Northwest Bank

North Ridgeville, Ohio

Offering Summary

  • Status: active
  • Price: $2,104,000
  • CAP Rate: 6.35%
  • Term: 11.3 Years
  • Net Operating Income: $133,605
  • Price/SF: $577.70
  • Year(s) Built: 2006
  • Lot Size (Acres): 0.88
  • Lease Type: Double Net
  • Northwest Bank Double-Net Lease with Over 11 Years Remaining in the Cleveland MSA
  • Located in North Ridgeville (2nd Fastest Growing City in Cleveland MSA), 1.5 Miles from Avon (Fastest Growing City in Cleveland MSA, Ranked #1 Cleveland Suburb in 2016)
  • Tenant Since 2006 – In 2016, Extended Original 10-Year Lease for 15 Years thru July 2031 Showing Strong Commitment to the Site
  • Publicly-Traded Regional Bank (Nasdaq: NWBI) with $1.3 Billion Market Capitalization and $8.9 Billion in Deposits – In Business Since 1896
  • Healthy, Strong Performing Bank – FY 2019 Results Included $460 Million in Revenue with $110 Million Net Income, Current Net Worth of $1.3 Billion
  • Northwest Bancshares, Inc. Operates 162 Branches & 10 Drive-Thru Kiosks Throughout Ohio, Pennsylvania & New York
  • Minimal Landlord Cost Responsibilities – Roof & Structure Only
  • Physical Branches are Key for Sales & Administration of Bank’s Primary Profit Center – Retail Lending – Home Mortgages, Auto Loans, Business Loans, and Commercial Real Estate Mortgages
  • Infill, Affluent Population Base – 10,034 Residents within 1-Mi; $96K AHHI within 3-Mi
  • High-Image All-Brick Construction with Drive-Thru ATM & 3 Drive-Thru Pneumatic Tubes – 4 Total Drive-Thru Lanes
  • Located on Center Ridge Road (17,316 Cars/Day) – Road Widening Project to Accommodate Increasing Traffic is Near Completion
  • Shadowed by Giant Eagle – #1 Grocer in Cleveland MSA
  • Located within the Primary Retail Corridor for the Immediate Trade Area with Nearby Retailers Including Giant Eagle, Aldi, Marc’s, Walgreens, CVS, Goodwill, Dollar Tree, Pet Valu, Advance Auto, O’Reilly, and Several Fast Food Restaurants
  • Cleveland-Elyria MSA Population of Over 2 Million; Part of the Larger Cleveland-Akron-Canton CSA with a Population of 3.6 Million
EXCLUSIVELY LISTED BY:

Scott Wiles

Principals