Carvana

4070 Interchange Corporate Center Road, Warrensville Heights, OH 44128

$6,046,000

Cap Rate 7.75%

Updated: 06.25.24 Posted: 10.04.23 Status: Sold

Summary

Price $6,046,000	Built/Renov 2017	Tenant Carvana
Cap Rate 7.75%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 8,408	Lease Start 01-01-2018	#Units 40
Price/SF $719.08	Expiration 09-30-2040	Tenant Type Automotive
NOI $468,545	R. Term 15.4	Ownership Fee Simple
Rent/SF $55.73	Increases 8.6%/5/yrs	Pop 5Mi 184,189
Lot/AC 4.09	Options 4/5yrs/8.66%	AHHI 5Mi $102,996

Lease Highlights

Carvana is an 8-story Car Vending Machine
Tenant has 17 years remaining on their primary lease with 4 (5-year) options to extend
Lease features rental increases - lesser of approx. 8.66% or 1.25 x 5-year CPI - every 5 years in the base term and in each option period
Absolute NNN lease | Zero landlord responsibilities
Corporate guaranteed lease

Location Description

Carvana is situated on Interchange Corporate Center Road, benefiting from significant frontage and excellent visibility from I-271, which has an average daily traffic count of 158,700 vehicles. The location also enjoys convenient access to the interstate via Emery Road (14,100 VPD) and Richmond Road (23,500 VPD), both within a mile of the site. Surrounding the area are multiple national retail...

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Key Features

High traffic 50M+ VPD
Near major nationals
Freeway visibility
Dense 100M+ pop 5 mi
Top 100 MSA
Affluent AHHI $100K 5 Mi
Long 15+ yr lease
Absolute NNN
Traded and rated company
Corporate Guarantee

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Links

Carvana Wikipedia Carvana Wikipedia Warrensville Heights, Ohio Zip Code 44128 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Carvana
Guarantor:Corp T and Rated
Company:Carvana Co.
# Units:40
Tenant S&P: CCC
Moody’s: Caa3
Stock: NYSE: CVNA

About Tenant

Carvana (NYSE: CVNA) is the leading ecommerce platform for buying and selling used cars. As the fastest growing used automotive retailer in U.S. history, Carvana.com allows someone to purchase a...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	7,068	61,156	181,762
2023 Total Population :	7,137	61,568	184,189
2023 Employed Civilian Pop :	3,112	29,408	89,419
2023 Total Businesses :	593	4,180	8,255
2023 Average Household Income :	$ 58,716	$ 89,380	$ 102,996
2023 Total Consumer Spending :	$ 163 M	$ 2142 M	$ 7008 M
2023 Median Age :	38	46	44
2023 Total Households :	3,156	27,772	78,875
2023 Pop Age 25+: Bachelor's Degree :	743	7,594	26,031
2023 Average Home Value :	$ 157,051	$ 229,001	$ 245,124

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
RAMP NE	I- 271	2021	35,665	0.08 mi
I- 271 Express Lane	Hwy 422	2013	158,730	0.09 mi
I- 271 Express Lane	Emery Rd	2010	34,700	0.13 mi
Emery Rd	Hwy 422	2013	9,799	0.16 mi
US Hwy 422	I- 271	2013	16,255	0.18 mi
I 480N	I- 271 Express Lane	2021	19,757	0.18 mi
RAMP FROM IR271 SB TO IR480 N SB	I- 271 Express Lane	2020	17,499	0.18 mi
Emery Road	Ryan's Way	2021	11,162	0.18 mi
E OUTERBELT FWY	I- 271	2021	41,952	0.19 mi
I 480N	I- 271	2021	18,619	0.20 mi

Listing Broker

Matthew Gorman

CBRE: NLPG Philadelphia

Contact

62 Listings
14284 Views
36 Sold

Michael Shover

CBRE: NLPG Philadelphia

Contact

62 Listings
14284 Views
36 Sold

Matthew Gorman

Matthew Gorman joined CBRE as Senior Vice President in 2015 specializing in the sale of Net Lease properties in the Mid-Atlantic Region and throughout the country. Matthew and his team's primary goal is to execute for their clients at the highest level by representing their best interests professionally, honestly and with integrity in all aspects of the marketing and sales process. Shortly after joining CBRE, Matthew was inducted into the exclusive Net Lease Property Group, leading the Philadel

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Michael Shover

Michael Shover joined CBRE as Senior Vice President in 2015 specializing in the sale of Net Lease properties in the Mid-Atlantic Region and throughout the country. Shortly after, Michael was inducted into CBRE’s exclusive Net Lease Property Group, leading and specializing in the Mid-Atlantic area. The Net Lease Property Group comprises of a team of senior advisors located within major metropolitan areas throughout the United States who are dedicated to transacting single-tenant assets and net-l

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