Commercial Real Estate ROBERT WILSON Principal / Licensed Broker www.crestgrp.com 458 Saunders Ave. # 100 Akron OH 44319-2248 PH 330-644-3200 Fax 866.867.5336 E-Mail RWilson@Crestgrp.com EXECUTIVE SUMMARY Lube Stop 980 E Waterloo Rd. Akron OH This is an opportunity to purchase at a high CAP rate, a single-tenant, absolute net-leased, fee simple real estate investment property that is occupied by a 37-unit regional tenant in business since 1985. The present location has been operated as a quick change oil center since 1988. The property is situated at a traffic-signaled hard corner of two major arteries (US 224 Waterloo Rd. and S. Arlington St.) which carry a combined traffic count of over 28,000 vehicles daily by the site. This property is leased and guaranteed by Corona Investments, the entity that originally operated the property as a quick service oil change center and then sub-leased to Lube Stop [see website] in 1997 whose own lease and extension options run coterminous with Corona s lease. The sub-lease has both a corporate and personal guaranty of the owner of Lube Stop. Neither Lube Stop nor Corona has incurred a single late or missed payment for the entire 16+ years it has leased this property. Due to the existence of the sub-lease, the landlord has multiple levels of financial responsibility for the performance of the lease. Lube Stop is the dominant oil change operator in the Akron market by a wide margin. The 1,900 SF building was built in 1988 and sits on a 0.29 acre. All storage tanks (for both new and waste oil) are above ground type which alleviates the environmental concerns normally associated with underground storage tank leaks. The property is bordered by and shares its driveway access with a McDonald s restaurant which has operated here for over 35 years. The McDonalds was razed and totally re-built to the new image building in recent years and generates significant vehicular traffic to the site. On the opposite side of the intersection are an updated Arby s restaurant, a Chase Bank branch, and the Summit County Veteran s services offices which are surrounded by a newer industrial / tech park. The subject property serves the densely populated Firestone Park residential area of south Akron and is strategically located less than ¾ mile from two different freeway interchanges (I-77 N / Waterloo Rd. and US 224 / Kelly Rd). Firestone Country Club and the Akron Municipal airport are both within 1 mile of the site. SITE ADDRESS City ST ZIP 980 E Waterloo Rd. [See Map] Akron OH 44306 Selling Price CAP Rate 720,000 9.25% Tenant The Lube Stop, Inc. + Candew Enteprises Net Annual Rental Income 66,600.00 5-yr Optns 2 Primary Lease Term Expires 31-Aug- 2017 Option 1 Rent 74,520.00 Option 2 Rent 83,400.00 Outside Date, All Options Year Built Bldg Size (sf) Land (acres) 31-Aug- 2027 1988 1,900 0.29
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Lube Stop - 980 E Waterloo Rd. Akron OH 1 mi 3 mi 5mi 2012 Total Population 6,668 67,458 184,656 2012 Households 2,779 27,668 76,448 2012 Household Income: Median 22,358 34,767 35,420 2012 Household Income: Average 32,539 44,509 46,274
Akron - The City in Brief Founded: 1825 (incorporated 1836) Head Official: Mayor Donald L. Plusquellic (D) (since 1987) City Population 1980: 237,177 1990: 223,019 2000: 217,074 2003 estimate: 212,215 Percent change, 1990 2000: -2.7% U.S. rank in 1990: 71st (State rank: 5th) U.S. rank in 2000: 82nd (State rank: 5th) Metropolitan Area Population (Cleveland Akron CMSA) 1980: 2,938,277 1990: 2,859,644 2000: 2,945,831 Percent change, 1990 2000: 3.0% U.S. rank in 2000: 16th Area: 62.41 square miles Elevation: 1,050 feet above sea level Average Annual Temperature: 49.2 F Average Annual Precipitation: 35 inches of rain; 48 inches of snow Major Economic Sectors: research and development, manufacturing, healthcare, education Unemployment Rate: 7.1% (February 2005) Per Capita Income: 17,596 (1999) Major Colleges and Universities: University of Akron Daily Newspapers: The Akron Beacon Journal