3029 117Th StCleveland, OH 44111

Property Details for 3029 117Th St

Year built

1941

Construction

WOOD

Lot size

0.10 AC

Property size (Sq ft)

6,356 SF

Zone code

GR

Property type

Turn key restaurants

APN

005-07-003

APU

507003

Description

This exceptional investment opportunity presents a brand-new, single-tenant retail property leased to Bank of America, the second-largest bank in the US, under a 15-year net lease with a corporate guarantee. Located at 3029 W 117th St, Cleveland, OH 44111, this 2,000-4,000 square foot building sits on a 0.96-acre lot and boasts a 4.75% cap rate with a current NOI of $175,000. The lease commenced in 2024 and includes a 10% rent increase every five years, providing a hedge against inflation. The property benefits from a prime location with excellent highway access to I-90, and is surrounded by other national retailers, including Target, Home Depot, and numerous fast-food chains. This is a rare opportunity to acquire a long-term, low-maintenance investment with a highly creditworthy tenant and significant upside potential. The building is a single-story, newly constructed structure. Four (4) and five (5) year lease options are included. This is a gross lease investment with 100% occupancy. The property is part of a thriving commercial area in Cleveland, Ohio, a city experiencing significant economic growth and revitalization. The investment offers substantial long-term value appreciation and consistent returns.

• CAP approach

  CAP return

  Valuation

  6%

  $1,412,380

  6.5%

  $1,303,740

  7%

  $1,210,610

• Comparable approach

  Method

  Valuation

  Relative Method

  $618,322

  Geo Method

  $618,322

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $2,658,080

  Mixed-Use / Specialty

  $1,252,340

  Hospitality / Lodging

  $857,948

  Office

  $1,196,220

  Institutional / Educational

  $1,285,230

  Residential Income

  $1,503,720

  Multifamily

  $2,062,610

  Automotive / Energy

  $1,101,620

  Parking / Income-Based Land

  $426,338

  Restaurant / Food Service

  $551,596

  Healthcare / Senior Housing

  $1,332,190

Location Insight

City

Cleveland

County

Cuyahoga

State

Ohio

Latitude

41.47

Longitude

-81.7685

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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