751 Richmond Rd Richmond Heights, OH 44143

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.