500+ Practice Operator | AEG Vision | Newly Executed Option
Office | 10.46% CAP | 4,100 SqFt
Marketing description
Marcus & Millichap is pleased to present a rare opportunity to acquire a fully leased multi-tenant net lease property located in Youngstown, Ohio. This 4,100 square foot building is strategically positioned on 0.46 acres along Canfield Road, a major commercial corridor.
The property features two credit tenants: AEG Vision (operating as Vision Care Associates), a rapidly growing optometry practice with over 500 locations backed by Riata Capital Group, and the Burke School of Irish Dance, a local institution since 1965. The AEG Vision lease includes 2% annual rent increases and has 3.5 years remaining with one 3-year renewal option, while the dance studio occupies the basement space on a 3-year lease.
The property benefits from excellent visibility and access along Canfield Road, with proximity to major healthcare facilities including Mercy Health Hospital (Level I Trauma Center with 224 beds) and Akron Children's Hospital. The immediate area features strong retail presence with Walgreens, McDonald's, KFC, Dollar General, and Family Dollar within close proximity.
Investment highlights
- Strong location along Canfield Road, a major commercial corridor in Youngstown
- Credit tenant AEG Vision backed by Riata Capital Group, a leading private equity firm
- AEG Vision has over 500 optometry practices nationwide with 5,000+ employees
- 2% annual rent increases from primary tenant AEG Vision
- Modified Gross lease structure with tenant responsible for taxes, insurance, and maintenance
- Close proximity to major healthcare facilities including Mercy Health Hospital and Akron Children's Hospital
- Excellent retail corridor with Walgreens, McDonald's, and other national retailers nearby
- Easy access to Interstate 680 and Interstate 80
- Burke School of Irish Dance provides additional income stream from basement space
- Stabilized asset with long-term credit tenant and established local tenant
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