21330 Ctr Rdg Rd Rocky River, OH 44116-3206

Property Details for 21330 Ctr Rdg Rd

Year built

2020

Lot size

0.80 lot acres

Property size

3,418 SF

Zone code

GB

Property type

Drive through restaurants

APN

303-22-013

APU

30322013

Description

This exceptional investment opportunity presents a fee-simple, single-tenant, absolute NNN leased Raising Cane's restaurant in Rocky River, Ohio. The property boasts a 3,418 square foot building on a 1.23-acre lot, constructed in 2020. The current lease, with a remaining term of 10.3 years (expiring February 28, 2035), commenced February 11, 2020, and includes five, five-year renewal options with a 10% rent increase every five years. The property enjoys a 5.25% cap rate, generating a net operating income (NOI) of $269,496. The location is highly desirable, situated on Center Ridge Road, a corridor with 20,000 cars per day, and benefits from strong demographics: 14,000 people within one mile with an average household income of $102,000, and 92,000 people within three miles with an average household income of $97,000. The property's proximity to major retailers like Target, Home Depot, Lowe's, Kohl's, and ALDI further enhances its appeal. The tenant, Raising Cane's, is a rapidly expanding quick-service restaurant (QSR) brand, adding over 120 new units in the past two years. This property offers a secure, passive income stream with significant upside potential due to the lease terms and the tenant's robust growth trajectory. The asking price is $5,133,000. This is a corporate-owned unit, purchased in 2021, demonstrating the brand's commitment to the location's success. The property's excellent visibility and two points of ingress/egress add to its overall value. The property is located at 21330 Center Ridge Rd, Rocky River, OH 44116.