1480 Center Rd - Freestanding FOR SALE


Avon, OH 44011
$6,514,000 USD
216-381-8200
1480 Center Rd, Avon, OH for Sale
$6,514,000 USD
Freestanding - FOR SALE
1/7
null | 6.25% Cap Rate

1480 Center Rd
Avon, OH 44011


HIGHLIGHTS

  • Institutional Grade Asset- Features Leases with University Hospitals (UH)
  • Recession Proof Medical Property- Recent 7 Year Extension by UH and Local Dentist Acquired by Heartland Dental
  • Massive Guarantors- Combined Guarantor Estimated Annual Revenue Over $10 Billion
  • Long-Term Leases- Average Lease Term Remaining is Approximately 6.5 Years
  • Incredible Regional Market - Includes Cabela's, TopGolf, Walmart, Lowe's, UH Fitness Centers, Bendix HQ, Menards, Costco, and many more
  • Depreciable Asset- Building Lease Allows for Annual Depreciation

OVERVIEW

For sale to qualified investors is the fee-simple interest in an investment-grade medical asset backed by University Hospitals Health System, Inc. (UH), and Heartland Dental, LLC, located in Avon, Ohio. This 13,802 square foot property is 100% leased to UH (10,007 SF) and Heartland Dental (3,795 SF), both of which feature corporate leases with combined annual revenue exceeding $10 Billion. Showing commitment to the location, UH recently signed a 7 year lease extension featuring rental increases during years 6 and 7, and each year during the 7 year option that follows. Similarly, Heartland Dental, who has annual CPI increases, recently acquired the local dentist in the property and is under lease through 2031. Both tenants are under triple-net leases which fully reimburse CAM, real estate tax, and insurance, in addition being responsible for their own HVAC. The property is situated in the epicenter of Avon’s commercial corridor at the signalized intersection of Chester Road and State Route 83, with over 50,000 vehicles per day. The corner location features nearby Interstate 90 access and is surrounded by other retail, office headquarters, and medical, which in recent years has propelled Avon into one of Cleveland’s top ranked suburbs. This combination of creditworthiness, tenant commitment, traffic and access, and other commercial synergy offers the investor an asset-type rarely seen on the market.

FOR SALE DETAILS

PRICE

$6,514,000 USD

PRICE/SF

$459 USD /SF

CAP RATE

6.25%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

University Hospitals and Heartland Dental

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1951

SPRINKLERS

-

PARKING SPACES

75

LAND DETAILS

LAND ACRES

1.29 AC

LAND SF

56,192 SF

ZONING

C-4

APN/PARCEL ID

04-00-016-101-026,04-00-016-101-027,04-00-016-101-028,04-00-016-101-038

ASK ABOUT THIS PROPERTY

Kyle HartungGoodman Real Estate Services GroupMore Info
216-381-8200

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Kyle HartungGoodman Real Estate Services GroupMore Info
216-381-8200

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.