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La-Z-Boy 7793 Mentor Ave 20,000 SF Retail Building Mentor, OH 44060 $3,375,000 ($168.75/SF) 7.85% Cap Rate
Investment Highlights
- Long-Term, Corporate Guaranteed Net Lease - La-Z-Boy, Inc. (NYSE: LZB), a nationally recognized and publicly traded retailer
- Future Upside Through Multiple Renewal Options - Lease includes four, five-year renewal options with increases
- High-Visibility Retail Location on Major Commercial Corridor - Positioned along Mentor Avenue (US-20) with traffic counts exceeding 20,000 VPD
- Triple Net Lease with Minimal Landlord Responsibilities - Offers investors passive ownership with limited exposure
- Tenant Committed to Capital Investment - La-Z-Boy plans to remodel the store within the next year, upgrading to its latest prototype design
- Dense, Affluent Cleveland MSA Demographics - Over 105,000 people within 5 miles with average household incomes exceeding $97,000
Executive Summary
Long-Term, Corporate Guaranteed Net Lease - La-Z-Boy, Inc. (NYSE: LZB), a nationally recognized and publicly traded retailer, has occupied the property since 2005 and recently executed a 6-year lease renewal through October 2031, demonstrating long-term commitment to the site
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Freestanding
Building Size
20,000 SF
Building Class
C
Year Built
2005
Price
$3,375,000
Price Per SF
$168.75
Cap Rate
7.85%
NOI
$265,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.27
Lot Size
1.73 AC
Zoning
B-2, Mentor City
Parking
70 Spaces (3.5 Spaces per 1,000 SF Leased)
Frontage
106’ on Mentor Ave
Amenities
- Bus Line
- Signage
Nearby Major Retailers
Contacts
-
Deno Bistolarides -
Matthew Weber -
Ryan Vinco -
Encore Real Estate Investment Services
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La-Z-Boy | 7793 Mentor Ave
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