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1575 S Water St 3,788 SF Retail Building Kent, OH 44240 $795,000 ($209.87/SF) 11.12% Cap Rate
INVESTMENT HIGHLIGHTS
- Current rent is $7,364.15 per month. Lease expires on 6/29/2026. Pro Forma NOI for year 2026 is $88,369.80. Upside for re-position or User
- Situated in Kent’s commercial corridor with strong visibility and accessibility.
- Absolute NNN Lease.
- Located 0.60 miles from Kent State University (25,630 enrollment situated on approx. 866 acres)and near major retail destinations.
- Remodeled in year 2016. Parcel of one acre provides for ample parking.
- High traffic count of 17,000 VPD on S. Water St.
EXECUTIVE SUMMARY
The lease expires on 6/29/2026 providing an investor the upside opportunity to re-tenant or for owner/user. South Water Street is also known as State Highway 43
boasting a high traffic count of 17,000 VPD.
The lease was signed with Carrols Restaurant Group. Carrols Restaurant Group was purchased by the parent company of Burger King (Restaurant Brands, Inc.) in year 2024.
The subject site is located near many local and national businesses. Notable tenants in the immediate area on State Highway 43 include Chase bank, Key Bank, Portage Community Bank, McDonalds, CVS, Dunkin, Kentwood Square, O'Reilly's Auto Parts, etc.
BOR - Michael Glass
boasting a high traffic count of 17,000 VPD.
The lease was signed with Carrols Restaurant Group. Carrols Restaurant Group was purchased by the parent company of Burger King (Restaurant Brands, Inc.) in year 2024.
The subject site is located near many local and national businesses. Notable tenants in the immediate area on State Highway 43 include Chase bank, Key Bank, Portage Community Bank, McDonalds, CVS, Dunkin, Kentwood Square, O'Reilly's Auto Parts, etc.
BOR - Michael Glass
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
3,788 SF
Building Class
B
Year Built/Renovated
1970/1986
Price
$795,000
Price Per SF
$209.87
Cap Rate
11.12%
NOI
$88,370
Tenancy
Single
Building Height
1 Story
Building FAR
0.09
Lot Size
1.02 AC
Frontage
54’ on Water St
AMENITIES
- Signage
- Drive Thru
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 17-006-00-00-025-000 | Improvements Assessment | $166,740 |
| Land Assessment | $125,650 | Total Assessment | $292,390 |
PROPERTY TAXES
Parcel Number
17-006-00-00-025-000
Land Assessment
$125,650
Improvements Assessment
$166,740
Total Assessment
$292,390
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1575 S Water St
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