2007 Brookpark RdCleveland, OH 44109

Property Details for 2007 Brookpark Rd

Year built

1999

Construction

TYPE NOT SPECIFIED

Lot size

1.53 AC

Property size (Sq ft)

10,236 SF

Zone code

CA

Property type

Retail space

APN

445-04-001

APU

44504001

Description

This exceptional investment opportunity presents a fee-simple, 10,236 square foot CVS Pharmacy in Cleveland, Ohio. Located at a hard corner, signalized intersection on Brookpark Road in Parma, this 24-hour store boasts a strong 14.6-year remaining lease term (with 5-year options at 5% rent increases) and a credit-rated tenant. The property, built in 2000, sits on a 1.53-acre lot and benefits from a triple-net (NNN) lease, eliminating landlord responsibilities. The current net operating income (NOI) is $420,000, yielding a 5.65% cap rate. The property's prime location within the Cleveland MSA, with a 5-mile population of 283,453, ensures consistent high traffic and revenue. The recent 20-year lease extension by CVS demonstrates their long-term commitment to this successful location. This is a rare opportunity to acquire a stable, high-performing asset with significant upside potential. The asking price is $7,433,628, translating to $726.22 per square foot. This investment offers a secure, passive income stream with minimal management requirements. The property's strong tenant, favorable lease terms, and strategic location make it an ideal addition to any portfolio.

• CAP approach

  CAP return

  Valuation

  6%

  $2,274,560

  6.5%

  $2,099,600

  7%

  $1,949,620

• Comparable approach

  Method

  Valuation

  Relative Method

  $995,774

  Geo Method

  $995,774

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $4,280,700

  Mixed-Use / Specialty

  $2,016,830

  Hospitality / Lodging

  $1,381,680

  Office

  $1,926,450

  Institutional / Educational

  $2,069,790

  Residential Income

  $2,421,650

  Multifamily

  $3,321,720

  Automotive / Energy

  $1,774,110

  Parking / Income-Based Land

  $686,595

  Restaurant / Food Service

  $888,315

  Healthcare / Senior Housing

  $2,145,420

Location Insight

City

Cleveland

County

Cuyahoga

State

Ohio

Latitude

41.4188

Longitude

-81.6942

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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