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31115921

2925 State Rd, Cuyahoga Falls, OH 44223

CF
OH 2008001551, OH SAL.2008001551
Marcus & Millichap - Columbus
SW
OH 2005013197, WA SAL.2005013197
Marcus & Millichap - Cleveland
Listed by Marcus & Millichap - Columbus, Marcus & Millichap - Cleveland
$4,115,000
77 days on market
Updated 77 days ago
Opportunity zone

Cinemark

Details
Property Type Retail, Special Purpose
Sub Type Sports/Entertainment, Storefront
Square Footage 34,785
Units 1
Cap Rate 10.74%
NOI $441,594
Occupancy 100%
Tenancy Single
Brand/Tenant Cinemark
Lease Type Modified
Lease Expiration 12/01/2030
Remaining Term 4.5
Rent Bumps Yes
Lease Options (4) 5-Year Options
Price per SqFt $118
Year Built 2015
Buildings 1
Acreage 9.470
Investment Type Net Lease
Ownership Fee Simple

Retail | 10.74% CAP | 34,785 SqFt

Investment highlights

• Newer-Constructed Single-Tenant Cinemark Theater: 5 Years Remaining, Huge Reported Sales

• Explosive Site-Level Sales Growth Reported (+12% since 2023, +52% over 2022, +120% over 2021, +467% over 2020)

• Shadowed by #1 Trafficked Giant Eagle in Ohio (#6 out of 205 Chainwide), with1.6M/Year Visitors - source Placer.ai

• Below-Market, Covered Land Play Opportunity: $350K NOI on +/- 9.5 Acre Tract; Very Low +/- 8.4% Building : Land (FAR) Site Coverage / Redevelopment Opportunity

• Significant Upside via Over-Assessed RE Tax Valuation (Unreimbursed); Projected 10.7% CAP after Reducing Tax Value

• Located at 52,290 VPD, High-Traffic Signalized Intersection

• Corporate Guaranty: Publicly Traded (NYSE: CNK) with $3.0B Market Cap, and BB-/Stable Fitch Credit Rating

• #2 Ranked of 18 Ohio Cinemark Locations in by Visits/SF; 417K Customer Visits/Annually

• Synergistic Co-Tenancy Users within Development: Grocery, Fitness, Food, Banks, Medical/Services, etc.

• $1/SF Rent Increases in each of Remaining (4) 5-Year Options

• Strong Visits/SF Ranking Indicative of Strong Performance Relative to Larger Cinemark Theaters; Smaller-Scale 10 Screen/35K SF Format

• Within Walking Distance to Cuyahoga Falls’ New High School - $120 Million, 360,000 SF School + Stadium Complex

• Dense Infill Middle-Income Demographics: 11,600/1-Mi &158,800/5-Mi Population Counts; AHHI of $79 - $85K in 1/3/5-Mi Radi

• Akron MSA – Home to a Population of 700,000 and Part of the Larger Cleveland-Akron-Canton CSA with a Population of 3.7 Million

Listing Contacts

CF
OH 2008001551, OH SAL.2008001551
Marcus & Millichap - Columbus
SW
OH 2005013197, WA SAL.2005013197
Marcus & Millichap - Cleveland
Listed by Marcus & Millichap - Columbus, Marcus & Millichap - Cleveland

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Loan Amount
$0.00
Annual Debt Service
$--
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Annual Cash Flow
$441,594.00
$36,799.50/mo

Valuation Metrics

0
DSCR
10.73%
Cap Rate
10.73%
ROI

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