Retail Space - For Sale
4070 Interchange Corporate Center Road Warrensville Heights, OH 44128
Details & Description
Price: $7,749,000
  • Property Type Retail for Sale
  • Lot Size Acres 0.000
  • Building Sq Ft 8,408
  • Building Price per Sq Ft $921.62
SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a newly constructed, freestanding, corporate guaranteed, Carvana Car Vending Machine, investment opportunity located in Warrensville, Ohio (Cleveland MSA). The tenant, Carvana LLC, recently signed a 20-year lease in 2018 (17 years remaining) with 4 (5-year) options to extend, demonstrating their long-term commitment to the site. The lease features approximately 9.59% rental increases (lesser of 9.59% or 1.25 x 5-year CPI) every 5 years throughout the initial term and at the beginning of each option period, growing NOI and hedging against inflation. The lease is corporate guaranteed and is absolute NNN with zero landlord responsibilities, making it an ideal, management-free investment opportunity for a passive investor.Carvana is located directly along Interstate 271 (158,700 VPD), the primary north/south thoroughfare traveling throughout Warrensville, with convenient nearby on/off ramp access. The asset benefits from excellent visibility via significant highway frontage and its 8-story Car Vending Machine, increasing direct consumer exposure. Carvana is positioned in a dense retail and commercial corridor with nearby national/credit tenants including The Home Depot, Lowe’s Home Improvement, Aldi, Planet Fitness, CVS Pharmacy, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. In addition, the property is within close proximity to Cuyahoga Community College (31,250 students), Ohio’s oldest and largest public community college. Moreover, Carvana is located just 1.75 miles south of UH Ahuja Medical Center (144 beds), a community hospital that is currently undergoing a $200M expansion that will include a second five-floor hospital tower and a two-floor sports medicine complex. The 5-mile trade area is supported by nearly 180,000 residents with a healthy average household income of $90,000.
Listing Agents
Matthew Mousavi

O: 949-698-1116
M: 714-404-8849
matthew.mousavi@srsre.com
While we strive to provide the most accurate information, all listing information, and demographic data, is provided by third-parties. As such, MyEListing will not be responsible for the accuracy of the information. It is strongly recommended that you verify all information with the listing agent, and any relevant agencies, prior to making any decisions.

4070 Interchange Corporate Center Road

Warrensville Heights, OH 44128

Listing ID: 255942
$7,749,000
For Sale
  • Property Type Retail for Sale
  • Lot Size Acres 0.000
  • Building Sq Ft 8,408
  • Building Price per Sq Ft $921.62
  • 4070 Interchange Corporate Center Road Warrensville Heights, OH 44128 | for Sale | Photo 1
  • 4070 Interchange Corporate Center Road Warrensville Heights, OH 44128 | for Sale | Photo 2
  • 4070 Interchange Corporate Center Road Warrensville Heights, OH 44128 | for Sale | Photo 3
4070 Interchange Corporate Center Road | for Sale | Thumbnail 1
4070 Interchange Corporate Center Road | for Sale | Thumbnail 2
4070 Interchange Corporate Center Road | for Sale | Thumbnail 3
Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a newly constructed, freestanding, corporate guaranteed, Carvana Car Vending Machine, investment opportunity located in Warrensville, Ohio (Cleveland MSA). The tenant, Carvana LLC, recently signed a 20-year lease in 2018 (17 years remaining) with 4 (5-year) options to extend, demonstrating their long-term commitment to the site. The lease features approximately 9.59% rental increases (lesser of 9.59% or 1.25 x 5-year CPI) every 5 years throughout the initial term and at the beginning of each option period, growing NOI and hedging against inflation. The lease is corporate guaranteed and is absolute NNN with zero landlord responsibilities, making it an ideal, management-free investment opportunity for a passive investor.

Carvana is located directly along Interstate 271 (158,700 VPD), the primary north/south thoroughfare traveling throughout Warrensville, with convenient nearby on/off ramp access. The asset benefits from excellent visibility via significant highway frontage and its 8-story Car Vending Machine, increasing direct consumer exposure. Carvana is positioned in a dense retail and commercial corridor with nearby national/credit tenants including The Home Depot, Lowe’s Home Improvement, Aldi, Planet Fitness, CVS Pharmacy, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. In addition, the property is within close proximity to Cuyahoga Community College (31,250 students), Ohio’s oldest and largest public community college. Moreover, Carvana is located just 1.75 miles south of UH Ahuja Medical Center (144 beds), a community hospital that is currently undergoing a $200M expansion that will include a second five-floor hospital tower and a two-floor sports medicine complex. The 5-mile trade area is supported by nearly 180,000 residents with a healthy average household income of $90,000.

Points of Interest & Demographic Radii
Points of Interest
Demographic Radii
POIs provided for entertainment purposes only. Data comes from multiple data sources as well as users and agents. MyEListing makes no claims whatsoever as to the accurancy and/or completeness.
 
Cleveland History of Retail Space for Sale

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Warrensville Heights Area Market Trends

Listing Demographics for 4070 Interchange Corporate Center Road Warrensville Heights, OH 44128

All information based on the most recently available data (updated annually) and is provided in 1-mile, 3-mile, and 5-mile radii (radiuses) of the property location.

1-Mile 3-Miles 5-Miles
Total Population7,82657,796177,753
Population Median Age394141
Population by Age0-9 Yrs1250 (15%)7050 (12%)21499 (12%)
10-19 Yrs751 (9%)6657 (11%)22345 (12%)
20-29 Yrs1319 (16%)6874 (11%)20607 (11%)
30-39 Yrs922 (11%)6628 (11%)20638 (11%)
40-49 Yrs667 (8%)6809 (11%)21177 (11%)
50-59 Yrs875 (11%)8032 (13%)24178 (13%)
60-69 Yrs1075 (13%)7722 (13%)22672 (12%)
70+ Yrs967 (12%)8023 (13%)24638 (13%)
Median HH Income$38,679$48,706$53,551
Total Household Income< 24K1029 (27%)6285 (24%)17583 (23%)
25-49K1376 (36%)6796 (26%)17715 (23%)
50-74K618 (16%)4406 (17%)12743 (17%)
75-99K454 (12%)2924 (11%)8191 (10%)
100-199K225 (6%)3558 (13%)12054 (16%)
200K+36 (0%)1530 (6%)6605 (8%)
Highest Education LevelNo Diploma39531799799
Diploma or GED18481188032260
Some College1528983226578
Assoc. Degree714357810195
Bachelors Degree568613221393
Higher Degree211595723357
Total Housing Units4,26128,60885,413
--Owner-Occupied1,13513,69245,715
--Renter-Occupied2,60211,80729,176
Owner-Occupied Values< 100K732689120665
100-199K340289710105
200-299K2415165965
300-399K1210273362
400-499K97062452
500K+206553167
Total Working Age Population6,23246,884142,994
In Work Force4,04328,88089,065
Not In Work Force2,18918,00453,929
Workforce Employed3,55926,46182,103
Workforce Unemployed4842,4176,913
Civlian Workforce4,04328,87889,016
Military Workforce0249
Total Households3,73825,49974,891
Family Households2,07914,83544,902
Non-Family Households1,65910,66429,988
Married Couple6687,94927,347
Other Family1,4116,88617,555
Married w/Child1012,6689,984
Single Male w/Child513701,157
Single Female w/Child7252,9227,091

Population Change Last Two Decades - Plus Projection

2000%2010%2020%2030
Ohio11,353,140+211,536,504011,574,870011,615,100
Cuyahoga County1,393,978-81,280,122-61,209,550-51,154,210

Total Working Age Population:

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Total Working Age Population:

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No part of this information may be copied, reproduced, repurposed, or screen-captured for any commercial purpose without prior written authorization from MyEListing.

While we strive to provide the most accurate information, all listing information, and demographic data, is provided by third-parties. As such, MyEListing will not be responsible for the accuracy of the information. It is strongly recommended that you verify all information with the listing agent, and any relevant agencies, prior to making any decisions.

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Closest Commercial Airports
Airport Distance (mi)
Cleveland Hopkins International Airport (CLE) 18
Erie International Tom Ridge Field (ERI) 82
Pittsburgh International Airport (PIT) 93
Listing Agent
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