KeyBank (Absolute Net Lease) 5900 St Clair Ave 5,554 SF Retail Building Cleveland, OH 44103 $1,349,000 ($242.89/SF) 7.85% Cap Rate
INVESTMENT HIGHLIGHTS
- Absolute Net Lease with Three Years Remaining – Tenant Exercised Their Most Recent Option in 2021
- Dense Infill Location - 206,756 Residents and 341,424 Employees (Five-Mile Radius)
- Near the Signalized Hard Corner of St Clair Avenue and East 55th Street (33,795 VPD) With Easy Access to Interstate 90 (114,918 VPD)
- Corporate Lease with KeyBank National Association (NYSE: KEY)
EXECUTIVE SUMMARY
Marcus & Millichap is pleased to present the opportunity to acquire an absolute net lease KeyBank in Cleveland, OH. The property consists of a 5,554-square-foot, freestanding building that sits on approximately 1.08 acres of land. There are 3 years remaining on the lease with 10% rental increases every 5 years. Michael Glass; 500 Neil Ave., Ste. 100 Columbus, OH 43215; (614) 360-9800; Lic. # BRK.2007005898
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Bank
Building Size
5,554 SF
Building Class
C
Year Built
1973
Price
$1,349,000
Price Per SF
$242.89
Cap Rate
7.85%
NOI
$105,846
Tenancy
Single
Building Height
1 Story
Building FAR
0.12
Lot Size
1.08 AC
Opportunity Zone
Yes
Zoning
Commercial
Parking
44 Spaces (7.92 Spaces per 1,000 SF Leased)
Frontage
AMENITIES
- Pylon Sign
- Signage
- Drive Thru
Walk Score®
Very Walkable (77)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $113,680 | |
| Land Assessment | $87,395 | Total Assessment | $201,075 |
