Address: 316 East Highland Road, Macedonia, Ohio, United States 44056
Type: Gas & Conv. Store
Cap Rate: 7.50%
Lease Type: Absolute Triple-Net (NNN)
Annual Rent: $218,250
Net Operating Income: $218,250
Lease Term Remaining: 13 Years
Rental Increases: 2% Annually
Year Built: 1990
Rentable Sq/Ft: 3,616 SF
Rent Sq/Ft: $60.36
Price Sq/Ft: $805
Lot Size: +/-1.42 Acres
Marcus & Millichap is pleased to present the exclusive listing for dark 7-Eleven property located at 316 East Highland Road in Macedonia, OH. 7-Eleven ceased operations in November of 2018. Built in 1990, and renovated in 2008, the property consists of a 3,616 square foot building, and sits on 1.24 acres of land.
This 7-Eleven property is has approximately 13 years remaining on its original 20-year triple-net (NNN) lease. The current rent is $228,531 and is subject to 2%annual rental increases.
7-Eleven Inc. is a Japanese-owned American international chain of convenience stores, headquartered in Dallas, Texas. The chain was known as Tote’m Stores until it was renamed in 1946. Its parent company since 2005, Seven-Eleven Japan Co., Ltd., operates, franchises, and licenses 66,579 stores in 17 countries as of June 2018.
This 7-Eleven property is located at 316 East Highland Road in Macedonia, Ohio. East Highland Road is off of U.S. Interstate 271. Macedonia is a city in Summit County, Ohio and is part of the Akron Metropolitan Statistical Area. The property is located 18 miles north of Akron, Ohio and 23 miles south of Cleveland. The larger Cleveland-Akron-Canton Combined Statistical Area includes Summit County. The Combined Statistical Area has a population over 3.5 million people.
The subject property is well-positioned along U.S. Interstate 271 and Ohio Route 8, benefitting from it’s proximity to major national and local tenants. Nearby national tenants include: Walmart, Tractor Supply Co., The Home Depot, Lowe’s, Target, Walgreens, Hobby Lobby, Best Buy, 84 Lumber, Chipotle, Subway, Chili’s, McDonald’s Applebee’s, Golden Corral, Bob Evans, Kohl’s, and Cinemark, among various others. The subject property also benefits from its close proximity to many hotels, such as: La Quinta Inn & Suites, Knights Inn, and Country Inn & Suites. Nordonia High School is in close proximity to the property, with more than 1,500 students enrolled.
There are approximately 37,301 people within a three-mile radius of this property and more than 63,144 within a five-mile radius. The property is situated on East Highland Road, off of U.S. State Road 8 and U.S. Interstate 271. The thoroughfares have daily traffic counts of 35,310 and 60,145 vehicles, respectively. Additionally, the average household income exceeds $100,000 within a five-mile radius.
Located roughly 23 miles from the subject property is Cleveland, Ohio. Cleveland is the county seat of Cuyahoga County, the most populous county in the state of Ohio. The city is located on the southern shore of Lake Erie, and is the second largest city in the state of Ohio. Cleveland’s geographic location on the Cuyahoga River and Lake Erie has been key to its growth. Cleveland is home to the corporate headquarters of many large companies such as Applied Industrial Technologies, Cliffs Natural Resources, Forest City Enterprises, NACCO industries, Sherwin-Williams Company, and KeyCorp. The Cleveland Clinic is the city’s largest private employer with a workforce of over 37,000. Cleveland is home to three professional sports organizations including the Cleveland Cavaliers, Cleveland Indians, and the Cleveland Browns.
Broker of Record: Michael Glass – License # BRK.2007005898