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La-Z-Boy Furniture 7793 Mentor Ave 20,000 SF Retail Building Mentor, OH 44060 $4,583,701 CAD ($229.19 CAD/SF) 8% Cap Rate
Investment Highlights
- 5+ Years Remaining | Scheduled Rental Increases | Options to Extend | Future Remodel | Established Brand
- The Great Lakes Mall (1,250,000+ SF) | Dense Retail Corridor | Strong National/Credit Tenant Presence
- Strong Demographics in 5-Mile Trade Area | Six-Figure Incomes
- NNN Lease | Fee Simple Ownership | Limited Landlord Responsibilities
- Along Mentor Ave (17,700 VPD) | Lakeland Fwy (66,600 VPD) | Excellent Access
Executive Summary
SRS National Net Lease Group, LP is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, LA-Z-Boy investment property located in Mentor, Ohio. The tenant currently has 5+ years remaining with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features $1.00/SF rental increases at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is NNN with landlord responsibilities limited to exterior load bearing walls and foundation making it an ideal, low-management investment opportunity for a passive investor. La-Z-Boy Incorporated brings timeless and modern furniture to life through a retail network of over 370 La-Z-Boy stores, including 226 company-owned locations.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Freestanding
Building Size
20,000 SF
Building Class
C
Year Built
2005
Price
$4,583,701 CAD
Price Per SF
$229.19 CAD
Cap Rate
8%
NOI
$366,641 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.27
Lot Size
1.73 AC
Zoning
B-2 - General Business
Parking
71 Spaces (3.55 Spaces per 1,000 SF Leased)
Frontage
106’ on Mentor Ave
Amenities
- Corner Lot
- Signage
- Monument Signage
Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
30/100
Not bikeable
10/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 16-B-031-C-00-007-0 | Improvements Assessment | $559,312 CAD |
| Land Assessment | $187,638 CAD | Total Assessment | $746,949 CAD |
Property Taxes
Parcel Number
16-B-031-C-00-007-0
Land Assessment
$187,638 CAD
Improvements Assessment
$559,312 CAD
Total Assessment
$746,949 CAD
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La-Z-Boy Furniture | 7793 Mentor Ave
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