Marathon Gas Station w/ Subway, Leased Auto Repair

Retail-Commercial for Sale
Catylist Listing ID: 30079615
Property Subtypes: Convenience Store, Service Station/Gas Station, Vehicle Related
Building Size (RSF): 2,700 SF
Gross Building Area: See Agent
Gross Land Area: 0.49 Acres
Sale Price: $1,325,000
Unit Price: $490.74 PSF
Property Use Type: Investment, Vacant/Owner-User, Business
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 12/22/2017

Overview / Comments

Green Bridge Real Estate is pleased to present the Cleveland Heights Marathon Gas Station with Subway Restaurant For Sale at $1,325,000. The approx. 2,700 Sq.Ft. Free Standing Brick Convenience Store with attached 2 Bay Leased Service Garage and with 6 pumps is located on .49 Acres located at 2785 Mayfield Road in Cleveland Heights, Ohio 44106. One 10,000 Gallon Super Octane Tank and One 12,000 Gallon Regular Gasoline Underground Storage Tank(s). Located at the High Traffic Corner or Coventry Road and Mayfield Road in the Coventry Neighborhood of Cleveland Heights. Traffic Counts at this intersection exceed 25,000 vehicles per day. Recently Remodeled / Upgraded. Gilbarco POS systems in place. Gas Sales are averaging 50-60,000 gal/month. Annual Gross Sales of over $1,600,000 with limited hours of operation (7 a.m. to 10 p.m. Monday thru Saturday and 8 a.m. to 6 p.m. on Sunday). Great Opportunity to Increase Sales by operating 24 hours a day, 7 days a week and or remodeling the C-Store to better accommodate consumers. All FF & E will transfer in the sale. 4 years remain on the Subway Franchise Agreement which Avgs. Over $120,000 in Annual Sales. 5 years remain on the Ulman Oil / Marathon Gasoline Service Agreement. C1, C2 and D6 Liquor and Beer Sales Licenses to transfer in the sale. The Projected NOI with 24/7 operating hours $225,769 or a 17.04% Capitalization Rate.

Additional Details

Nearest MSA: Cleveland-Elyria
County: Cuyahoga
Taxing Authority: Cuyahoga County
Tax ID/APN: 684-01-130
Retail Clientele: General, Business
Property Visibility: Excellent
Traffic/Vehicle Count: 25,000
Area Description: The Coventry Neighborhood in Cleveland Heights boasts shopping, dining and entertainment. With several universities nearby, the area houses many students and professors and is one of the strongest rental markets in Northeast Ohio. The Cleveland Clinic Main campus and Little Italy are located just blocks away from this ideal location.
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 2,700 SF
Property Condition: Good
Roof Type: Arched
Construction/Siding: Brick
Parking Type: Surface

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 22,263 192,760 381,363
Median Age: 34.79 37.83 38.72
Households: 10,729 82,690 162,577
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