26635 Brookpark Road Ext - Freestanding FOR SALE


North Olmsted, OH 44070
$2,920,000 USD
312-279-5342
26635 Brookpark Road Ext, North Olmsted, OH for Sale
$2,920,000 USD
Freestanding - FOR SALE
1/10
null | 7.75% Cap Rate

26635 Brookpark Road Ext
North Olmsted, OH 44070


HIGHLIGHTS

  • 7.5+ Years Remaining | Scheduled Rental Increases | Corporate Signed Lease | Well-Known & Established Brand
  • NNN Leased | Fee Simple Ownership | Limited Landlord Responsibilities
  • Located Along Brookpark Road Extension | Centralized Location
  • Dense Retail Corridor | Major Surrounding Shopping Centers | Strong National Tenant Presence | CLE International Airport
  • Direct Residential Consumer Base | Demographics in 5-Mile Trade Area | Affluent Community

OVERVIEW

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, freestanding, corporate signed, Guitar Center investment property located in North Olmsted, OH (Cleveland MSA). The tenant, Guitar Center Stores, Inc., recently extended their lease an additional 10-years through February 2033 and has 2 additional 5-year option periods to extend, demonstrating their long-term commitment to the site. The lease features 10%rental increases every 5 years throughout the initial term and options, growing NOI and hedging against inflation. The lease is signed by Guitar Center Stores, Inc., a subsidiary of Guitar Center, Inc., and is NNN with limited landlord responsibilities, making this an ideal, low-management investment opportunity for a passive investor. Founded in 1959, Guitar Center is among the largest musical instrument retailers in the United States with over 290 locations. Guitar Center is strategically located along Brookpark Road Extension with direct access to Lorain Road (30,000 VPD) and Brookpark Road (17,500 VPD). The asset also benefits from the nearby Interstate 480 (107,200 VPD), making this an ideal and centralized location with easy commutes for both employees and customers. The site is ideally situated within a dense retail corridor and is directly beside Water Tower Square (182K+ SF), North Olmsted Towne Center (292K+ SF), Great Northern Plazas (678K+ SF), Great Northern Mall (2.6M+ SF), and other major shopping centers. The surrounding national/credit tenants consist of Giant Eagle, The Home Depot, Target, Best Buy, Walmart Supercenter, Chick-fil-A, and T.J. Maxx, among many others. The strong tenant synergy significantly increases the consumer draw to the immediate trade area and promotes crossover store exposure for the site. Furthermore, the property is within proximity to numerous single-family communities and multi-family complexes including Great Northern Village (116 units), Westbury Apartments (285 units), Victoria Plaza (292 units), and more, providing a direct residential consumer base for the site. The 5-mile trade area is supported by over 168,200 residents and 98,200 daytime employees, with an affluent average household income of $123,596.

FOR SALE DETAILS

PRICE

$2,920,000 USD

PRICE/SF

$184 USD /SF

CAP RATE

7.75%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Guitar Center | Single Tenant NNN Junior Box

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

ADD'L SUBTYPES

Storefront

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1986

SPRINKLERS

-

PARKING SPACES

68

LAND DETAILS

LAND ACRES

1.74 AC

LAND SF

75,794 SF

ZONING

B-4

APN/PARCEL ID

232-26-006

ASK ABOUT THIS PROPERTY

Dan ElliotSRS Real Estate PartnersMore Info
312-279-5342

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Dan ElliotSRS Real Estate PartnersMore Info
312-279-5342

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