Miscellaneous
17-Yr Absolute NNN Charles Schwab Ground-Lease | Trophy A+ Location
2341 Crocker Rd, Westlake, OH 44145
Listing Price: $4,444,000
Investment Overview
Marcus & Millichap is pleased to present for sale Charles Schwab in Westlake, Ohio. New Construction Charles Schwab with a 20-Year Absolute Triple-Net Ground Lease in Affluent Cleveland Suburb. “Flagship-eqsue” Leasehold Improvements – 2020-Built, Modern 7,187 Square Foot Structure, All-Steel Framing with 18’ Walls, High-End Stone/ Porcelain/Glass Exterior. Large 1.43-Acre Parcel with High Intrinsic Value in the Dirt and Expensive Leasehold Improvements. Directly Across from Crocker Park (#5 Ranked Retail Center in USA – Aug/2023); 4.5 Million Square Foot Lifestyle Center with 10 Million Annual Visitors. 26,000 Vehicles per Day on Crocker Road; Just 0.7-Mile to I-90 Exit Ramps with 138,000 Vehicles per Day.
17-Yr Absolute NNN Charles Schwab Ground-Lease | Trophy A+ Location
Investment Highlights
- New Construction Charles Schwab 20-Year Absolute Triple-Net Ground Lease in Affluent Cleveland Suburb
- 17 Years Remaining – Upcoming 2025 Rent Increase Takes CAP Rate to 4.95%
- Directly Across from Crocker Park (#5 Ranked Retail Center in USA – Aug/2023); 4.5 Million Square Foot Lifestyle Center with 10 Million Annual Visitors
- Charles Schwab & Co, Inc. ($107 Billion Market Cap, S&P "A-" Credit) Secures Co-Terminus Sublease
- Dense, Highly-Affluent Area with Ideal Clientele for Schwab: $131-133K Average Houshold Income in One Mile and Three Mile Radii
- Substantial Long-Term Upside: $300K Plus Spread Between $200K Ground-Rent and $504K Schwab Leasehold Rent
- Fee-Ownership with Ability to Take Control of Site No Later Than 2060 – Substantial Value- Growth Opportunity Given Ground-Rent is 60% Percent Below Building Rent
- 10 Percent Rent Increases Every Five Years – Adds 150 bps to Cap Rate by End of Base Term
Miscellaneous
17-Yr Absolute NNN Charles Schwab Ground-Lease | Trophy A+ Location
Listing Price: $4,444,000
Investment Highlights
- New Construction Charles Schwab 20-Year Absolute Triple-Net Ground Lease in Affluent Cleveland Suburb
- 17 Years Remaining – Upcoming 2025 Rent Increase Takes CAP Rate to 4.95%
- Directly Across from Crocker Park (#5 Ranked Retail Center in USA – Aug/2023); 4.5 Million Square Foot Lifestyle Center with 10 Million Annual Visitors
- Charles Schwab & Co, Inc. ($107 Billion Market Cap, S&P "A-" Credit) Secures Co-Terminus Sublease
- Dense, Highly-Affluent Area with Ideal Clientele for Schwab: $131-133K Average Houshold Income in One Mile and Three Mile Radii
- Substantial Long-Term Upside: $300K Plus Spread Between $200K Ground-Rent and $504K Schwab Leasehold Rent
- Fee-Ownership with Ability to Take Control of Site No Later Than 2060 – Substantial Value- Growth Opportunity Given Ground-Rent is 60% Percent Below Building Rent
- 10 Percent Rent Increases Every Five Years – Adds 150 bps to Cap Rate by End of Base Term
Investment Overview
Marcus & Millichap is pleased to present for sale Charles Schwab in Westlake, Ohio. New Construction Charles Schwab with a 20-Year Absolute Triple-Net Ground Lease in Affluent Cleveland Suburb. “Flagship-eqsue” Leasehold Improvements – 2020-Built, Modern 7,187 Square Foot Structure, All-Steel Framing with 18’ Walls, High-End Stone/ Porcelain/Glass Exterior. Large 1.43-Acre Parcel with High Intrinsic Value in the Dirt and Expensive Leasehold Improvements. Directly Across from Crocker Park (#5 Ranked Retail Center in USA – Aug/2023); 4.5 Million Square Foot Lifestyle Center with 10 Million Annual Visitors. 26,000 Vehicles per Day on Crocker Road; Just 0.7-Mile to I-90 Exit Ramps with 138,000 Vehicles per Day.
