Leased Bank Building with Absolute
For Sale
$805,000
680 Broadway Ave, Bedford, OH 44146
Single-tenant U.S. Bank property with an extended 5-year lease on absolute NNN terms.
Property Size6,825 SF
Price / SF$117.95
Days on Market85
Property Features for 680 Broadway Ave
General Information
Standard status
Active
Size
6,825 SF
Property subtype
Bank
Occupancy
100%
Lease Type
Absolute Net
Amenities
Property is 100% leased to U.S. Bank through 11/30/2031
Absolute NNN Lease (tenant responsible for roof & structure)
Tenant has occupied building since Nov. 2011
Building Details
Building Size
6,825 SF
Tenancy
Single
Listing Agency:
Marcus & Millichap | Cleveland
(650) 391-1803
Listed By:
Steve Sauter · License #License(s): CA: 01084092
(650) 391-1803
Source:
Marcusmillichap
Added: Jun 1
Changed: Aug 23
Last Checked: Aug 24 at 3:20AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap | Cleveland
Investment Insights
Based on property information with market context.
This is a single-tenant bank building currently occupied by U.S. Bank, which has leased the entire property since November 2011, when it acquired Star Bank. Prior to Star Bank, the property was occupied by Cleveland Trust Bank. The current tenant has recently negotiated a 5-year lease extension, with rent structured on an absolute NNN basis.
The lease is described as absolute NNN, with the tenant responsible for all operating expenses. That structure shifts operating cost responsibility to the lessee under the existing lease terms, supporting a straightforward tenant-paid expense model.
For buyers seeking a stabilized, single-tenant net-leased asset, this offering centers on the credit-backed banking tenancy and the recently extended 5-year term. The property’s leasing setup provides a practical fit for investors and owner-operators who want to align their ownership objectives with an all-occupant operating expense obligation tied to the lease.
The lease is described as absolute NNN, with the tenant responsible for all operating expenses. That structure shifts operating cost responsibility to the lessee under the existing lease terms, supporting a straightforward tenant-paid expense model.
For buyers seeking a stabilized, single-tenant net-leased asset, this offering centers on the credit-backed banking tenancy and the recently extended 5-year term. The property’s leasing setup provides a practical fit for investors and owner-operators who want to align their ownership objectives with an all-occupant operating expense obligation tied to the lease.
Key Highlights
- Leased single‑tenant property occupied by U.S. Bank since Nov. 2011
- U.S. Bank leases the entire building
- Recently negotiated 5‑year lease extension
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$65,213
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.10%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,304,260
$1.3M
Cap Rate 7%
$931,614
$931.6K
Cap Rate 9%
$724,589
$724.6K
Market Conditions
NOI Build-Up for 6,825 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$102.4K $15.00/SF
− Vacancy
−$9.2K −$1.35/SF
EGI
$93.2K $13.65/SF
− OpEx
−$27.9K −$4.10/SF
NOI
$65.2K $9.56/SF
Area
Cuyahoga County, OH
Vacancy
9.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,304,260
Cap Rate 7%
$931,614
Cap Rate 9%
$724,589
Alternative Uses
Best Use
Specialty Retail
$1.07M
$933.3K – $1.24M
NOI $74,662 @ 7.0% cap · market cap 9.27%
Second Best
Retail
$931.6K
$815.2K – $1.09M
NOI $65,213 @ 7.0% cap · market cap 8.10%
Theoretical Best
Warehouse
$5.47M
$4.78M – $6.38M
NOI $382,794 @ 7.0% cap · market cap 47.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
302
Businesses Nearby
Explore this area
Business Placement
Demographics for 44146, OH
29,778
Population
15,270
Households
2
Avg Household Size
46
Median Age
23%
College-Educated
92%
High-School Grad
20.0 sq mi
ZIP Area
1,489
Density / Sq Mi
$53,049
Median Household Income
$40,808
Median Earnings
$1,000
Median Rent
$141,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Bank - Single-tenant U.S. Bank property with an extended 5-year lease on absolute NNN terms.
Where is this bank located?
The property is located at 680 Broadway Ave Bedford, OH.
What is the asking price?
The asking price for this property is $805,000.
What are key features of this property?
This property features: Leased single‑tenant property occupied by U.S. Bank since Nov. 2011; U.S. Bank leases the entire building; Recently negotiated 5‑year lease extension
