Range USA - Valley View, OH_Property for Sale
Range USA - Valley View, OH_Property for Sale
6035 Canal Road, Valley View, OH, 44125, US

Range USA - Valley View, OH

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”), is pleased to exclusively offer for sale the fee-simple interest in the single-tenant Range USA (the “Property” or “Asset”) located at 6035 Canal Road in Valley View, OH (Cleveland MSA). The newly constructed gun range, retail and store totals 15,000 SF across 3.20 acres and features ±19.2 years of lease term remaining, subject to multiple renewal options. The lease structure operates as a NNN and offers investors long-term cash flow with attractive 5.00% rent increases every 5-years.

The Asset is situated 9 miles east of Cleveland adjacent to Interstate-480 along Canal Road. Both roads experience high traffic counts of 150,000 and 20,000+ vehicles per day, respectively. The surrounding demographics are very strong. Within a 5-mile radius of the Asset there are ~200K residents and within the immediate area (1-mile radius) the average household income is $130K.

Directly to the south of the asset is the Center Valley Business Park comprised of office, warehouse, manufacturing and R&D facilities. The business park houses numerous well-known regional and national tenants. The Asset also benefits from the neighboring Cinemark movie theater which attracts nearly 1 million visitors annually.

To the west of the Asset is 25 acres of undeveloped commercially zoned land primed for future development. Finally, the surrounding area has synergetic sporting facilities such as an indoor soccer and volleyball facility, axe throwing entertainment bar, CrossFit fit complex and an indoor fieldhouse. The Asset compliments the surrounding entertainment facilities. 


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Attributes

Asking price
SEK 62,751,000
Cap rate
7.5%
NOI
SEK 4,707,000
WAULT
19.2 years
Building area net
1,394 m²
Land area gross
3,966 m²
Year built
2023
Occupancy
100%

Media

Investment Highlights

  • Strong Credit Lease Guarantor
  • Brand New Construction with 19.2 Years on NNN Lease featuring minimal Land Lord Responsibilities
  • AHHI of $129K within a 1-mi radius
  • 9-mi from Cleveland, OH MSA
  • Adjacent to the #8 visited Cinemark in the U.S. (1M annual visitors)
  • 33% Growth in Gun Ownership in the U.S. (2017-2023)
  • 3.6M SF of Industrial Space within a 1-mi radius of the asset
  • Proximity and Access to Interstate - 480
Range USA - Valley View, OH 4_Property for Sale

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Range USA - Valley View, OH (0 Properties)

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Last updated
28 Jun 2024