Casey's 705 S Defiance St 3,219 SF 4-Star Retail Building Archbold, OH 43502 $1,106,880 CAD ($343.86 CAD/SF) 6% Cap Rate

Passov Group is pleased to present the opportunity to purchase Casey’s in Archbold, OH, comprising a newly constructed Casey’s subject to a 15-year Absolute NNN Ground Lease with a Corporate Guaranty from Casey’s General Stores, Inc. (NASDAQ: CASY), the 3rd-largest convenience store operator in the United States. The Lease commences in September 2026 and includes seven, 5-year renewal options with 10% Rent Increases upon exercise of each renewal option.
The property is offered at $800,000 (6.00% cap rate), reflecting $48,000 in Annual Base Rent. The Property is positioned at the hard-corner signalized intersection of Lafayette St and S Defiance St (9,000+ VPD), along Archbold’s primary retail corridor generating 1.2M+ annual visits, and is adjacent to a newly constructed Taco Bell.
Given this is a new construction asset subject to an Absolute NNN Ground Lease, the property requires zero deferred maintenance, with the tenant responsible for all improvements, taxes, insurance, maintenance and capital expenditures, providing zero operational or capital obligations for the landlord. The Lease is backed by investment-grade corporate credit (BBB-/Baa3) from an S&P 500 company operating 2,944 stores across 19 states and generating $17.56B in FY2026 revenue and $714M in net income.
Archbold’s demand story is supported by an employment base that significantly outpaces its residential population. Within five miles, the daytime population reaches 17,278 compared to a resident population of 7,513, a 2.3x multiple, reflecting the significant influx of employees and consumers supporting the corridor throughout the day. Sauder Woodworking anchors the local economy with approximately 2,000 employees, while Conagra Brands has continued investing in its longstanding Archbold operation through a $40M plant expansion supporting 470 retained and new jobs. The subject is also less than ¼ mile from Archbold Area Schools, placing 800+ students and faculty in immediate proximity.
That employment base continues to expand as well. First Quality recently announced an up to $300M investment in a new Archbold manufacturing operation, transforming an existing Sauder facility into a new production plant expected to create approximately 400 jobs by early 2028. The project is part of nearly $2.0B in announced industrial investment throughout the surrounding Northwest Ohio corridor, adding to the daytime population and consumer demand supporting the Property.
The broader Northwest Ohio economy provides the macro foundation. With a five-mile average household income of $93,390, a deeply established manufacturing base and continued private investment throughout the region, Archbold benefits from an unusually concentrated employment and consumer base for a market of its size. Combined with Casey’s investment-grade corporate guarantee, Absolute NNN Ground Lease structure and long-term lease commitment, that concentration of employment and capital investment provides a durable foundation supporting long-term investment performance.