Current Use by Public Records
- Retail properties & Spaces
Property Details for 1568 Oh-45
- Year built
- 1980
- Lot size
- 1.26 lot acres
- Property type
- Retail properties & Spaces
- Property subtype
- Medical space
Description
This exceptional investment opportunity presents the fee simple interest in a 4,978 square foot, freestanding veterinary clinic in Austinburg, Ohio. The property, built in 1980 and situated on a 1.26-acre lot, boasts 17 parking spaces and enjoys a prime location on Center Road, a busy thoroughfare averaging 4,000 vehicles daily. The clinic benefits from high visibility due to significant street frontage and a prominent monument sign. The current tenant, VetCor, a nationally recognized veterinary care network with over 500 locations, holds a triple net (NN) lease with a corporate guarantee, providing significant security for investors. The initial lease term commenced August 28, 2019, and expires August 29, 2024, with three 5-year renewal options, each including a 2% annual rent increase. The current NOI is $42,448, resulting in a 9.60% cap rate. The property's location is further enhanced by its proximity to other national retailers such as Dunkin', Family Dollar, Waffle House, and McDonald's. The surrounding 5-mile radius boasts a population of 11,685 residents and 5,720 daytime employees, with an average household income of $71,998. This low-management investment offers a compelling return with limited landlord responsibilities, excluding building insurance (reimbursed by the tenant). The asking price is $442,100 ($88.81/sq ft). This represents a rare opportunity to acquire a stable, high-performing asset in a desirable location.
Value Estimations
-
AI approach
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Austinburg
- County
- Ashtabula
- State
- Ohio
- Longitude
- -80.8543
- Latitude
- 41.7672
