5900 St Clair Ave Cleveland, OH 44103
- Retail properties
- 5,554 SF
- 1.08 lot acres
Current Use by Public Records
- Retail properties
Property Details for 5900 St Clair Ave
- Year built
- 1973
- Lot size
- 1.08 lot acres
- Property size
- 5,554 SF
- Property type
- Retail properties
- Property subtype
- Banks
Description
This offering presents a compelling investment opportunity: a 5,554-square-foot KeyBank branch located at 5900 St Clair Ave, Cleveland, OH 44103. The property, built in 1973 and situated on a 1.08-acre lot, is subject to an absolute triple-net (NNN) lease with KeyBank National Association (NYSE: KEY), providing a corporate guarantee. The current lease, commenced July 20, 2010, has a remaining term of approximately three years, expiring November 29, 2027. The lease includes a 10% rent increase option at the end of each five-year period. The property boasts a strong net operating income (NOI) of $105,846, resulting in a 7.50% cap rate. The asking price is $1,412,000, translating to a price per square foot of $254.23. This single-tenant, 100% occupied property benefits from its location near the intersection of St Clair Avenue and East 55th Street, a high-traffic area with easy access to Interstate 90. The surrounding area has a high population density, with 206,756 residents and 341,424 employees within a five-mile radius. The tenant exercised their most recent option in 2021, demonstrating confidence in the location and the business. This is a rare opportunity to acquire a well-located, stable, net-leased investment property with a strong tenant and significant upside potential.
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
- -81.6504
- Latitude
- 41.5227
