Nirvana Dispensary | Absolute NNN Lease

Highlights:

• High-Yielding Investment – The property is being offered at a Year-1 in-place cap rate of 9.00%.
• Absolute NNN Lease – There are zero landlord responsibilities, making it a great investment opportunity for a passive investor.
• Attractive Rental Increase – 3.00% annual rent escalations offer a built-in hedge against inflation and long-term income growth.
• Large Lot – Situated on a +1.02-acre parcel, offering strong long-term real estate value and future redevelopment potential.
• Ample Parking – Approximately 50+ parking spaces provide convenient access for customers and support the tenant’s ability to accommodate a high volume of traffic.
• Strong Cannabis Market – Ohio is one of the most attractive cannabis markets in the U.S., with medical marijuana sales exceeding $2.19 billion to date. In 2023, Ohio became the 24th state to legalize recreational marijuana, with recreational sales commencing in August 2024. Since launch, recreational sales have already surpassed $650 million.
• Sticky Tenant – Due to stringent zoning restrictions, cannabis operators face significant challenges relocating. In Ohio, dispensary relocations require state Board of Pharmacy approval and compliance with a detailed regulatory process (contact broker for details). Additionally, the current tenant has invested over $2 million dollars in improvements/renovations to the property.
• Limited Competition – One of only two dispensaries in Elyria, with just three total dispensaries located within a 10-mile radius.

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