For Sale
$4,968,000

751 Richmond RdRichmond Heights, OH 44143

High-Yield Walgreens, Ohio

Overview

Added:
Dec 11, 2024
Days on market:
115
This fee-simple retail property in Richmond Heights, Ohio, offers a compelling investment opportunity. The 13,216 square-foot Walgreens, a convenience store and pharmacy, boasts a recently extended 10-year corporate lease (expiring September 30, 2033), providing 8.9 years of remaining term with a corporate guarantee. The property operates under a triple-net (NNN) lease, minimizing landlord responsibilities. Situated on a 1.39-acre lot at a signalized corner, it benefits from high visibility and traffic. The property's strategic location is further enhanced by its adjacency to the Belle Oaks mixed-use development, a 60+ acre project including a Meijer grocery store (opening in 2025), 800+ upscale apartments, and additional retail, office, and medical spaces. This prime location, coupled with the long-term lease and strong tenant, presents a stable, passive income stream with a 7.75% cap rate and a net operating income (NOI) of $385,000. The property is ideal for 1031 exchange investors seeking a secure, high-yield investment in a rapidly developing area with a population exceeding 238,000 within a five-mile radius. The property's strong fundamentals, including a modern drive-thru format and a long-term lease with no termination rights, make it an attractive addition to any institutional portfolio.

Highlights

  • Corporate lease with Walgreens (Nasdaq: WBA).
  • Recently extended lease provides approximately 9 years of remaining term.
  • Prominent outparcel location within the Belle Oaks mixed-use development (60+ acres, 800+ apartments, additional retail/office/medical).
  • Adjacent to a new Meijer grocery store opening in 2025.
  • Triple-net (NNN) lease; passive investment ideal for 1031 exchange.
  • 9-year lease term remaining with no tenant termination rights.

Property Details for 751 Richmond Rd

Property type
Retail properties, Drug stores
Square Feet
13,216 SF
Buildings
1
Lot Size (sq. ft)
60,548 SF

Location Insight

City
Richmond Heights
County
Cuyahoga
State
Ohio
Latitude
41.5398605
Longitude
-81.4966309
751 Richmond Rd, Richmond Heights, Ohio

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751 Richmond Rd
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