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27766352
27766351

7619 Mentor Ave, Mentor, OH 44060

CF
OH 2008001551, OH SAL.2008001551
Marcus & Millichap - Columbus
Listed by Marcus & Millichap - Columbus
$1,700,000
226 days on market
Updated 40 days ago

Century Plaza

Details
Property Type Retail
Sub Type Shopping Center
Square Footage 8,800
Net Rentable (SqFt) 8,800
Units 4
Occupancy 40%
Tenancy Multi
Pro-Forma Cap Rate 12.07%
Pro-Forma NOI $205,127
Price per SqFt $193
Year Built 1995
Year Renovated 2018
Buildings 1
Stories 1
Acreage 0.610
Investment Type Value Add

Retail | 8,800 SqFt

Investment highlights

• 8,800 SF 4-Unit NNN Strip Center in Affluent Cleveland Suburb of Mentor, OH

• Value Add Opportunity with One Current Vacancy and One Upcoming Vacancy Once T-Mobile Leaves

• ProForma Cap Rate of 12.07% Based on Leasing the Two Vacancies at $22/SF

• T-Mobile (32% of GLA) – Endcap with NNN Lease thru December 2027 – Will Be Vacating at End of Term

• Ranked #11 of 134 T-Mobile Stores in Ohio & Top 17% Nationally for Customer Traffic (source: Placer.ai)

• Sport Clips (23% of GLA) NNN Lease thru January 2028; 10% Rent Increase in Upcoming Option

• Bank of America (17% of GLA) – Endcap Unit with NNN Lease thru April 2029; “A-“ (S&P) High Investment-Grade Credit

• Recently Renovated with Modern/ Attractive Façade & Storefronts and Highly Visible Pylon Sign

• Pylon Sign Grandfathered in, all Other Signs on Mentor Ave are Monument Signs

• Fully NNN Lease Structures with PRS Reimbursement of LL Tax, Insurance, CAM, and Mgmt Expenses

• Easy-to-Lease Units Ranging from 1,500 – 2,800 SF with Daily Needs/E-Commerce- Proof Tenants

• 17,479 VPD on Mentor Ave - Area’s #1 Retail Corridor; Excellent Visibility & Frontage via Shallow Setback to Mentor Ave

• Affluent & Dense Demographics: $85-$95K 1/3/5-Mile AHHI; 44,975 Population in a 3-Mile Radius

• Situated within the Epicenter of the Prominent Mentor Ave Retail Node with Over 3.5 Million SF of Retail Including Aldi,

T.J. Maxx, Ross, Marshalls, Best Buy, At Home, Hobby Lobby, Burlington, Michaels, JOANN, Value City Furniture, Levin Furniture, Barnes & Noble, Marc’s, and More

• Immediate Proximity to Great Lakes Mall – Regional Mall Anchored by Dillard’s, Dick’s Sporting Goods, JCPenney, Round1 Bowling & Forever21

• Cleveland MSA – Home to a Population of Over 2 Million, Part of the Larger Cleveland-Akron-Canton CSA with a Population of 3.5 Million

Listing Contacts

CF
OH 2008001551, OH SAL.2008001551
Marcus & Millichap - Columbus
Listed by Marcus & Millichap - Columbus

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