16400-16500 Chagrin BlvdShaker Heights, OH 44120

Property Details for 16400-16500 Chagrin Blvd

Year built

1994

Property size (Sq ft)

52,506 SF

Property type

Retail properties

Property subtype

Other retail properties

Description

This exceptional Shaker Heights retail investment opportunity presents a 52,506 square foot, multi-tenant property situated at a prime hard corner location on Chagrin Boulevard and Lee Road. The property boasts a strong tenant mix including Walgreens, Bank of America, and the United States Postal Service, among others, resulting in a 95% occupancy rate and a substantial net operating income (NOI) of $312,192. Built in 1994, the Class B property comprises five buildings across two stories, offering a total of seven units and 24 parking spaces. The property features a standalone Walgreens, presenting a potential for separate sale or spin-off. The asking price is $4,700,000, translating to a price per square foot of $89.51 and a compelling 6.64% cap rate. The property's strategic location adjacent to Shaker Town Center, combined with its high-quality retail space and strong tenant base, makes it an attractive investment prospect. The Bank of America location includes a convenient drive-thru. This well-occupied center offers a stable rent roll and the potential to acquire below replacement cost.

Location Insight

City

Shaker Heights

County

Cuyahoga

State

Ohio

Latitude

41.4639

Longitude

-81.5666

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