North Randall Center | North Randall, OH
Multi-Tenant Education Center | 9.00% CAP | 13,500 SqFt
Marketing description
PRICING: $1,880,000
CAP RATE: 9.00%
NOI: $169,212
TENANTS: 2
BUILDING SIZE: 13,500 SF
Investment highlights
NORTH RANDALL CENTER – 100% OCCUPIED 2-TENANT STRIP CENTER
This offering is for North Randall Center, a 100% Occupied two-tenant education-based strip center in North Randall, OH which includes Randall Park High School and MaryMac Child Development as the tenants.
TRIPLE NET (NNN) LEASE STRUCTURE
The tenants are subject to Triple Net (NNN) leases, allowing for passive ownership. The tenants are responsible for all operating expenses at the property, including property taxes, CAM, insurance, and management fees.
ANCHORED BY RANDALL PARK HIGH SCHOOL
The anchor tenant is Randall Park High School (RPHS), which takes up 87.41% of the property’s GLA. Randall Park High School is a state-funded, publicly chartered non-traditional high school. It emphasizes flexible learning and allows students to work at their own pace. RPHS signed a 10-year lease that runs through June 2029 and includes annual rental increases of $0.25/SF. Randall Park High School has a property tax exemption which covers 87.4% of all taxes except special assessments.
STRONG TRAFFIC COUNTS – LOCATED NEXT TO MAJOR HIGHWAY
The subject property benefits from its excellent site-level visibility. It has frontage on Northfield Rd, which has daily traffic counts of 26,701 vehicles. It’s also located adjacent to a major point of entry along the Interstate-480 highway, which has traffic counts of 146,000+ vehicles per day in this area.
STRATEGIC LOCATION
The property is strategically located within a strong retail corridor and nearby many major employers and points of interest. Nearby national retailers include ALDI, Taco Bell, Wendy’s, Dollar Tree, Save A Lot, Planet Fitness, and Lowe’s. Other close points of interest include Amazon Distribution Hubs, Giant Eagle Distribution, Sherwin Williams Plant, Cardinal Health, Pipeline Packaging, and more.
CLEVELAND MSA
North Randall is a suburb of Cleveland. The Cleveland MSA, or Greater Cleveland, is the 33rd largest MSA in the country with over 2.2 million people. Greater Cleveland’s GDP exceeded $171 billion as of 2023, and boasts thriving industries such as healthcare, manufacturing, and finance.
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