2900 Mayfield Rd Cleveland Heights, OH 44118-1605

Property Details for 2900 Mayfield Rd

Year built

1951

Lot size

0.19 lot acres

Zone code

C3

Property type

Automotive properties

APN

684-06-007

APU

68406007

Description

This exceptional investment opportunity presents a fee-simple ownership of a Class A, 2,500 square foot car wash in Cleveland Heights, Ohio. The property, located at 2900 Mayfield Rd, sits on a 0.8-acre lot and boasts a newly executed 20-year absolute triple-net (NNN) lease with Whistle Express Car Wash, a 150+ unit operator. The lease commenced April 11, 2024, and expires April 30, 2044, offering a remaining term of 19.5 years. The lease includes annual rent bumps of 2%, ensuring consistent income growth. The current Net Operating Income (NOI) is $188,770, resulting in a 6.50% capitalization rate. The property is 100% occupied and benefits from a corporate guarantee. The building, constructed in 2010, is a single-story structure. This offering presents a compelling long-term passive investment opportunity with significant upside potential due to the strong tenant, favorable lease terms, and prime location within a densely populated and affluent Cleveland Heights submarket. The property is also eligible for 15-Year Accelerated Depreciation and Bonus Depreciation, offering further tax advantages. The lease includes four 5-year renewal options. This sale is structured as a sale/leaseback and is suitable for a 1031 exchange. The asking price is $2,904,154.