OFFERING MEMORANDUM - Anchor Cleveland
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OFFERING MEMORANDUM
DOOR DASH
1156 E TALLMADGE RD., AKRON OH 44310
PRICE NOI CAP RATE
$ 725,000 | $ 55,413.98 | 7.64%
ACTUAL SITE
24500 CHAGRIN BLVD. #100 | BEACHWOOD, OH 44122 | 216-342-2523
ANCHORCLEVELAND.COM
AKRON, OHIO
EXCLUSIVELY MARKETED BY:
DOUG HOLTZMAN
dholtzman@anchorcleveland.com
216 -342-2242
WEMAKE IT HAPPEN
Anchor Cleveland is a retail and investment real
estate brokerage industry leader. We specialize in
tenant and landlord representation, shopping center
leasing, land sales and assemblage, investment
sales, and consulting services.
We represent premier national retailers, restaurants, landlords,
TORI NOOK property owners, and developers in lease and sale negotiations, land
tnook@anchorcleveland.com acquisitions, dispositions, and assemblages, as well as investment
216 -342-2550 sales. Founded on the principles of integrity and uncompromising
commitment to service, our mission is to become a true business
MISSION
partner, providing the market insight and retail expertise to help our
clients reach and exceed their goals.
Discover Anchor Cleveland’s
TORI NOOK
PRINCIPAL, ANCHOR CLEVELAND
founded on the principals of integrity and our client’s needs our mission
is to become a true business partner and
COMMITTED
become to your needs!
Investment Sales • AnchorCleveland.com | 2
DISCLAIMER
STATEMENT
Although effort has been made to provide accurate information,
neither the owner nor Anchor Cleveland can warrant or represent
accuracy or completeness of the materials presented herein or in any
other written or oral communications transmitted or made available to
the purchaser. Many documents have been referred to in summary form
and these summaries do not purport to represent or constitute a legal
analysis of the contents of the applicable documents. Neither owner
nor Anchor Cleveland represents that this document is all inclusive or
contains all of the information a purchaser may require.
All of the financial projections and/or conclusions presented herein
are provided strictly for reference purposes and have been developed
based upon assumptions and conditions in exact time the evaluations
were undertaken. They do not purport to redact changes in the
economic performance of the property or the business activities of the
owner since the date of preparation of this document. The projected
economic performance of the property, competitive sub-market
conditions, and selected economic and demographic statistics may
have changed subsequent to the preparation of the package. Qualified
purchasers are urged to inspect the property and undertake their own
independent evaluation of the property, the market and the surrounding
competitive environment.
Investment Sales • AnchorCleveland.com | 3
TABLE OF CONTENTS
ANCHOR CLEVELAND
We Make it Happen
P • 5-6
INVESTMENT SUMMARY
Offering Highlights and Portfolio Overview
P • 7-12
VISUAL
Aerials, Maps, and Demographics
P • 13
TENANT OVERVIEW
DoorDash Overview
P • 14
MARKET OVERVIEW
Akron, Ohio Overview
The information submitted herein is not guaranteed. Although obtained from reliable resources, it is subject to errors, omissions, prior sale and withdrawal from the market without notice. Broker has made no investigation and makes
no representation of the property. © 2021 ANCHOR CLEVELAND LLC
INVESTMENT
SUMMARY
Anchor Cleveland is pleased to present the opportunity to acquire a
free-standing building leased to DoorDash (NYSE: DASH). DoorDash will
be utilizing the space as a driver-only warehouse/convenience store to
fulfil their delivery orders. This is a new concept for the company and
they had very specific and selective requirements. At the time of Lease
Execution, this is anticipated to be the first and only Akron MSA location
for DoorDash.
The site is located within the city of Akron on the NE side of the city, easily
accessible from SR-8 (108,000 vehicles per day) which is one of the main
highway systems that connects the east side of Cleveland to Akron and
Canton. With over 12,000 VPD, easy highway access and located within
a dense residential and daytime population, the property offers great
visibility and access.
INVESTMENT
HIGHLIGHTS
• Price: $725,000
• Cap Rate: 7.64%
• NOI: $55,413.98
• Rent: $9.50 psf or $76,000/yr = $6,333.33/mo
• Building Size: 8,000 SF
• Expenses: $20,586.02
• Acreage: 0.53 acres
• Lease: N
• Tenant pays $300/mo maintenance fee for
landscaping and snow plow
• Tenant responsible for HVAC repairs up to $2,000/yr
• Landlord responsible for roof, structure, parking lot
repairs, HVAC replacement, and Real Estate Taxes
and Insurance
Investment Sales • AnchorCleveland.com | 5
HIGHLIGHTS
INVESTMENT OVERVIEW
CORNER LOT ON HEAVILY TRAVELED STREET
DOOR DASH PUBLICLY TRADED COMPANY (NYSE: DASH)
1156 E TALLMADGE RD., AKRON OH 44310
TENANT PAID FOR BUILD-OUT SHOWING COMMITMENT
TO THE SITE
PRICE CAP RATE
$725,000 7.64% STRONG DEMOGRAPHICS
GREAT ACCESS TO THE FREEWAY
LEASABLE SQUARE FOOTAGE: ACREAGE: NET OPERATING INCOME:
8,000 SF +/- 0.53 ACRES $55,413.98
BUILT: LEASE TYPE: RENT PSF:
2005 N LEASE $9.50 PSF
LEASE EXPIRATION: RENT INCREASES: OPTIONS:
02/28/2024 3% RENT INCREASE W/ 1, 3-YR OPTION
EACH OPTION
Investment Sales • AnchorCleveland.com | 6
LEASE ABSTRACT AND FINANCIALS
EXPENSES 2021 Tenant pays $9.50 psf in base rent plus $300/mo for exterior maintenance
Tenant is responsible for all utilities and interior maintenance, including HVAC repairs
Real Estate Taxes $ 18,865.02 up to $2,000/year
Landlord is responsible for maintaining the exterior of the property, Real Estate Taxes
Insurance $1,721
and Insurance
Investment Sales • AnchorCleveland.com | 7
TRADE
N AERIAL
1156
SITE
Lorem OH
East Tallamadge Avenue | AKRON, ipsum
44310
Anchor
C L E V E L A N D
HOWE AVE
8
N
VPD
12,951
D
5 VP
0
1,5
BUCHOLZER BLVD
PLAZA AT CHAPEL HILL CHAPEL HILL MALL
10
VE
HOME A
BRITTAIN RD
Willoughby Supply
Y
INDUSTRIAL PKW
PUBLIC STORAGE
LyondellBasell
261
EAST TALLMADGE AVE 7,641 VPD
WEST TALLMADGE AVE
SITE
TRADE AREA AERIAL 24500 CHAGRIN BLVD, SUITE 100, BEACHWOOD, OH 44122 | 216-342-2523 | WWW.ANCHORCLEVELAND.COM
The information
The submitted herein
information is not guaranteed.
submitted hereinAlthough
is notobtained from reliableAlthough
guaranteed. resources, it isobtained
subject to errors,
fromomissions, prior sale
reliable and withdrawal
resources, it isfrom the market
subject towithout
errors,notice. Broker has made
omissions, no investigation
prior sale andand makes no representation
withdrawal from the of the property. without notice. Broker has made no investigation and
market
makes no representation of the property. © 2021 ANCHOR CLEVELAND LLC
SITE Anchor
N
1156 East Tallamadge Avenue | AKRON, OH 44310 C L E V E L A N D
SITE PLAN
N
SITE
The information submitted herein is not guaranteed. Although obtained from reliable resources, it is subject to errors, omissions, prior sale and withdrawal from the market without notice. Broker has made no investigation and
makes no representation of the property. © 2021 ANCHOR CLEVELAND LLC
SITE PLAN 24500 CHAGRIN BLVD, SUITE 100, BEACHWOOD, OH 44122 | 216-342-2523 | WWW.ANCHORCLEVELAND.COM
The information submitted herein is not guaranteed. Although obtained from reliable resources, it is subject to errors, omissions, prior sale and withdrawal from the market without notice. Broker has made no investigation and makes no representation of the property.
LOCATION MAP
The information submitted herein is not guaranteed. Although obtained from reliable resources, it is subject to errors, omissions, prior sale and withdrawal from the market without notice. Broker has made no investigation and
makes no representation of the property. © 2021 ANCHOR CLEVELAND LLCDEMOGRAPHICS
SUMMARY PROFILE
2000-2010 Census, 2020 Estimates with 2025 Projections
Calculated using Weighted Block Centroid from Block Groups
Lat/Lon: 41.1017/-81.4731
1156 E Tallmadge Ave
1 mi radius 3 mi radius 5 mi radius
Akron, OH 44310
2020 Estimated Population 0T 7,237 90,121 226,762
2025 Projected Population 0T 7,114 91,229 231,061
POPULATION
2010 Census Population 0T 6,976 91,218 228,955
2000 Census Population 0T 7,128 97,149 244,122
Projected Annual Growth 2020 to 2025 - -0.3% 0.2% 0.4%
Historical Annual Growth 2000 to 2020 - - -0.4% -0.4%
2020 Median Age 41.4 36.9 37.8
2020 Estimated Households 0T 3,609 38,824 97,789
HOUSEHOLDS
2025 Projected Households 0T 3,582 39,794 100,908
2010 Census Households 0T 3,396 38,349 96,389
2000 Census Households 0T 3,381 40,636 100,722
Projected Annual Growth 2020 to 2025 - -0.1% 0.5% 0.6%
Historical Annual Growth 2000 to 2020 - 0.3% -0.2% -0.1%
2020 Estimated White - 68.7% 73.0% 69.1%
2020 Estimated Black or African American - 21.3% 18.1% 23.1%
RACE AND
ETHNICITY
2020 Estimated Asian or Pacific Islander - 4.8% 4.1% 3.4%
2020 Estimated American Indian or Native Alaskan - 0.3% 0.3% 0.2%
2020 Estimated Other Races - 4.8% 4.6% 4.2%
2020 Estimated Hispanic - 4.0% 3.3% 2.8%
2020 Estimated Average Household Income $0 T $49,619 $59,358 $63,219
INCOME
2020 Estimated Median Household Income $0 T $40,459 $49,437 $51,926
2020 Estimated Per Capita Income $0 T $24,778 $25,883 $27,527
2020 Estimated Elementary (Grade Level 0 to 8) - 11.9% 4.8% 3.4%
2020 Estimated Some High School (Grade Level 9 to 11) - 6.4% 7.6% 6.9%
EDUCATION
- 33.4% 34.1% 32.6%
(AGE 25+)
2020 Estimated High School Graduate
2020 Estimated Some College - 20.5% 20.6% 21.7%
2020 Estimated Associates Degree Only - 10.1% 9.4% 9.2%
2020 Estimated Bachelors Degree Only - 12.9% 16.0% 17.6%
2020 Estimated Graduate Degree - 4.8% 7.5% 8.6%
2020 Estimated Total Businesses 0T 501 3,609 7,648
BUSINESS
2020 Estimated Total Employees 0T 6,670 52,104 103,032
2020 Estimated Employee Population per Business - 13.3 14.4 13.5
2020 Estimated Residential Population per Business - 14.4 25.0 29.6
©2021, Sites USA, Chandler, Arizona, 480-491-1112 page 1 of 1 Demographic Source: Applied Geographic Solutions 11/2020, TIGER Geography
The information submitted herein is not guaranteed. Although obtained from reliable resources, it is subject to errors, omissions, prior sale and withdrawal from the market without notice. Broker has made no investigation and
makes no representation of the property. © 2021 ANCHOR CLEVELAND LLCTENANT OVERVIEW
DOORDASH
DoorDash was launched as PaloAltoDelivery.com in January 2013 when
it made its first delivery. By March, it had received $120,000 in seed capital
from YCombinator. It incorporated as DoorDash in June that year.
DoorDash was founded by Stanford students Tony Xu, Stanley Tang,
Andy Fang and Evan Moore. Moore departed and is now a partner OWNERSHIP TENANT // GUARANTEE
at Khosla Ventures. CORPORATE CORPORATE
It was reported in December 2018 that DoorDash overtook # OF LOCATIONS HEADQUARTERS
- Palo Alto, California
Uber Eats to hold the second position in total US food delivery sales,
behind GrubHub. By March 2019, it had exceeded GrubHub
YEAR FOUNDED
in total sales, at 27.6% of the on-demand delivery market. January 2013
By early 2019, DoorDash had become the largest third-party food delivery WEBSITE
provider in the US, as measured by consumer spending. It maintained that WWW.DOORDASH.COM
market position in 2020. DoorDash has raised more than $2.5 billion over
several financing rounds from investors including Y Combinator, Charles
River Ventures, SV Angel, Khosla Ventures, Sequoia Capital, SoftBank,
GIC, and Kleiner Perkins. As of June 2020, DoorDash's post-money
valuation is slightly under $16 billion.
Sources:
Wikipedia - www.en.wikipedia.org/AKRON, OH
OVERVIEW
Akron is the fifth-largest city in the U.S. state of Ohio and
is the county seat of Summit County. It is located on the
western edge of the Glaciated Allegheny Plateau, about 30
miles south of Cleveland.
The city was founded in 1825 by Simon Perkins and Paul Williams, along the Little
Cuyahoga River at the summit of the developing Ohio and Erie Canal. The name
is derived from the Greek word signifying a summit or high point. It was briefly
renamed South Akron after Eliakim Crosby founded nearby North Akron in
1833, until both merged into an incorporated village in 1836. In the 1910s, Akron
doubled in population, making it the nation’s fastest-growing city.
A long history of rubber and tire manufacturing, carried on today by The
Goodyear Tire & Rubber Company, gave Akron the nickname “Rubber
Capital of the World”. It was once known as a center of airship
development. Today, its economy includes manufacturing,
education, healthcare, and biomedical research; leading
corporations include Gojo Industries, FirstEnergy, Huntington
Bank, and Charter Spectrum.
Despite the number of rubber workers decreasing by
roughly half from 2000 to 2007, Akron’s research in
polymers gained an international reputation. In 2013,
The Goodyear Tire & Rubber Company opened its
new global headquarters on Innovation Way, further
cementing the company’s relationship with the city.
Sources:
Wikipedia - www.en.wikipedia.org/
Investment Sales • AnchorCleveland.com | 14Although effort has been made to provide accurate information, neither the owner nor Anchor Cleveland can warrant or represent accuracy or
completeness of the materials presented herein or in any other written or oral communications transmitted or made available to the purchaser.
Many documents have been referred to in summary form and these summaries do not purport to represent or constitute a legal analysis of
the contents of the applicable documents. Neither owner nor Anchor Cleveland represents that this document is all inclusive or contains all of
the information a purchaser may require. All of the financial projections and/or conclusions presented herein are provided strictly for reference
purposes and have been developed based upon assumptions and conditions in exact time the evaluations were undertaken. They do not purport
to redact changes in the economic performance of the property or the business activities of the owner since the date of preparation of this
document. The projected economic performance of the property, competitive sub-market conditions, and selected economic and demographic
statistics may have changed subsequent to the preparation of the package. Qualified purchasers are urged to inspect the property and undertake
their own independent evaluation of the property, the market and the surrounding competitive environment.
THANK YOU!
24500 CHAGRIN BLVD. #100 | BEACHWOOD, OH 44122 | 216-342-2523
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