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| Name: |
Cleves Shopping Center |
| Address: |
4153 State Route 128 |
| City: |
Cleves |
| State: |
OH |
| Price: |
$1600000 |
| Price/Sq ft : |
$168.42/square foot |
| Cap: |
10.43% |
| Description: |
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| Marcus & Millichap of Ohio is pleased to bring to market this 9,500 SF neighborhood shopping center located in Cleves, OH. The subject property was constructed in 2002, right next to a newer Kroger store. The property is currently 100% occupied by national credit tenants including Blockbuster Video, Great Clips, Jackson Hewitt and Subway. Rent in the center commands approximately $17.00 PSF plus pass thru's. All leases are triple net structured with reasonable management fees passing thru as well. The only landlord financial obligations are roof and structure which has been accounted for with a reserve underwritten above the line. The property has been immaculately kept and will continue to benefit an incoming owner with its stable tenant mix and proximity to Kroger.
The questionable component to this deal is the viability of Blockbuster Video moving forward. Given the turmoil for retailers in todays market place, Blockbuster Video has been a relatively unstable tenant. For that reason alone, we have underwritten Blockbuster's space at what we beleive the replaceable rent to be for a similar space in a similar location. An incoming investor should realize that commercial real estate is cyclical as well as retailers performance. Every market has winners and losers and depending on when the market turns will be a function of whether or not Blockbuster will survive and prosper or have to sell some stores off.
An incoming investor has the opportunity to acquire this asset at an 10.43% Cap going in, yielding an initial cash on cash return of approximately 14% based on current market debt which requires about 35% down with about a 6.75% loan.
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Write an Offer Today! |
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| The representations contained on this internet page are provided based on information deemed reliable. However, the same has not been independently verified. Principals are advised to conduct a thorough due diligence for any potential transaction. Marcus & Millichap Real Estate Investment Brokerage Company's name and logo are used herein for information purposes only. |
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