3002 Clark Avenue
Cleveland, OH

Price: $1,060,000
Cap: 5.50%
NOI: $58,300
Building Size: 6,840 SF
Lot Size: 0.19 AC

Investment Highlights

•AutoZone is a publicly traded (NYSE: ZO) Fortune 500 Company and currently holds an investment grade credit rating of BBB with S&P.
•#2 auto parts retailer with 6,000+ locations in the United States with 40 new locations expected in 2019.
•AutoZone has been in business for 39 years and has a current net worth of over $22.9B.

•20-year NNN ground lease with 10+ years remaining and 10% rent increases in each of the four, 5-year options.
•Tenant is responsible for taxes, insurance, roof, and structure. Landlord is responsible for invoicing Tenant for CAM and Insurance which is fully reimbursed by AutoZone.

•Cleveland is the second-largest city in Ohio with a Metro Population of 2 million people.
•Cleveland is part of the larger Cleveland-Akron-Canton, OH Combined Statistical Area, which has a population in excess of 3,500,000 people and is ranked as the country’s 15th largest CSA.
•Cleveland attracted over 19.2 million tourists last year and is home to the Rock and Roll Hall of Fame.
•Cleveland’s economy has diversified sectors that include manufacturing, financial services, healthcare, and biomedical industries. Applied Industrial, Progressive Insurance, Parker Hannifin, Sherwin-Williams, TravelCenters of America (TA), and KeyCorp have headquarters in Cleveland.
•There are two dozen four-year universities and colleges located within forty miles of Cleveland. Over 170,000 students are currently enrolled in area four-year institutions, the biggest of which are Cleveland State University, Kent State, University of Akron, and Youngstown State University.

•Subject property is within half a mile of I-490 (144,695 VPD) and I-71 (118,569 VPD).
•2M Square Feet of retail within a 2-mile radius, which includes Walmart, Home Depot, Target, McDonald’s, Walgreens, and more
•Subject property is less than 1 mile from the MetroHealth System, which recently began a $2M renovation that includes redevelopment of surrounding properties
•3-mile population is 132,399 and 5-mile population is 305,757.

•Opportunity Zone Program is an exciting new investment incentive program designed to provide investors with significant tax benefits for investing capital gains in a Qualified Opportunity Fund (QOF).
•Investors can defer tax on capital gains invested in a QOF until the earlier of the date when the investment in a QOD is sold or exchanged, or December 31, 2026.
•If the QOF investment is held for longer than 5 years, there is a 10% exclusion of the deferred gain. If held for more than 7 years, the 10% becomes 15%.
•After holding the QOF investment for 10 years, taxpayers may sell the investment in the QOF at any time before 2048 and exclude the gain resulting from the sale.

Don McMinn

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