Listed by Matthews
$2,659,459
The Botanist Dispensary
Details
Property Type Retail
Sub Type Bank, Pharmacy/Drug
Square Footage 2,500
Cap Rate 9.25%
NOI $246,000
Occupancy 100%
Tenancy Single
Brand/Tenant The Botanist
Lease Type Absolute NNN
Lease Term 10
Lease Expiration 12/31/2034
Remaining Term 8.6
Rent Bumps Yes
Lease Options Two, 5-Year Options
Broker Co-Op Yes
Class A
Year Renovated 2025
Buildings 1
Acreage 0.470
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Lease Commencement 12/20/2024
Ground Lease No
Ownership Fee Simple
Long Lease Term | 9.25% Cap Rate | Absolute NNN Lease
Investment highlights
- Long Lease Term: There are about ±8.6 years remaining on the base term of the lease which runs through December 31st, 2034, with two (2) five-year renewal options on the back end.
- Absolute NNN Lease: The property is leased under an absolute NNN structure, with the tenant responsible for all operating expenses, including taxes, insurance, utilities, repairs, and capital items, providing truly passive ownership.
- Attractive Rental Increases: 2.50% annual rent escalations, creating strong, predictable NOI growth and built-in inflation protection.
- Former Bank Branch with Drive-Thru: The Subject Property is a former bank branch featuring a double drive-thru, providing strong functional utility. The existing drive-thru infrastructure enhances operational efficiency and offers the potential to generate higher sales volumes compared to traditional brick-and-mortar cannabis dispensaries.
- Limited Competition: There is only one other operating cannabis dispensary in Solon, Ohio. The adjacent county of Geauga County, located immediately to the east, currently has no cannabis dispensaries, positioning the Subject Property as the easternmost dispensary in Cuyahoga County. Additionally, the City of Solon has proposed a zoning amendment that would require new cannabis dispensaries to be located at least three (3) miles from any existing dispensary, further limiting future competition within the market.
- Strong Multi-State/Established Operator: Canopy Growth Corporation is a leading global cannabis company headquartered in Canada and publicly traded on the TSX (WEED) and Nasdaq (CGC). Through Canopy USA, it has built a strong U.S. presence, including ownership of Acreage Holdings, a multi-state operator with retail operations across multiple markets. Overall, Canopy manages a portfolio of 10+ cannabis brands worldwide, offering substantial scale, capital access, and experienced institutional leadership.
Listing Contacts
Listed by Matthews
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$246,000.00
$20,500.00/mo
Valuation Metrics
0
DSCR
9.25%
Cap Rate
9.25%
ROI
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