This is a "NET" leased school (grades 4-8) building leased to Richard Allen Schools, a well established multi-site charter school company in Dayton, Ohio. Richard Allen has been in continuous operation since 1999 and currently operates schools at 2 other locations. They relocated this school from a former location to 545 Odlin in 2020, signing a 5 year lease which has two 5 year options. This facility is at full capacity with 300+/- students. The leased premises includes the building site of 1.15 acres and a 1.75 acre playground 300' west on the property currently owned by the lessor, a Catholic Parish. The Parish intends to continue church operations on the adjoining property, but the balance of the 7 acre campus (3 +/- acres, a 7,650 SF office building and two garages) is also available. This additional property is not currently part of the leased premises. A survey is underway to determine how best to divide the property, so numbers and property line locations may change slightly from information contained here-in.

The Parish membership and the leadership of the Cincinnati Archdiocese have both formally approved the sale of the property, so the process should move forward smoothly once the survey and lender issues are resolved.

Actuals for 2022:

Income: $93,456

Expenses: $14,191

NOI: $79,265

Cap Rate: 11.5%