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Auto Parts

AutoZone

35850 Chester Rd, Avon, OH 44011

Listing Price: $1,340,000

Cap Rate
5.00%
Tenant Name
AutoZone
Years Remaining On Lease
6.6
Guarantor
Corporate Guarantee
Rentable SF
7,381
Lease Type
Ground Lease
Rent Per Square Feet
$9.09

Investment Overview

Marcus & Millichap is pleased to present this AutoZone located at 35850 Chester Road in Avon, Ohio. There are over six years remaining on its original 20 year absolute net ground lease with four, five-year renewal options and 15 percent rental increases in each option. There are no landlord responsibilities. The subject property is situated on a hard-signalized intersection seeing over 11,000 vehicles per day along Chester Road just off of Interstate 90 seeing over 68,000 vehicles per day. The property is located at the entrance of Avon Crossing, a retail development anchored by Lowe’s featuring multiple national tenants such as ALDI, Petco, Wendy’s, JC Penney, Arby’s and more. The property is adjacent to a Walmart Supercenter and is located in a dense retail corridor near multiple national retail and entertainment tenants. The building is 24 minutes from downtown Cleveland and 24 minutes from the Cleveland Hopkins International Airport.

Investment Highlights

  • Over Six Years Remaining on Absolute Net Ground Lease with Rare 15 Percent Rental Increases in Each Five Year Option
  • Located at Signalized Intersection | Strong Visibility Along Chester Road (Over 11,900 Vehicles Per Day)
  • Entrance of Avon Crossing | Lowe's Anchored Development
  • Near Growing Retail Corridor Near Multiple National Retailers such as Target, Planet Fitness, DuluthTrading Co, Main Event, Bass Pro Shops, Menards, Ashley Homestore and More
  • Directly Across from Walmart Supercenter
  • Strong Demographics: Over 101,700 People in Five-Mile Radius with an Average Household Income of Over $120,000
  • Less than One Mile from Cleveland Clinic Avon Pointe Location
  • AutoZone is an Investment Grade Credit Tenant (S&P: BBB)

Exclusively Listed By

Listing Price: $1,340,000

Cap Rate
5.00%
Tenant Name
AutoZone
Years Remaining On Lease
6.6
Guarantor
Corporate Guarantee
Rentable SF
7,381
Lease Type
Ground Lease
Rent Per Square Feet
$9.09

Investment Highlights

  • Over Six Years Remaining on Absolute Net Ground Lease with Rare 15 Percent Rental Increases in Each Five Year Option
  • Located at Signalized Intersection | Strong Visibility Along Chester Road (Over 11,900 Vehicles Per Day)
  • Entrance of Avon Crossing | Lowe's Anchored Development
  • Near Growing Retail Corridor Near Multiple National Retailers such as Target, Planet Fitness, DuluthTrading Co, Main Event, Bass Pro Shops, Menards, Ashley Homestore and More
  • Directly Across from Walmart Supercenter
  • Strong Demographics: Over 101,700 People in Five-Mile Radius with an Average Household Income of Over $120,000
  • Less than One Mile from Cleveland Clinic Avon Pointe Location
  • AutoZone is an Investment Grade Credit Tenant (S&P: BBB)

Investment Overview

Marcus & Millichap is pleased to present this AutoZone located at 35850 Chester Road in Avon, Ohio. There are over six years remaining on its original 20 year absolute net ground lease with four, five-year renewal options and 15 percent rental increases in each option. There are no landlord responsibilities. The subject property is situated on a hard-signalized intersection seeing over 11,000 vehicles per day along Chester Road just off of Interstate 90 seeing over 68,000 vehicles per day. The property is located at the entrance of Avon Crossing, a retail development anchored by Lowe’s featuring multiple national tenants such as ALDI, Petco, Wendy’s, JC Penney, Arby’s and more. The property is adjacent to a Walmart Supercenter and is located in a dense retail corridor near multiple national retail and entertainment tenants. The building is 24 minutes from downtown Cleveland and 24 minutes from the Cleveland Hopkins International Airport.

Exclusively Listed By

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