34712 Center Ridge Rd North Ridgeville, OH 44039
- Retail properties
- 2,325 SF
- 0.88 lot acres
Current Use by Public Records
- Retail properties
Property Details for 34712 Center Ridge Rd
- Year built
- 2023
- Lot size
- 0.88 lot acres
- Property size
- 2,325 SF
- Property type
- Retail properties
- Property subtype
- Restaurants
Description
This exceptional investment opportunity presents the fee simple ownership of a brand-new Chipotle Mexican Grill, Inc. (Nasdaq: CMG) restaurant located at 34712 Center Ridge Rd, North Ridgeville, OH 44039. The 2,325 square foot building, completed in 2023, sits on a 0.88-acre lot and boasts a drive-thru, a key feature for this popular QSR. The property benefits from a strong corporate lease with Chipotle, providing a 15-year term with over 14 years remaining. Rent increases by 10% every five years, starting in year six, ensuring consistent income growth. This location is strategically positioned as an outlot to a 55,000 square foot Marc's Grocery Store, benefiting from high daily traffic. The property is also conveniently located near North Ridgeville High School and other retail amenities. North Ridgeville itself is a thriving community, experiencing significant population and income growth in recent years, ranking as the 4th best place for homeownership in Ohio. The property features a transferrable roof warranty and the tenant maintains the parking lot, including landscaping and snow removal. This is a rare opportunity to acquire a fee simple interest in a high-performing, corporate-backed asset with a strong projected return, offering a 5.25% cap rate and a current NOI of $124,387. The asking price is $2,369,287.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- North Ridgeville
- County
- Lorain
- State
- Ohio
- Longitude
- -82.0031
- Latitude
- 41.3955
