255 Mdw Gln Dr Ottawa, OH 45875-8661

Property Details for 255 Mdw Gln Dr

Lot size

1.32 lot acres

Property type

Retail space

APN

32-224000.0000

APU

322240000000

Description

This exceptional investment opportunity presents a fee-simple interest in a 7,000 square foot Advance Auto Parts store situated on a 1.324-acre lot at 255 Meadowglen Dr, Ottawa, OH 45875. The property boasts a strong 8.52% cap rate, generating a net operating income (NOI) of $72,410 annually. Built in 2006, this single-story building features 36 parking spaces and benefits from a modified NNN lease with 3.5 years remaining until the next option period. The lease, originally commencing November 15, 2006, and expiring December 31, 2026, includes three five-year renewal options with rent increases of 8-10% in each option period. The tenant, Advance Auto Parts, is responsible for all expenses except building structure and general liability insurance, including real estate taxes (100% reimbursement to landlord), roof, parking lot, insurance, interior and exterior maintenance, HVAC, utilities, and landscaping. The property enjoys a prime location in a primary retail corridor, over 20 miles from the nearest comparable retail center, and is strategically positioned near major national retailers such as Walmart, Wendy's, Arby's, Dollar General, and Ottawa Chevrolet. The asking price is $850,000, translating to $151 per square foot. This presents a compelling investment opportunity with significant upside potential.