North Canton, OH - Sonic

2212 E. Maple St, North Canton, OH

$2,000,000

Price

6%

Cap Rate

$120,000

NOI

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Street
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Overview
Cap Rate
6%
NOI
$120,000
Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, franchisee guaranteed, Sonic investment property located in North Canton, OH. The tenant, Soar QSR, recently signed a brand new 20-year lease that will commence at the close of escrow with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features annual 1.50% rental increases throughout the initial term and option periods, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor.

The property is located along E Maple St, which is a major retail thoroughfare in North Canton and averages over 11,500 vehicles passing by daily. Sonic is positioned as an outparcel within Washington Square, a 240,000 square foot shopping center anchored by Giant Eagle Supermarket. Additionally, the asset is located a few miles east of The Strip, a 690,000 square foot power center with major tenants including Lowe’s Home Improvement and Best Buy. Furthermore, Sonic is just down the road from Belden Village Mall, a 1,232,000 square foot shopping mall anchored by Dick’s Sporting Goods and Dillard’s. The property is in the center of a primary retail corridor with other nearby national/credit tenants including a Walmart Supercenter, Costco Wholesale, Target, T.J. Maxx, HomeGoods, and more, further increasing consumer traffic to the site. Moreover, the subject property is in close proximity to Walsh University (2,700 students), a 136-acre private intitution providing a direct consumer base from which to draw. The 5-mile trade area is supported by a population of over 123,200 residents and 72,700 daytime employees. Residents within a 1-mile radius boast an affluent average household income of $125,723.

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Listing ID: a28TP0000008BsjYAE
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