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 & Spaces

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.

Location Insight

City

Cleveland

County

Cuyahoga

State

Ohio

Longitude

-81.6504

Latitude

41.5227