Cap Rate: 3.75%
Net Operating Income: $58,300
Square Footage: 6,840
Lot Size: 0.54 AC
The subject property is a rare 6,840 square foot, single-tenant AutoZone located in Cleveland, OH. AutoZone recently executed a New 15 Year Absolute NNN Ground lease. The lease calls for zero landlord obligations and four, 5-year options to renew with 10% increases every five years and at options.
The building was built in 2005 on an outlot of a Save A Lot anchored shopping center in this densely populated neighborhood just outside of downtown Cleveland. Surrounding retailers include McDonald’s, Burger King, Walgreens, Rite Aid, Popeye’s, Family Dollar, Rally’s, US Bank, Advance Auto Parts and O’Reilly. The building sits along a heavily trafficked road with excellent accent and visibility.
Cleveland, officially the City of Cleveland, is a major city in the U.S. state of Ohio, and the county seat of Cuyahoga County. It is located along the southern shore of Lake Erie, across the U.S. maritime border with Canada and approximately 60 miles (100 kilometers) west of the Ohio-Pennsylvania state border.