4634 Monroe St & 3315 W. Sylvania Ave, Toledo, Ohio
Ownership Type:
Owner/User
Price:
$6,313,000
Cap Rate:
4.75%
Current Rent:
$299,880
Tenancy:
Single Tenant
Lease Type:
DoubleNet
Lease Term:
20 years
Landlord Responsibilities:
Structure and roof replacement (New 20 year roof warranty that is fully transferable.)
Renewal Options:
4, 5 Year Options
Building Sq. Ft.:
33,125 SF
Rent Increases:
8% every 5 years after first 10 years
Site Size:
2.83 Acres
Investment Highlights
Rare 20 Year Lease Term: AutoZone signed a new 20 year lease and took the building as-is, showing their long term commitment to the site and customer base.
Passive Investment: The tenant is responsible for all day-to-day maintenance, including taxes, CAM, and insurance (including reimbursing the landlord for any premiums), providing ease of management. There is also a new 20 year roof warranty — fully transferable.
Mega Hub Store Location: The 33,125 SF building serves as the Mega Hub for the market, which carry approx. 5x the number of products as traditional stores generating higher sales and acts as a distribution center for the local area.
Convenient Site Access & Major Traffic Exposure: The site benefits from three points of egress/ingress from local roads totaling 76,650 VPD. Interchange access to I-475 (79,500 VPD) is one intersection South, providing easy access for retail customers and local distribution.
Dense Retail Corridor: AutoZone is centrally positioned in the retail corridor, which is anchored by Franklin Park Mall (1.3mm SF), Target, Kroger, and Home Depot.
Automotive Retail Leader: AutoZone (S&P: BBB) is leading retailer of automotive parts and supplies with over 6,100 locations in the US. For the FYE 2024, the company reported revenue of $18.49bn and net income of $2.6bn.
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