glenway avenue retail - LoopNet...CINCINNATI, OH glenway avenue retail 150 Great Neck Road, Ste 304,...

OFFERING MEMORANDUM

CINCINNATI, OH

glenway avenue retail

150 Great Neck Road, Ste 304, Great Neck New York 11021

Commercial Real Estate Investments

confidentiality agreement

CONTACT US

Director of AcquisitionsO +1 516 926 3325F +1 516 708 9682C +1 646 481 [email protected]

STEVEN KOUTSANTONIS

This O�ering Memorandum contains select information pertaining to the business and a�airs of the property located at 5301 & 5305 Glenway Ave Cincinnati, OH 45238 (“Property”). It has been owned and prepared by Hakimi Capital Group. This O�ering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this O�ering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Owner. The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Owner, nor their o�cers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of this O�ering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence.

By acknowledging your receipt of this O�ering Memorandum for the Property, you agree:

1. The O�ering Memorandum and its contents are confidential;2. You will hold it and treat it in the strictest of confidence; and3. You will not, directly or indirectly, disclose or permit anyone else to disclose this O�ering Memorandum or its contents in any fashion or manner detrimental to the inter-est of the Seller.

Owner expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or o�ers to purchase the Property and to terminate discussions with any person or entity reviewing this O�ering Memorandum or making an o�er to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered.

If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this O�eringMemorandum.A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospec-tive purchaser have any other claims against Seller or any of their a�liates or any of their respective o�cers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.

This O�ering Memorandum shall not be deemed to represent the state of a�airs of the Property or constitute an indication that there has been no change in the state of a�airs of the Property since the date this O�ering Memorandum.


propertyoverview property description

Property Address

Parcel ID Numbers:

Gross Leasable Area:

5301 & 5305 Glenway Ave., Cincinnati OH 45238

183-0001-0031 | 248-0003-0214

10,265 Sq. Ft.

Lot Area 32,583 Sq. Ft.

Year Renovated 1987

HAKIMI CAPITAL GROUPOFFERING MEMORANDUM

Hakimi Capital Group is please to present the sale of two parcels - 5301 and 5305 Glenway Ave.

Wing Eyecare is the Anchor of this very successful strip center. This is by far the most profitable locations of Wing Eyecares 13 locations. They have occupied this space since the early 90's and are a staple of the community and to the City of Cincinnati area. Wing Eyecare recently signed a 5 year extension which runs to 2020. Metro PCS is a family owned and operated fran-chise with many Metro PCS locations throughout Ohio. Subway is also a family run franchise of two generations since 1987. Sales are growing and on 2/28/16 they acknowledged an early 3 year renewal of their lease.

There are over 200,000 residents within a 5-mile radius and average household incomes of over $60,000 within a 3, and 5-mile radius. Glenway Avenue (also known as State Route 264) serves the western Cincinnati suburbs. The subject prop-erty is located in the Westwood Neighborhood, which is con-sidered an urban/suburban neighborhood and one of the oldest neighborhoods in Cincinnati. Excellent signage on Glen-way Avenue, where tra�c counts exceed 34,000 VPD.

financial overview

Total Income: $196,034.00

Total Expenses: $64,621.57

NOI: $131,412.43

Price: $1,375,000

Cap Rate: 9.5%

CINCINNATI, OHGLENWAY AVENUE RETAIL

investment highlights

100 Percent Occupied | Internet Resistant Tenant Mix

Triple-Net Leases | Majority of Tenants Reimburse Administrative Fees

Positioned Along SR-264 with Over 27,300 Vehicles per Day

Across the Street from Western Hills University High School with Approximately 1,100 Students

Corner Lot with Multiple Points of Ingress / Egress with Excellent Signage

Strong Historical Occupancy | Subway Commenced in ‘87 | Wing Eyecare Com-menced in the Early 90’s



expenses

rent roll

Taxes

Electric

Insurance

Water

Disposal

Lawn Care/Lot Cleaning/Landscaping/Snow Removal

Professional Fees

Repairs & Maintenance

Management Fees (3% of GOI)

Total Expenses

Total Reimbursements + 15% Admin Fee

$33,904.00

$3,528.00

$3,258.00

$9,305.00

$2,851.07

$7,193.00

$469.00

$1,373.00

$3,876.51

$64,621.57

$66,817.00

reimbursed expenses

Total Base Rent:

Total Reimbursements:

Total Revenue:

Expenses:

$129,217.00

$66,817.00

$196,034.00

$64,621.57

NOI: $131,412.43

Tenant

Wing Eye Care (Bldg 1)

Subway (Bldg 2)

Metro PCS Store (Bldg 2)

Jackson Hewitt (Bldg 2)

Vacant (Bldg 2)

Total:

Square Footage Leases

NNN

NNN

NNN

NNN

-

Monthly Rent

$7,400.00

$1,243.00

$1,175.00

$950.00

-

$10,768.00

Lease Start

6,765

950

1,050

877

623

10,265

Lease End

3/31/2020

2/28/2022

3/31/2020

4/30/2023

-

4/1/2015

3/1/2013

12/1/2013

10/1/2018

-

Yearly Rent

$88,800.00

$14,916.00

$14,100.00

$11,401.00

-

$129,217.00



5301 glenway avennue



5305glenway avennue



With a population of 2.1 million, Cincinnati is part of the 24th largest U.S. metropolitan area and it is growing fast! Dayton and Cincinnati are rapidly coming together in a rush of housing, retail and commercial development across Warren and Butler counties.

The rush to the middle during the past decade has linked Cincinnati and Dayton with subdivisions, industrial parks and shopping cen-ters that have overrun municipal boundaries. According to the Brookings institution, the Cincinnati area is among the nations 25 fastest developing regions and since 1990 Butler County’s population has increased by 14%. The cost of living and the cost of housing are well below the national average making this an a�ordable and attractive place to live. Cincinnati has a small town feel with all the amenities of a big city. It’s a lively, safe, a�ordable region with a commuter friendly atmosphere and a work force of 1.5 million within a 50 mile radius of the city center.

"Ranked #5 in “America’s Most A�ordable Cities”" - Forbes magazine 2011"Ranked #1 city in Ohio for “Best Cities For Young Professionals”" -"Ranked #7 as the “Most Romantic City” in the United States" -"Ranked #3 for Top US Travel Destinations" - Lonely Planet 2012

Cincinnati is home to the headquarters of 10 Fortune 500 companies and 17 Fortune 1000 companies.

area overview



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Harrison AvenueWerk Road

Werk Road

Glenw

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Glenway Avenue

264

264

WOODLAND GOLF COURSE

WESTERN HILLS COUNTRY CLUB

Westwood Elementary

St. Antoninus School

Covedale School

Dater Montessori

School

Midway School

Our Lady of Lourdes

School

Mother of Mercy

High School

James N. Gamble Montessori High School

Western Hills University

High School

WESTERN HILLS PLAZA

WESTERN VILLAGE

GLENWAY PLAZA

®

GLENWAY CROSSING

WESTERN HILLS SQUARE

Oak Hills High School

CINCINNATI CITY CENTER264

34,362 DAILYGlenway Ave

VERIZON | 4

SUBJECT PROPERTY



CONTACT US

Director of AcquisitionsO +1 516 926 3325F +1 516 708 9682C +1 646 481 [email protected]

STEVEN KOUTSANTONIS

CINCINNATI, OH

5301 & 5305 glenway ave. retail


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