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U.S. Bank Branch 680 Broadway Ave 6,825 SF Retail Building Bedford, OH 44146 $805,000 ($117.95/SF) 7.45% Cap Rate
Investment Highlights
- Absolute NNN lease with corporate guarantee by U.S. Bank.
- Investment supported by tenant’s investment-grade credit rating and national presence.
- Priced below replacement cost at under $118/sq. ft.
- Occupied by U.S. Bank since 2011
- Located on a downtown Bedford corridor with pedestrian and vehicle traffic.
Executive Summary
This is a U.S. Bank branch located in downtown Bedford, Ohio—a core retail corridor just 28 miles southeast of Cleveland. The property spans 6,825 SF and includes valuable basement space used by U.S. Bank for storage and an employee break room. Situated within a high-visibility district, this asset benefits from its established location within Cuyahoga County and proximity to major highways including I-480 and I-271.
U.S. Bank, which operates over 2,000 branches and holds an S&P AA- investment-grade rating, has shown a strong commitment to this location with an early 5 year extension of an absolute NNN lease through November 2031, that calls for 2.0% annual rent escalations during renewal options. The structure of this absolute NNN lease transfers all operating responsibility to the tenant, providing investors with predictable cash flow and no management obligations. Tenant is paying below market rent of just $.73/sq. ft. NNN
The property sits in a dense trade area with over 59,000 residents within a 3-mile radius and is adjacent to essential retailers, local services, and community amenities. Its downtown positioning and enduring tenancy make this an attractive long-term investment opportunity anchored by a creditworthy tenant.
U.S. Bank, which operates over 2,000 branches and holds an S&P AA- investment-grade rating, has shown a strong commitment to this location with an early 5 year extension of an absolute NNN lease through November 2031, that calls for 2.0% annual rent escalations during renewal options. The structure of this absolute NNN lease transfers all operating responsibility to the tenant, providing investors with predictable cash flow and no management obligations. Tenant is paying below market rent of just $.73/sq. ft. NNN
The property sits in a dense trade area with over 59,000 residents within a 3-mile radius and is adjacent to essential retailers, local services, and community amenities. Its downtown positioning and enduring tenancy make this an attractive long-term investment opportunity anchored by a creditworthy tenant.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Bank
Building Size
6,825 SF
Building Class
C
Year Built/Renovated
1921/1972
Price
$805,000
Price Per SF
$117.95
Cap Rate
7.45%
NOI
$60,000
Tenancy
Single
Building Height
2 Stories
Slab To Slab
9’
Building FAR
1.96
Lot Size
0.08 AC
Zoning
H-D - Historical Downtown
Frontage
37’ on Broadway Ave
Amenities
- Signage
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
-
- Finance and Insurance
- -
- -
- -
U.S. Bank traces its roots to the 1860s, with a current operating charter signed in 1863 and a history that grew from early Midwestern banking into the modern enterprise. U.S. Bancorp serves as the publicly traded parent company of U.S. Bank, and the business offers banking, investment, mortgage, trust, and payment services to consumers, businesses, and institutions. The company's operating mix includes consumer banking, business banking, commercial banking, institutional banking, payments, and wealth management. U.S. Bank maintains a broad national presence and serves customers across local, national, and global markets through this diversified platform.
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
|
|
Finance and Insurance | - | - | - |
Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 812-13-051 | Improvements Assessment | $129,045 |
| Land Assessment | $4,900 | Total Assessment | $133,945 |
Property Taxes
Parcel Number
812-13-051
Land Assessment
$4,900
Improvements Assessment
$129,045
Total Assessment
$133,945
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