Pictures of Retail property located at 15344 Snow Rd, Brook Park, OH 44142 for sales - image #1

Pictures of Retail property located at 15344 Snow Rd, Brook Park, OH 44142 for sales - image #2

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Biggby Coffee & PNC ATM - Next to New Cleveland Browns Field

New Retrofit Biggby Coffee - 10 Yr Lease

Listing Contacts

Kyle Carson
PRO
License: MI 6501384480
Phone Number: Sign Up or Log In to see phone number
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Asking Price: $960,000

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Address

15344 Snow Rd, Brook Park, OH 44142

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Date Added

May 12, 2023

Days on Market

679 days

Time Since Last Update

23 days

Details

Property TypeRetail

SubtypeQSR/Fast Food

Lease TypeNNN

Tenant CreditFranchisee

TenancySingle

Lease Term10 years

Lease Commencement11/01/2022

Lease Expiration11/01/2032

Remaining Term7.6 years

Square Footage2,377

Net Rentable (sq ft)2,377

Price/Sq Ft$403.87

Cap Rate6.50%

Occupancy100%

NOI$62,400

Year Built1974

Year Renovated2022

Buildings1

Stories1

Lot Size (acres)0.61

OwnershipFee Simple

Marketing Description

Fortis Net Lease Is Pleased To Present This 2,377 SF. Freestanding Biggby Coffee & PNC ATM Building Located In Brook Park, Ohio. The Biggby Coffee Has A 10 Year Double Net (NN) Lease Requiring Zero Landlord Responsibilities, With 3% Rent Bumps Every 5 Years, And With Two (5 Year) Options To Renew. PNC Operates On A 7.5 Year Term Lease Equipped With One (1 Year) Option To Renew. This Site Is Highly Visible As It Is Strategically Positioned On Snow Road Which Sees 22,746 Cars Per Day. The Five Mile Population From The Site Is 256,842 While The One Mile Average Household Income Is $66,460 Per Year, Making This Location Ideal For A Biggby Coffee. The Subject Offering Represents An Ideal Opportunity For A 1031 Exchange Buyer Or A “Passive” Investor To Attain The Fee Simple Ownership Of A Biggby Coffee. This Investment Will Offer A New Owner Continued Success Due To The Financial Strength And The Proven Profitability Of The Tenant, One Of The Nation’s Top Coffee Shops. List Price Reflects A 6.50% Cap Rate Based On NOI Of $62,400.

Investment Highlights

Biggby Coffee has a 10 Year Initial Term with Personal Guarantee
PNC has a 7.5 Year Initial Term
5 Mile Population 256,842 | 1 Mile Household Income $66,460
Prime Retail Corridor | Dual Drive Thru (Biggby Coffee / PNC ATM)
Neighboring Co-tenancy includes Planet Fitness, Rite Aid, McDonald’s, KFC, Rally’s, Taco Bell, Burger King, Arby’s, CVS, Little Caesars Pizza, Dunkin’, and many other notable retailers
22,746 AADT on Snow Road | 12,766 AADT on Smith Road
109,900 AADT on I-71 | Site Situated Minutes from I-71
Limited Coffee Competitor Market
6 Minutes to Cleveland Hopkins International Airport
15 Minutes to Downtown Cleveland
Ability to Transfer Property via LLC Dropdown