21330 Center Ridge RdRocky River, OH 44116

Property Details for 21330 Center Ridge Rd

Year built

2020

Lot size

0.80 AC

Property size (Sq ft)

3,418 SF

Zone code

GB

Property type

Drive through restaurants

APN

303-22-013

APU

30322013

Description

This exceptional investment opportunity presents a fee-simple, single-tenant, absolute NNN leased Raising Cane's restaurant in Rocky River, Ohio. The property boasts a 3,418 square foot building on a 1.23-acre lot, constructed in 2020. The current lease, with a remaining term of 10.3 years (expiring February 28, 2035), commenced February 11, 2020, and includes five, five-year renewal options with a 10% rent increase every five years. The property enjoys a 5.25% cap rate, generating a net operating income (NOI) of $269,496. The location is highly desirable, situated on Center Ridge Road, a corridor with 20,000 cars per day, and benefits from strong demographics: 14,000 people within one mile with an average household income of $102,000, and 92,000 people within three miles with an average household income of $97,000. The property's proximity to major retailers like Target, Home Depot, Lowe's, Kohl's, and ALDI further enhances its appeal. The tenant, Raising Cane's, is a rapidly expanding quick-service restaurant (QSR) brand, adding over 120 new units in the past two years. This property offers a secure, passive income stream with significant upside potential due to the lease terms and the tenant's robust growth trajectory. The asking price is $5,133,000. This is a corporate-owned unit, purchased in 2021, demonstrating the brand's commitment to the location's success. The property's excellent visibility and two points of ingress/egress add to its overall value. The property is located at 21330 Center Ridge Rd, Rocky River, OH 44116.

Location Insight

City

Rocky River

County

Cuyahoga

State

Ohio

Latitude

41.4611

Longitude

-81.8565

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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