Price Reduced - NNN Leased Medical Cannabis Dispensary for Sale

Retail-Commercial for Sale
Sale Pending/Contingent
Catylist Listing ID: 30593103
Property Subtypes: Free-Standing Building, Mixed Use, Retail-Pad, Street Retail, Other
Status: Pending/Contingent
Building Size (RSF): 5,400 SF
Sale Price: $4,500,000
Unit Price: $833.33 PSF
Property Use Type: Net Leased Investment (NNN), Investment
Sale Terms: Cash to Seller, Owner Financing
Cap Rate: 8.36%
Average Occupancy Rate: 100
Last Updated: 9/15/2021

Overview / Comments

Completed in summer 2019, this 5,400 sf new construction medical cannabis dispensary offering is a rare opportunity and an ideal candidate for a 1031 exchange. It is 1 of only 3 licensed cannabis dispensaries in Cincinnati and conveniently located in a high traffic area less than a mile from I-71 at a signalized intersection on Ridge Avenue. High-end construction finishes. It is on a cross-guaranteed NNN 10-year lease with two 5 year options, and an annual 2.5% rent escalation beginning in year 2. Contact agent for further details.

Additional Details

Nearest MSA: Cincinnati
County: Hamilton
Taxing Authority: Hamilton County
Tax ID/APN: 052002700093
Zoning: PUD
Retail Clientele: Other
Property Visibility: Good
Largest Nearby Street: Ridge Ave
Traffic/Vehicle Count: 23,129
Highway Access: Close proximity to I-71
Area Description: The property is located in a high traffic retail corridor along Ridge avenue directly behind McDonalds. Easy access to I-71 and close in proximity to the numerous developments in the Oakley area.
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 1
Property Condition: Excellent
Year Built: 2019
Roof Type: Flat
Construction/Siding: Steel Frame
Total Parking Spaces: 22
Parking Type: Surface
Sprinklers: None
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Engineered System
Internet Access: Cable
Interior Description: Interior Description: Large waiting room, dispensing area with POS systems and display cabinetry, two consulting rooms, 3 bathrooms (2 for public and 1 for employees), manager’s office, secure product vault, product transfer room, secure unloading garage, employee break room, IT room, employee closet, janitor’s closet.
Zoning Description: PUD retail pad
Part of Planned Development?: Yes
Lot Frontage: 70
Lot Depth: 78
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 14,849 134,562 296,237
Median Age: 34.93 38.07 37.93
Households: 7,195 61,627 130,742
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