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8301 Colerain Ave - ZIPS Car Wash 3,600 SF Specialty Building Offered at $4,423,000 at a 7% Cap Rate in Cincinnati, OH 45239
INVESTMENT HIGHLIGHTS
- High Visibility Parcel with Excellent Traffic Counts
- Optimal Synergies with Surrounding Anchors
- Convenient for Out-of-State Owners
- Strong Surrounding Demos
- Landlord Friendly NNN Lease
EXECUTIVE SUMMARY
Northmarq is pleased to offer for sale the fee simple interest in this ZIPS Car Wash property located in Cincinnati, Ohio (“The Property”). The Property consists of a 3,600-square-foot freestanding retail building on a 0.91-acre parcel of land. The tenant is operating under an absolute NNN lease with zero landlord operating responsibilities and over ten years remaining. The lease features 1.5% rental escalations annually throughout the base term. Additionally, the lease apportions all land, improvements, and significant equipment to the landlord position, maximizing the available depreciation benefit. See Lease Abstract for details.
The Property is located in Cincinnati, Ohio, the third largest city in Ohio, with a metropolitan population of 2.2 million. Located directly on Colerain Ave, the primary North/South commercial corridor serving Cincinnati’s Near-North suburbs, the Property benefits from visibility to ±38,000 vehicles per day and excellent access to Ohio Rte 126. An ideal anchor for an express car wash, Walmart Supercenter is conveniently adjacent to the Property. Customers can efficiently accomplish two errands in one place. The Property also benefits from strong demographics with a surrounding household income of more than $80k per year. The Tenant, ZIPS Car Wash, is a leading car wash brand currently ranked 3rd largest in the US, with more than 270 locations across 24 states.
In Association With:
Jeff McKinney
OH #BRK.2016002560
The Property is located in Cincinnati, Ohio, the third largest city in Ohio, with a metropolitan population of 2.2 million. Located directly on Colerain Ave, the primary North/South commercial corridor serving Cincinnati’s Near-North suburbs, the Property benefits from visibility to ±38,000 vehicles per day and excellent access to Ohio Rte 126. An ideal anchor for an express car wash, Walmart Supercenter is conveniently adjacent to the Property. Customers can efficiently accomplish two errands in one place. The Property also benefits from strong demographics with a surrounding household income of more than $80k per year. The Tenant, ZIPS Car Wash, is a leading car wash brand currently ranked 3rd largest in the US, with more than 270 locations across 24 states.
In Association With:
Jeff McKinney
OH #BRK.2016002560
PROPERTY FACTS
| Price | $4,423,000 | Building Class | C |
| Price Per SF | $1,228.61 | Lot Size | 0.91 AC |
| Sale Type | Investment | Building Size | 3,600 SF |
| Cap Rate | 7% | No. Stories | 1 |
| Property Type | Specialty | Year Built | 1953 |
| Property Subtype | Car Wash | Parking Ratio | 8.33/1,000 SF |
| Zoning | C - commercial mixed use | ||
| Price | $4,423,000 |
| Price Per SF | $1,228.61 |
| Sale Type | Investment |
| Cap Rate | 7% |
| Property Type | Specialty |
| Property Subtype | Car Wash |
| Building Class | C |
| Lot Size | 0.91 AC |
| Building Size | 3,600 SF |
| No. Stories | 1 |
| Year Built | 1953 |
| Parking Ratio | 8.33/1,000 SF |
| Zoning | C - commercial mixed use |
AMENITIES
- Signage
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PROPERTY TAXES
| Parcel Number | 510-0090-0021 | Improvements Assessment | $235,589 |
| Land Assessment | $116,519 | Total Assessment | $352,108 |
PROPERTY TAXES
Parcel Number
510-0090-0021
Land Assessment
$116,519
Improvements Assessment
$235,589
Total Assessment
$352,108
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8301 Colerain Ave - ZIPS Car Wash
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