This historic landmark is home to Cleveland Rocks, the largest rock climbing facility in northeast Ohio. 2831 Franklin Blvd., located in the heart of Ohio City, is being offered at an 9% cap rate. This is based on the rock climbing business having a long term NNN lease at $22,000 per month and 2/3 of the remaining 9,000 SF being leased at $19.00 SF NNN. It has been explored to develop this space for a restaurant, yoga studio and co-working space.
After a $200,000 investment to ready the 6,000 SF, the 9% cap rate is calculated as follows:
($22,000 x 12 months) + (6,000 x $19.00) = ($378,000 / .09) = ($4,000,000 + $200,000)