5290 Monroe StToledo, OH 43623

Property Details for 5290 Monroe St

Year built

2015

Lot size

1.04 AC

Property size (Sq ft)

9,600 SF

Zone code

10-CR

Property type

Retail properties

Property subtype

Retail space

APN

24-01608

APU

2401608

Description

This exceptional investment opportunity presents a 9,645-square-foot, single-tenant retail property in Toledo, Ohio. The property, built in 2015, sits on a 1.03-acre lot and features an absolute NNN lease with a corporate guarantee from Mattress Firm, significantly reducing landlord responsibilities. The current lease, expiring June 29, 2029, has a remaining term of approximately 4.6 years and includes two, five-year renewal options. The annual net operating income (NOI) is $241,125, resulting in an attractive 7.85% capitalization rate. The asking price is $3,072,000. Rent is currently $25 per square foot, below the national average for Mattress Firm, suggesting a strong likelihood of lease renewal. The property benefits from a prime location on Monroe Street, a busy retail corridor, directly across from major national retailers including Starbucks, Target, Marshalls, HomeGoods, and Hobby Lobby. Its proximity to Franklin Park Mall, a high-traffic shopping destination, further enhances its desirability. The area boasts a significant residential population, including numerous schools and over 450 multifamily units within walking distance. The impending acquisition of Mattress Firm by Tempur-Sealy International, Inc. is expected to further strengthen the tenant's creditworthiness and long-term viability. This is a rare opportunity to acquire a high-performing, low-maintenance investment property with a strong tenant and excellent location. The property offers significant upside potential due to the favorable lease terms and prime location within a thriving retail market.

• CAP approach

  CAP return

  Valuation

  6%

  $2,415,804

  6.5%

  $2,229,973

  7%

  $2,070,689

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,262,920

  Geo Method

  $2,262,920

• Alternative Use

  Use

  Valuation

  Residential

  $1,881,066

  Hospitality

  $1,723,046

  Educational

  $1,433,554

  Medical

  $1,482,856

  Retail

  $2,229,973

Location Insight

City

Toledo

County

Lucas

State

Ohio

Latitude

41.7031

Longitude

-83.6545

CBSA code

45780

CBSA name

TOLEDO, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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