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Staples ∙ New Lease Extension ∙ Below Replacement Cost

$1,995,000

3601 Towne Boulevard, Middletown, OH 45005

Active
Last Updated: 04/13/2022

7.7

Cap Rate

20,052 sqft

Building Size

Details:
Cap Rate:    7.7%
Building Size:    20,052 sqft
Lot Area:    2.22 acres
Lease Type:    Double Net
Price Per Sqft:    $99
Parking Spots:    110
Highlights:
  • Recent Lease Extension
  • Below Replacement Cost
  • Passive Net Lease Investment
  • Major Corporate-Credit Tenant
  • Regional Retail Trade Area
  • Growing Business Environment
  • Active Retail Sub-market
Description:

Baum Realty Group, LLC has been exclusively retained by ownership to sell a Staples store located in Middletown, OH (Cincinnati MSA). Staples recently executed a 5-year lease extension at below-market rent of $7.65 PSF with a 24% rent increase in the upcoming option period. The property is centrally located in the Middletown regional retail trade area, situated at a highly-trafficked signalized intersection, with exposure to 30,500 vehicles per day along nearby SR-122. The investment provides significant upside potential, with strong intrinsic value, and is priced well-below replacement cost at only $99 PSF.

Map:
Documents:
Title
Offering Memorandum
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Location
Gallery