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7560 Oak Point Rd
Amherst, OH 44001
Panera Bread - Cleveland (Amherst) OH · Retail Property For Sale
Investment Highlights
- Brand New 10-Year Lease | Largest Panera Franchisee |7.50% Rental Increases | Options To Extend
- Signalized, Hard Corner Intersection | Dense Retail Corridor | Surrounding Big Box Retailers
- Strong Demographics | Cleveland MSA
- Absolute NNN | Fee Simple Ownership |Zero Landlord Responsibilities
- Excellent Visibility From State Hwy 2 (54,400 VPD ) | Deerfield Town Center Outparcel | Amherst Marketplace
Executive Summary
• Panera Bread will execute a brand new 10-year lease at the close of escrow
• Covelli Enterprises is the largest Panera Franchisee, operating 300+ locations across the country (Covelli Enterprises)
• Dalcan, LLC (54 Panera Bread Stores) is the guarantor of the lease
• The lease features 7.50% rental increases every five years throughout the initial term and at the beginning of each of the 4 (5-year) options
• The asset is equipped with a drive-thru, allowing for increased customer convenience
• Covelli Enterprises is the largest Panera Franchisee, operating 300+ locations across the country (Covelli Enterprises)
• Dalcan, LLC (54 Panera Bread Stores) is the guarantor of the lease
• The lease features 7.50% rental increases every five years throughout the initial term and at the beginning of each of the 4 (5-year) options
• The asset is equipped with a drive-thru, allowing for increased customer convenience
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Restaurant
Building Size
5,687 SF
Building Class
B
Year Built
2010
Price
$2,956,500
Price Per SF
$519.87
Cap Rate
5.75%
NOI
$170,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.12
Lot Size
1.12 AC
Zoning
Commercial - Restaurant, Bar, Food Services
Parking
88 Spaces (15.47 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Corner Lot
- Signage
- Signalized Intersection
- Drive Thru
- Air Conditioning
Property Taxes
| Parcel Numbers | Improvements Assessment | $899,630 | |
| Land Assessment | $676,925 | Total Assessment | $1,576,554 |
Property Taxes
Parcel Numbers
Land Assessment
$676,925
Improvements Assessment
$899,630
Total Assessment
$1,576,554
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