La-Z-Boy NNN Retail
For Sale
$3,313,000
7793 Mentor Ave, Mentor, OH 44060
NNN lease structure limits landlord duties to exterior load-bearing walls and the foundation.
Property Size20,000 SF
Days on Market94
Property Features for 7793 Mentor Ave
General Information
Standard status
Active
Size
20,000 SF
Property subtype
Retail
Zoning
B-2
Building Details
Building Size
20,000 SF
Year Built
2005
Tenancy
Single
Listing Agency:
SRS Real Estate Partners - Los Angeles
(303) 884-6659
Listed By:
Steven Roberts
(303) 884-6659
Source:
Srsre
Added: May 29
Changed: Aug 30
Last Checked: Aug 30 at 12:50PM
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 SRS Real Estate Partners - Los Angeles
Investment Insights
Based on property information with market context.
This fee simple retail investment includes the land and building occupied by La-Z-Boy. Constructed in 2005, the property operates under a NNN lease with more than 5 years remaining and 4 (5-year) extension options. Landlord obligations are limited to the exterior load-bearing walls and foundation.
The property is located at 7793 Mentor Ave in Mentor, Ohio, and carries B-2 zoning. La-Z-Boy Incorporated operates a retail network of more than 370 stores, including 226 company-owned locations. The lease provides for $1.00/SF rental increases at the start of each option period.
The property is located at 7793 Mentor Ave in Mentor, Ohio, and carries B-2 zoning. La-Z-Boy Incorporated operates a retail network of more than 370 stores, including 226 company-owned locations. The lease provides for $1.00/SF rental increases at the start of each option period.
Key Highlights
- La‑Z‑Boy retail property with fee simple land and building ownership
- NNN lease with more than 5 years remaining
- 4 (5‑year) lease extension options
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
$187,518
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
5.66%
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%
$3,750,360
$3.8M
Cap Rate 7%
$2,678,829
$2.7M
Cap Rate 9%
$2,083,533
$2.1M
Market Conditions
NOI Build-Up for 20,000 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
$280.8K $14.04/SF
− Vacancy
−$12.9K −$0.65/SF
EGI
$267.9K $13.39/SF
− OpEx
−$80.4K −$4.02/SF
NOI
$187.5K $9.38/SF
Area
Lake County, OH
Vacancy
4.60%
Lease Rate
$14.04 /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%
$3,750,360
Cap Rate 7%
$2,678,829
Cap Rate 9%
$2,083,533
Alternative Uses
Best Use
Retail
$2.68M
$2.34M – $3.13M
NOI $187,518 @ 7.0% cap · market cap 5.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.62M
$4.04M – $5.39M
NOI $323,349 @ 7.0% cap · market cap 9.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
824
Businesses Nearby
Explore this area
Business Placement
Demographics for 44060, OH
60,360
Population
27,276
Households
2.2
Avg Household Size
47
Median Age
35%
College-Educated
96%
High-School Grad
39.9 sq mi
ZIP Area
1,513
Density / Sq Mi
$85,881
Median Household Income
$51,736
Median Earnings
$1,156
Median Rent
$227,200
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - NNN lease structure limits landlord duties to exterior load-bearing walls and the foundation.
Where is this nnn property located?
The property is located at 7793 Mentor Ave Mentor, OH.
What is the asking price?
The asking price for this property is $3,313,000.
What are key features of this property?
This property features: La‑Z‑Boy retail property with fee simple land and building ownership; NNN lease with more than 5 years remaining; 4 (5‑year) lease extension options
