1800 Memorial DrLancaster, OH 43130

Property Details for 1800 Memorial Dr

Year built

2024

Lot size

2.17 AC

Property size (Sq ft)

6,139 SF

Property type

Retail properties

Property subtype

Grocery and convenience stores

Description

This exceptional investment opportunity presents a 15-year absolute NNN ground lease for a Sheetz convenience store and gas station located at 1800 N Memorial Dr, Lancaster, OH 43130. The 6,139 square foot property sits on a 2.17-acre lot and boasts a 5.50% cap rate with a current NOI of $272,000. The asking price is $4,950,000. Built in 2024, this Sheetz benefits from a corporate guarantee and rent bumps built into the lease, ensuring consistent income growth. The lease commenced May 16, 2024, and expires May 31, 2039. Rent increases of 5% every five years are included in the initial term, with 10% increases every five years during option periods. This high-visibility location at the signalized intersection of North Memorial Drive and Pierce Avenue sees nearly 50,000 vehicles daily. Its prime position along Lancaster's main retail corridor places it near other major national retailers like Kroger, Target, and Walmart. The property's proximity to River Valley Mall and Fairfield Medical Center, along with numerous apartment complexes, ensures a substantial and stable customer base. The surrounding area has a population of 52,417 within a five-mile radius, with an average annual household income of $85,764. This property is ideal for 1031 exchange investors seeking a passive income stream with significant upside potential.

Location Insight

City

Lancaster

County

Fairfield

State

Ohio

Latitude

39.7321

Longitude

-82.6178

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