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Department Store

The Home Depot

3460 Mayfield Rd, Cleveland Heights, OH 44118

Listing Price: $17,300,000

Cap Rate
5.25%
Tenant Name
Home Depot
Years Remaining On Lease
9.6
Guarantor
Corporate Guarantee
Rentable SF
131,802
Lease Type
NNN Ground Lease
Rent Per Square Feet
$6.89

Investment Overview

Marcus & Millichap is pleased to exclusively present for sale a Home Depot Ground Lease located at 3460 Mayfield Road in Cleveland Heights, Ohio. The subject property features a ±113,847 square foot building and a ±17,955 square foot Outdoor Garden Center. The site is situated on a ±10.2 acre lot which anchors the south side of Severance Town Center, a +600,000 square foot power center featuring tenants such as Marshalls, OfficeMax, Aaron’s, Key Bank, World Gym, Dave’s Market, Ashley Stewart, GameStop, Burger King, and many other regional tenants. The road around the Town Center, Severance Circle, is home to businesses and organizations, including Cleveland Heights City Hall, the Cleveland Heights Post Office, Metro Health Medical Center, Severance Medical Arts Building, and Spectrum, the local cable provider. Cleveland Heights, Ohio is a diverse, progressive, vital suburb of Cleveland just up the hill from University Circle, with its museums, colleges and world-renowned medical facilities - Cleveland Clinic and University Hospitals - and is a convenient commute to downtown. Well known for its rich variety of homes, Cleveland Heights has everything from front-porch Colonials and Arts and Crafts bungalows to stately Tudors, historic mansions and innovative new condos.

Investment Highlights

  • Just Under 10 Years Remaining on NNN Ground Lease
  • Over 140,000 Residents within a 3 Mile Radius
  • 5% Increases Every 5 Years
  • Tenant has Five, Five-Year Options Remaining
  • 55% LTV Assumable Interest Only Financing in Place at 3.71%, Yielding a 7.11% Cash on Cash Return

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    (216) 264-2000

    License(s) OH: BRK.2007005898

    Ohio

Department Store

The Home Depot

Listing Price: $17,300,000

Cap Rate
5.25%
Tenant Name
Home Depot
Years Remaining On Lease
9.6
Guarantor
Corporate Guarantee
Rentable SF
131,802
Lease Type
NNN Ground Lease
Rent Per Square Feet
$6.89

Investment Highlights

  • Just Under 10 Years Remaining on NNN Ground Lease
  • Over 140,000 Residents within a 3 Mile Radius
  • 5% Increases Every 5 Years
  • Tenant has Five, Five-Year Options Remaining
  • 55% LTV Assumable Interest Only Financing in Place at 3.71%, Yielding a 7.11% Cash on Cash Return

Investment Overview

Marcus & Millichap is pleased to exclusively present for sale a Home Depot Ground Lease located at 3460 Mayfield Road in Cleveland Heights, Ohio. The subject property features a ±113,847 square foot building and a ±17,955 square foot Outdoor Garden Center. The site is situated on a ±10.2 acre lot which anchors the south side of Severance Town Center, a +600,000 square foot power center featuring tenants such as Marshalls, OfficeMax, Aaron’s, Key Bank, World Gym, Dave’s Market, Ashley Stewart, GameStop, Burger King, and many other regional tenants. The road around the Town Center, Severance Circle, is home to businesses and organizations, including Cleveland Heights City Hall, the Cleveland Heights Post Office, Metro Health Medical Center, Severance Medical Arts Building, and Spectrum, the local cable provider. Cleveland Heights, Ohio is a diverse, progressive, vital suburb of Cleveland just up the hill from University Circle, with its museums, colleges and world-renowned medical facilities - Cleveland Clinic and University Hospitals - and is a convenient commute to downtown. Well known for its rich variety of homes, Cleveland Heights has everything from front-porch Colonials and Arts and Crafts bungalows to stately Tudors, historic mansions and innovative new condos.

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    (216) 264-2000

    License(s): OH: BRK.2007005898

    Ohio

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