201 Richmond StPainesville, OH 44077

For Sale
$2,275,000

High-Yield Gas & QSR Portfolio

Overview

Added:
Dec 11, 2024
Days on market:
91
This exceptional retail investment opportunity presents a 4,250 square foot property located at 201 Richmond St, Painesville, OH 44077. The property boasts a strong tenant lineup featuring a BP Gas Station and a Jimmy John's, ensuring 100% occupancy with a remaining lease term of 5.6 years. Built in 2005 and extensively renovated in 2023, this single-story building sits on a 0.54-acre lot (APN: 15-D-008-0-00-012). The property generates a substantial NOI of $204,705, translating to an attractive 9.00% cap rate and a price per square foot of $535.29. The asking price is $2,275,000. Tenants are responsible for their own insurance and utilities. BP covers building insurance and maintains all property operating expenses, including snow removal, landscaping, and trash. BP also reimburses real estate taxes on their portion of the property. A $0.20 annual non-recoverable expense is included in the sale. This is a turnkey investment with significant upside potential.

Highlights

  • Tenant-responsible insurance; Building owner pays building insurance.
  • Building owner pays all operating expenses (snow removal, landscaping, trash); Tenants pay utilities.
  • Building owner reimburses property taxes on the pro-rata share; Jimmy John's does not reimburse their share.
  • $0.20 per square foot annual non-recoverable expense included.

Property Details for 201 Richmond St

Property type
Other retail properties, Restaurants
Square Feet
4,250 SF
Year Built/Renovated
2005/2023
Buildings
1
Stories
1
Lot Size (sq. ft)
23,522 SF
Units
2

Location Insight

City
Painesville
County
Lake
State
Ohio
Latitude
41.7258901
Longitude
-81.2505038
201 Richmond St, Painesville, Ohio

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201 Richmond St
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