NNN First Federal of Lakewood Bank Branch
For sale to qualified investors is the fee simple interest in the freestanding First Federal of Lakewood bank branch in Avon Lake, Ohio. The branch recently exercised one of three remaining five-year options giving them over 5 years of guaranteed term remaining. The lease is triple net including roof and structure, and is corporately guaranteed. The most unique aspect of this investment is the tenant’s obligation to pay annual CPI increases with NO CAPS. In the current and projected future inflationary environment, this will increase cash flow and overall return on an annual basis by a considerable amount. (From September 2020 to September 2021 the increase was 6%). The branch features a drive-thru location on Walker Road in the heart of Avon Lake, and is surrounded by other retailers and businesses such as Walgreen’s, Cleveland Clinic, Taco Bell, Goddard School, and more businesses serving this upscale community.