5290 Monroe St Toledo, OH 43604

Property Details for 5290 Monroe St

Year built

2015

Lot size

1.04 lot acres

Property size

9,600 SF

Zone code

10-CR

Property type

Retail space

APN

24-01608

APU

2401608

Description

This exceptional investment opportunity presents a 9,645-square-foot, single-tenant retail property in Toledo, Ohio. The property, built in 2015, sits on a 1.03-acre lot and features an absolute NNN lease with a corporate guarantee from Mattress Firm, significantly reducing landlord responsibilities. The current lease, expiring June 29, 2029, has a remaining term of approximately 4.6 years and includes two, five-year renewal options. The annual net operating income (NOI) is $241,125, resulting in an attractive 7.85% capitalization rate. The asking price is $3,072,000. Rent is currently $25 per square foot, below the national average for Mattress Firm, suggesting a strong likelihood of lease renewal. The property benefits from a prime location on Monroe Street, a busy retail corridor, directly across from major national retailers including Starbucks, Target, Marshalls, HomeGoods, and Hobby Lobby. Its proximity to Franklin Park Mall, a high-traffic shopping destination, further enhances its desirability. The area boasts a significant residential population, including numerous schools and over 450 multifamily units within walking distance. The impending acquisition of Mattress Firm by Tempur-Sealy International, Inc. is expected to further strengthen the tenant's creditworthiness and long-term viability. This is a rare opportunity to acquire a high-performing, low-maintenance investment property with a strong tenant and excellent location. The property offers significant upside potential due to the favorable lease terms and prime location within a thriving retail market.

Location Insight

City

Toledo

County

Lucas

State

Ohio

Longitude

-83.6545

Latitude

41.7031

CBSA code

45780

CBSA name

TOLEDO, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments