Corporate O'Reilly Auto Parts - STNL
For sale to qualified investors is the fee-simple interest in a freestanding O’Reilly Auto Parts located on Clark Avenue in Cleveland, Ohio. O’Reilly Auto Parts has been a tenant at this location since 2012 and is currently paying a low rate of $5.65 PSF. This investment is being offered at an attractive 6.5% cap rate with a corresponding price of $1,130,308 with an average cap rate during the base term of 7%. The lease calls for rental increases providing an investor a hedge against inflation. The passive nature of this lease combined with the corporate guaranty (NASDAQ: ORLY) make this an ideal 1031 replacement property or acquisition for an investor desiring a passive real estate investment.The surrounding area features strong demographics with approximately 130,829 people within a three mile radius. A few of the nearby retailers include McDonald’s, Burger King, KFC, Walgreens, Dollar General, Family Dollar, Save-A-Lot, Advance Auto Parts, Boost Mobile, Popeyes, Steelyard Commons (featuring: Walmart, Home Depot, Target, Chipotle, Burlington, Marshalls, Taco Bell, Applebee’s, IHOP, Five Guys, Steak ‘n Shake, Party City, Sprint, GameStop, Petco) and many more.