Property Details for 6535 Broadway Ave

Lot size

0.65 lot acres

Property size

7,384 SF

Property type

Retail properties & Spaces

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.

Location Insight

City

Cleveland

County

Cuyahoga

State

Ohio

Longitude

-81.6443

Latitude

41.4624