6050 Park Square DrLorain, OH 44053

Property Details for 6050 Park Square Dr

Year built

2007

Lot size

1.10 AC

Property size (Sq ft)

7,490 SF

Property type

Specialty properties

Property subtype

Day care centers & nurseries

Description

Exceptional investment opportunity: a 7,490 square foot daycare center in Lorain, Ohio, operating under a corporate-guaranteed, absolute NNN lease with "The Nest Schools." The lease, commencing March 12, 2021, and expiring March 31, 2041, offers a substantial remaining term of 16.4 years, with built-in 2% annual rent increases. The property, built in 2007 and situated on 1.1 acres at 6050 Park Square Dr, Lorain, OH 44053, boasts 100% occupancy since its opening. The current asking price is $2,571,429, representing a compelling cap rate of 7.00% and a price per square foot of $343.31. The property benefits from a strong location near major retailers like Lowe's and Target, and serves a densely populated area with an average household income exceeding $112,000 within a one-mile radius. The Nest Schools, a rapidly expanding national chain with over 50 existing locations and plans for significant future growth, provides exceptional tenant stability. Two 10-year lease options further enhance the long-term value proposition. The property's strategic location near five elementary schools within a five-mile radius underscores its strong market position within the community. This fee-simple ownership (land and building) presents a rare opportunity for a secure, high-yield investment in the thriving childcare sector. The Net Operating Income (NOI) is $180,000.

Location Insight

City

Lorain

County

Lorain

State

Ohio

Latitude

41.416

Longitude

-82.2374

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