Property Details for 120 Madison St

Year built

1967

Construction

CONCRETE BLOCKS

Lot size

0.23 lot acres

Property size

6,800 SF

Property type

Banks

APN

021-07856-22804-000

APU

210785622804000

Description

This exceptional investment opportunity presents a fee-simple ownership of a Huntington Bank property in Port Clinton, Ohio. The property comprises two buildings totaling 7,250 square feet situated on three parcels totaling 0.59 acres. The main bank building (6,800 sq ft, built 1967) features a two-story design with customer service areas, a vault, employee offices, and ample storage. A second building (450 sq ft, built 1974) houses a drive-thru with five lanes. Additional parking is provided on a separate 3,000 sq ft lot. Huntington Bank, a credit-rated corporation with a strong guarantee, has occupied the property since 1998 under an absolute NNN lease. The current lease has approximately 5.9 years remaining, followed by four 5-year renewal options with 5% rent increases at each renewal. The property boasts a strong 6.36% cap rate and a substantial net operating income (NOI) of $44,221. Located in the heart of downtown Port Clinton, this strategically positioned property benefits from high visibility, convenient access to major roadways, and proximity to Lake Erie, drawing significant traffic from local residents, businesses, and tourists. The surrounding area features a diverse economy driven by tourism and fishing, with a strong demographic profile showing approximately 24,900 people within a 5-mile radius, boasting an average household income exceeding $97,942. This is a low-management, high-return investment with significant long-term potential. The asking price is $695,000.

Location Insight

City

Port Clinton

County

Ottawa

State

Ohio

Longitude

-82.9417

Latitude

41.5125

CBSA code

45780

CBSA name

TOLEDO, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments