Highlights

• Great Assumable Non-Recourse Financing with 6+ Years Remaining at a 5.20% Rate
• Price Just Reduced to 9.09% CAP Giving a 12.61% Projected Year 1 Cash-on-Cash Return
• Discount Drug Mart has Just Exercised their First of (8) 5-year Options, Extending their current lease term through 2018

• Discount Drug Mart Anchored (67+ locations in Ohio) with National and Regional Tenant Mix
• Historically Very Stable and Well-Tenanted Plaza with 100% Occupancy and Newer Construction (1997)
• Prime Signalized Corner Location with High Traffic Counts (20,050 VPD), and less than 1/4 mile from Interstate 77

Description

Not a better value out there! Property was just reduced to a 9.09% CAP, which generates a year 1 Cash-On-Cash Return of 12.61%. Due to success at this location, Discount Drug Mart has just exercised their first of (8) 5-year options. The lease option for Drug Mart was exercised about four years early, extending their current lease term through March 31st, 2018. Discount Drug Mart,the 4th larges drugstore chain in Ohio, anchors the center. Corporately, they have over $600 million in annual sales for their 67+ locations. The center is 100% ocuupied, with all but two of the plaza' s tenants are on Triple Net (NNN) Leases, and 86% of the tenants are original tenants to the center.

Notably, great assumable non-recourse financing exists on this center with over 6 years remaining with a 63% LTV at a 5.20% interest rate. The plaza is in an economically strong residential community with average household incomes of just under $52,000, and located adjacent to I-77 (runs Cleveland to South Carolina). The young age of the plaza (1997) along with its location on a tremendous corner in the city give any investor an opportunity to acquire a hands-off asset with minimal responsibility.

The featured property is a 38,409 square foot retail plaza optimally located at the highly trafficked signalized corner of North Wooster Avenue and Ohio Avenue, in Dover, Ohio, (79 miles south of Cleveland and 121 miles northeast of Columbus, Ohio). The featured property additionally lies adjacent to a major interstate artery (I-77) which runs from Columbia, South Carolina north to Cleveland, Ohio. In relation to the subject property, Buehler' s Grocery Store has been serving customers since 1947 in Tuscarawas County and sits directly across from the plaza with ACE Hardware and Chase Bank. Citizens Bank sits on the northeast corner of the intersection, and a heavy concentration of other national retailers within a one-mile radius makes the plaza a destination point in the city of Dover. Coupling all of the attributes, Dover Discount Drug Mart Plaza provides an investor a rare opportunity in today' s market to purchase a strong retail asset with a hard signalized corner location.