble. Other major retailers near the subject property are Dairy Queen, Dominos Pizza, McDonalds, U.S. Bank, United Dairy Farmers, Walgreens, and Kroger. Corporate investors benefit from the community's "no earnings tax" environment, exceptional workforce, and established corporate presence. West Chester works closely with REDI Cincinnati to champion new business investment and provide individual attention to new investors and existing business exploring expansion options.

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. Other current tenants are local or regional goods and services-based businesses that serve the surrounding neighborhoods.

Investment Highlights

  • 100% Occupied Fully Stabilized Multi-Tenant Retail Center
  • Anchored by Dollar General (NYSE: DG) | Occupies 13.76% of the GLA
  • Dollar General has a 19 Year Operating History at this Location
  • 74% of the GLA is Leased until at least September 2023
  • High-Income, Affluent Growth Suburb | 1-Mile Average Household Income: $108,495
  • 10% In-Place Cap Rate with Upside in Converting the Below Market Rents to Market

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    License(s): OH: BRK.2007005898

    Ohio

Listing Price: $3,021,000

Cap Rate
10.09%
Gross SF
58,143
Rentable SF
58,143
Price/Gross SF
$51.96
Lot Size
1.94 acres
Year Built
1988

Investment Highlights

  • 100% Occupied Fully Stabilized Multi-Tenant Retail Center
  • Anchored by Dollar General (NYSE: DG) | Occupies 13.76% of the GLA
  • Dollar General has a 19 Year Operating History at this Location
  • 74% of the GLA is Leased until at least September 2023
  • High-Income, Affluent Growth Suburb | 1-Mile Average Household Income: $108,495
  • 10% In-Place Cap Rate with Upside in Converting the Below Market Rents to Market

Investment Overview

Marcus and Millichap is pleased to present for your acquisition review the West Chester Plaza in West Chester, Ohio.

West Chester Plaza is part of a three-property portfolio of value-add shopping centers in Southern Ohio. The approximately 60,000 square-foot building is situated at the intersection of two highly trafficked thoroughfares in the affluent suburb of West Chester. The rent roll is anchored by Dollar Generals investment grade credit (S&P BBB) with upside potential in low rent per-square-foot and upcoming lease rollover. Deferred maintenance is minimal; the roof had a 40,000 square foot silicone overspray in 2020 and the parking lot was sealed and striped within the last year. The HVAC is well-maintained, highlighted by the recent replacement of multiple compressors and a heat exchange. A billboard on the southeast side of the property provides an additional stream of income for a prospective investor.

West Chester Township is located about 18 miles north of Cincinnati and is served by three exits on Interstate 75 creating ease of access for commuters and travelers alike. With a population of over 60,000 at the 2010 census, West Chester is the most populous township in Ohio. Many large and reputable employers have a foothold in the community, including: GE, BAE Systems, and Procter & Gamble. Other major retailers near the subject property are Dairy Queen, Dominos Pizza, McDonalds, U.S. Bank, United Dairy Farmers, Walgreens, and Kroger. Corporate investors benefit from the community's "no earnings tax" environment, exceptional workforce, and established corporate presence. West Chester works closely with REDI Cincinnati to champion new business investment and provide individual attention to new investors and existing business exploring expansion options.

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. Other current tenants are local or regional goods and services-based businesses that serve the surrounding neighborhoods.

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    License(s): OH: BRK.2007005898

    Ohio

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