Address: 1100 West High Ave, New Philadelphia, Ohio, United States 44663
Type: Net Leased Car Wash
Cap Rate: 6.00%
Lease Type: Triple-Net (NNN)
Annual Rent: $171,414
Net Operating Income: $171,414
Lease Term Remaining: 20 Years
Rental Increases: 1.50% Annually
Options: Four, Five -Year Tenant Renewal Options
Rentable Sq/Ft: 3,361 SF
Rent Sq/Ft: $51
Price Sq/Ft: $850
Lot Size: +/- 1.25 Acres
Marcus & Millichap is pleased to present the exclusive listing for 1100 West High Avenue in New Philadelphia, Ohio. The tenant will enter into a brand new, 20-year triple-net (NNN) lease upon close of escrow with absolutely no landlord responsibilities. The base annual rent will be $171,414 and will be subject to 1.50% annual rental escalations throughout the base term as well as the four, five-year tenant renewal option periods. The lease will have a corporate guarantee. International Car Wash Group operates more than 900 locations throughout the United States and Internationally. The property is 3,361 rentable square feet and is situated on 1.25 acres.
The subject property benefits from being well-positioned in a dense urban infill consisting of national and local tenants, schools and multiple hospitality arrangements. Major national tenants include: Walmart, Aldi, Sheetz, Big Lots!, Dollar Tree, Advance Auto Parts, O’Reilly Auto Parts, Burger King, Taco Bell, as well as several others. Accommodations in the immediate area include: Holiday Inn Express & Suites, Hampton Inn, Best Western, Super 8 and more. This ICWG Car Wash also benefits from being situated within a five-mile radius of several academic institutions. The most notable is Kent State University at Tuscarawas, which has a combined total enrollment exceeding 2,100 students. Cleveland Clinic Union Hospital, a 100+ bed, general medical and surgical facility is located within two miles of the subject property.
The subject car wash is situated on West High Avenue, which boasts average daily traffic counts exceeding 21,580 vehicles respectively. West High Avenue intersects with Interestate-77 and U.S. Route 250, which brings an additional 41,700 and 19,000 vehicles into the immediate area on average daily. There are more than 37,867 individuals residing within a five-mile radius of the property and more than 71,632 individuals within a ten-mile radius.
New Philadelphia is a city in and the county seat of Tuscarawas County, OH and is situated approximately 70 miles from Cleveland and 100 miles from Columbus. As its name suggests, the city is laid out in the same grid style as Philadelphia, Pennsylvania. Even the primary streets – High Avenue and Broadway – are named after two original main streets in Philadelphia. Today, New Philadelphia has a thriving “Main Street” with many original buildings serving as home to locally owned businesses and shops, reflective of their pride in remembering the past while continuing to move forward. The city has one of the lowest crime rates in the state, and recently was voted number four in the “50 Safest Cities in Ohio”. Cleveland, a city located on the southern shore of Lake Erie, is the 51st largest city in the United States and is the 32nd largest metropolitan area. Cleveland’s economy relies on diversified sectors such as manufacturing, financial services, healthcare (such as the Cleveland Clinic and University Hospitals), and biomedicals. Cleveland’s economy ranks 28th largest in the nation and is the largest economy of Ohio’s metro areas with $139 billion.
Broker of Record: Michael Glass License #BRK.2007005898