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31517986
31517987

2301 Buttermilk Crossing, Crescent Springs, KY 41017

CF
OH 2008001551, OH SAL.2008001551
Marcus & Millichap - Columbus
EP
OH 2004010274, WA SAL.2004010274
Marcus & Millichap - Cleveland
Listed by Marcus & Millichap - Columbus, Marcus & Millichap - Cleveland
$15,360,000
60 days on market
Updated 59 days ago

Buttermilk Crossing & Northern Tool

Details
Property Type Retail
Sub Type Shopping Center
Square Footage 78,125
Units 24
Cap Rate 7.25%
NOI $1,113,647
Occupancy 90%
Tenancy Multi
Price per SqFt $197
Year Built 1993
Year Renovated 2023
Buildings 2
Stories 1
Acreage 5.830
Investment Type Stabilized
Ownership Fee Simple

Retail | 7.25% CAP | 78,125 SqFt

Investment highlights

• 90% Occupied 53,357 SF Neighborhood Retail Center + Free Standing STNL Northern Tool Situated Along Buttermilk Pike

• Prime Visibility with 39,140 VPD on Buttermilk Pike and 147,360 VPD on I-71/I-75

• Upside Available through Lease Up of 3 Vacancies, Additionally 26% of Occupied Shop Space GLA has No Options Remaining

• Diverse Tenant Mix Featuring Food, Service, and Daily-Needs Retailers Such as Domino’s, Penn Station, Great Clips, H&R Block, and The UPS Store

• Close to $600,000 in Landlord Investments to Shopping Strip within Past 2 Years Including New Roofs and Parking Lot

Resurfacing (2023) and Updates to Façade (2024)

• Highway Visible Center with Signage to 165,000 VPD on I-71; Dedicated Pylon Sign along/above I-71 & Just off Exit Ramps at Buttermilk Pike

• Complete 2023 Renovation of Former Staples Box into Freestanding Northern Tool; Over $1.1 Million Invested by Seller in Renovations & TIA

• 10-Year NNN Lease with Northern Tool | Minimal Landlord Responsibility – Roof & Structure Only

• In Place Rental Increases and Vacancy Upside Produce Attractive CAGR of 3.52%

• 10-Year Unleveraged IRR of 10% | Leveraged IRR of 16% | DSCR of 1.34x

• Opportunity to Spin Off Northern Tool Property for CAP Arbitrage – Separately Parceled

• Perpetual Rights to Additional Parking in the Adjacent Municipally-Owned Parking Garage at No Cost to Landlord or Tenants

• Dense Infill Location with 193,000+ Residents Within 5 Miles and Average Household Income Exceeding $100,000

Within 1 Mile

• Located Near the $200M Ormsby Senior Living Development Featuring 203 Residences, Restaurants, and Hotel —Under Construction, Opening 2026

• Situated within the Buttermilk Pike (39,140 VPD) Retail Pocket at I-71; Neighboring Retailers Include Home Depot, Sportsman’s Warehouse, Remke, Esporta Fitness, Walgreens, Advance Auto, Sherwin-Williams, and More

• Situated 6.5 Miles from Downtown Cincinnati and 8 Miles from Cincinnati/ Northern Kentucky International Airport

• Cincinnati MSA – Home to a Population of Over 2.2M & Five Fortune 500 HQs; Anchors a Broad Tri-State Area with the Largest GDP in Ohio ($171 Billion)

Listing Contacts

CF
OH 2008001551, OH SAL.2008001551
Marcus & Millichap - Columbus
EP
OH 2004010274, WA SAL.2004010274
Marcus & Millichap - Cleveland
Listed by Marcus & Millichap - Columbus, Marcus & Millichap - Cleveland

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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$1,113,647.00
$92,803.92/mo

Valuation Metrics

0
DSCR
7.25%
Cap Rate
7.25%
ROI

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Additional Information

Name
Grant Fitzgerald
License
KY 286261
Title
Broker of Record
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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