U.S. Bank 680 Broadway Ave 6,825 SF Retail Building Bedford, OH 44146 $1,186,415 CAD ($173.83 CAD/SF) 7.02% Cap Rate

The subject property is an U.S. Bank branch located in downtown Bedford, Ohio situated just 28 miles southeast of downtown Cleveland and 27 miles east of the Cleveland International Airport. The city of Bedford is situated within Cuyahoga County and is considered a bedroom community of Cleveland with a reported 13,000 city population. There are a reported 59,241 residents within a 3-mile radius of the subject property.
U.S. Bank has occupied this property since November 2011 when they acquired Star Bank. Prior to Star Bank the property was occupied by Cleveland Trust Bank which became Ameritrust Bank. The building consists of +/-6,825 sq. ft. with a reported +/-3,165 sq. ft. space on the ground floor for the U.S. Bank branch, and +/-3,000 sq. ft. of basement space where U.S. Bank has their employee break room and storage space. The subject property is also equipped with 2nd floor office space consisting of +/-2,675 sq. ft. that is currently not being utilized by U.S. Bank. This bank branch provides a 24-hour walk up ATM machine.
U.S. Bank recently negotiated an early 5-year lease extension with annual rent at $60,000/NNN that commences 12/1/2026. The lease is absolute NNN with no landlord responsibilities. The lease calls for 2.0% annual rent increases during the lease option period, with tenant required to exercise a lease option at least 180 days prior to the expiration of the existing lease term.
U.S. Bank was founded in 1863, and currently has 2,000 bank branches located in 26 states. With over 70,000 employees, U.S. Bank achieve $27.5 billion in annual revenue. A publicly traded company (NYSE: USB), U.S. Bank carries an investment grade credit rating (S&P: AA-), making it one of the most secure tenants in the net lease market. This
U.S. Bank property is priced at $855,000, which equates to under $126/sq ft. on the improvements considered below replacement cost