5995 Ridge RdMadison, OH 44057

Property Details for 5995 Ridge Rd

Year built

2021

Construction

WOOD

Lot size

0.57 AC

Property size (Sq ft)

3,000 SF

Property type

Retail properties

Property subtype

Retail space

APN

01-B-126-0-00-060-0

APU

01B1260000600

Description

This exceptional 3,000-square-foot retail storefront, located at 5995 N Ridge Rd in Madison, Ohio (Lake County, zip code 44057), presents a compelling investment opportunity. Built in 2020, this property boasts a prime location on US Route 20, a Walmart outparcel, and benefits from excellent visibility and high traffic volume (approximately 15,300 vehicles per day). The property is currently leased to Verizon, a nationally recognized brand, under a Net Net (NN) lease agreement commencing December 19, 2020. The lease includes rent bumps of 10% every five years and offers two five-year lease options. The asking price is $1,875,000, representing a price per square foot of $625 and a strong 7.86% capitalization rate based on a Net Operating Income (NOI) of $147,389. The 0.57-acre lot provides ample space. This investment is further strengthened by the notable guarantor and the tenant's status as the largest Verizon retailer. The property's recent construction and strategic location within the Cleveland MSA make it an attractive and stable investment.

• CAP approach

  CAP return

  Valuation

  6%

  $793,359

  6.5%

  $732,331

  7%

  $680,022

• Comparable approach

  Method

  Valuation

  Relative Method

  $707,162

  Geo Method

  $707,162

• Alternative Use

  Use

  Valuation

  Residential

  $617,749

  Hospitality

  $565,854

  Educational

  $470,784

  Medical

  $486,975

  Retail

  $732,331

Location Insight

City

Madison

County

Lake

State

Ohio

Latitude

41.8011

Longitude

-81.0751

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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