3029 117th St Cleveland, OH 44111-1633
- Turn key restaurants
- 6,356 SF
- 0.10 lot acres
Jun 28, 2023
Current Use by Public Records
- Turn key restaurants
Property Details for 3029 117th St
- Year built
- 1941
- Construction
- WOOD
- Lot size
- 0.10 lot acres
- Property size
- 6,356 SF
- Zone code
- GR
- Property type
- Turn key restaurants
- APN
- 005-07-003
- APU
- 507003
Description
This exceptional investment opportunity presents a brand-new, single-tenant retail property leased to Bank of America, the second-largest bank in the US, under a 15-year net lease with a corporate guarantee. Located at 3029 W 117th St, Cleveland, OH 44111, this 2,000-4,000 square foot building sits on a 0.96-acre lot and boasts a 4.75% cap rate with a current NOI of $175,000. The lease commenced in 2024 and includes a 10% rent increase every five years, providing a hedge against inflation. The property benefits from a prime location with excellent highway access to I-90, and is surrounded by other national retailers, including Target, Home Depot, and numerous fast-food chains. This is a rare opportunity to acquire a long-term, low-maintenance investment with a highly creditworthy tenant and significant upside potential. The building is a single-story, newly constructed structure. Four (4) and five (5) year lease options are included. This is a gross lease investment with 100% occupancy. The property is part of a thriving commercial area in Cleveland, Ohio, a city experiencing significant economic growth and revitalization. The investment offers substantial long-term value appreciation and consistent returns.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $175,000
- ML approach
- $155,000
Get a detailed, property-specific valuation — fast and free
Location Insight
- Map
- Local Demand
- City
- Cleveland
- County
- Cuyahoga
- State
- Ohio
- Longitude
- -81.7685
- Latitude
- 41.47
- CBSA code
- 17460
- CBSA name
- CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA
