Investment Offering
Mason, OH - Bright Star Living Center
6491 Reading Road | Mason, OH 45040
$12,606,000
Price6.5%
Cap Rate$819,402
NOI32,140
± SF Offering GLADescription
SRS Real Estate Partners in collaboration with Hoty Enterprises, Inc. is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, freestanding, corporate guaranteed, assisted care senior living facility located in Mason, OH (Cincinnati MSA). The tenant, BrightStar Senior Living Operations of Mason, LLC, has 18 years remaining on their initial term, demonstrating their long-term commitment to the site. The lease features 1.50% annual rental increases throughout the initial term and options, steadily growing NOI and hedging against inflation. The lease is guaranteed by the corporate entity and is absolute NNN with zero landlord responsibilities, making this an ideal, management-free investment opportunity for a passive investor. Founded in 2002, BrightStar has experienced years of national excellence and has grown to over 300 locations throughout 38 states.
Location
BrightStar is strategically located near the signalized, hard corner intersection of Reading Road and Snider Road, averaging a combined 26,700 vehicles passing by daily. The asset also benefits from nearby direct access onto Interstate 71 (98,800 VPD), a major north-south route that travels through Ohio. The property contains 32,140 SF of GLA throughout two stories and houses 41 private residents. Situated on 3.19 acres, the property also features an outdoor garden, covered porch, private dining room, laundry, spa, and open living areas. The freestanding building is near Liberty Center (910K+ SF), Voice of America Centre (511K+ SF), Deerfield Towne Centre (469K+ SF), and other major shopping centers. The surrounding national/credit tenants include Walmart Supercenter, Kroger, Target, Whole Foods, PetSmart, The Home Depot, Costco Wholesale, and others. The dense retail corridor provides employees, visitors, and residents with direct access to food, service, and entertainment-based services to accommodate their daily needs. Furthermore, the property is within close proximity to numerous single-family communities and multi-family complexes including Cambridge Park (106 units), Sterling Lakes (284 units), Twin Fountains (320 units), and more, providing convenience for nearby employees as well as a direct potential employee base to draw from. The 5-mile trade area is supported by over 150,000 residents and 92,300 daytime employees, with an affluent average annual household income of $148,518.