6535 Broadway Ave Cleveland, OH 44105
- Retail properties
- 7,384 SF
- 0.65 lot acres
Current Use by Public Records
- O'Reilly Auto Parts / Car Stereo Store / Motorcycle Parts Store
Property Details for 6535 Broadway Ave
- Lot size
- 0.65 lot acres
- Property size
- 7,384 SF
- Property type
- Retail properties
- Property subtype
- Retail space
Description
This exceptional investment opportunity presents a 7,384 square foot O'Reilly Auto Parts store in Cleveland, Ohio, boasting a strong 5.65% cap rate and a substantial net operating income (NOI) of $109,023. The property, built in 2020, is situated on a 0.65-acre lot at 6535 Broadway Ave, a high-traffic location with excellent visibility on State Route 14 and proximity to Interstates 77 and 490. The corporate net lease with O'Reilly Auto Parts (NASDAQ: ORLY) has approximately 15.5 years remaining, featuring scheduled 6% rent escalations in the primary term and at the start of each of the four five-year lease options. The tenant, rated BBB+ by Standard & Poor's, ensures a stable and secure investment. The property benefits from strong demographics, including a total daytime population of 465,168 and an average household income of $70,102 within a 5-mile radius. The building is a single-story structure with a 20-year transferable roof warranty, minimizing landlord responsibilities and maximizing return. This is a rare opportunity to acquire a high-performing, low-maintenance asset in a thriving Cleveland market with a robust economy and a GDP of $135.7 billion. The asking price is $1,930,000.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Cleveland
- County
- Cuyahoga
- State
- Ohio
- Longitude
- -81.6443
- Latitude
- 41.4624
