Absolute Net Ground Lease Sale

Retail-Commercial for Sale
Catylist Listing ID: 29982825
Property Subtypes: Free-Standing Building, Street Retail
Building Size (RSF): 3,688 SF
Gross Building Area: See Agent
Gross Land Area: 0.79 Acres
Sale Price: $930,000
Unit Price: $252.17 PSF
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: First Merit Bank
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 5/20/2017

Overview / Comments

Land lease investment property. Lease expires in 2026. Land lease revenue is $3,438/month absolute triple net. Priced at a 4.4% cap rate.

3,688 square foot building with 3 drive-thru lanes.

Property is located in a Kroger anchored shopping center outlot between McDonald's and Panera Bread. Other area retailers include Ollie's, CVS and KFC.

First Merit Bank was recently purchased by The Huntington National Bank. Per Huntington, they are keeping this branch open.

Financials

Finance Data Year 2016
Real Estate Taxes - Annual($) $15,203 (Annual)

Additional Details

Nearest MSA: Mansfield
County: Richland
Taxing Authority: Richland County
Tax ID/APN: 0569217307006
Zoning: COMMERCIAL
Property Located Between: Betner Drive and Trimble Road
Property Visibility: Excellent
Largest Nearby Street: Trimble Road
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 3,688 SF
Property Condition: Excellent
Year Built: 1986
Roof Type: Other
Construction/Siding: Other
Exterior Description: Brick and stone
Total Parking Spaces: 13
Parking Type: Surface
Heat Type: Natural Gas
Zoning Description: Commercial

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 3,680 35,299 70,791
Median Age: 51.72 42.67 41.64
Households: 1,811 15,544 30,102
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