2007 Brookpark RdCleveland, OH 44109
- Retail properties
- 10,236 SF
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 properties
- Property subtype
- 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.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
CAP approach
- CAP return
- Valuation
- 6%
- $2,706,940
- 6.5%
- $2,498,714
- 7%
- $2,320,234
-
Comparable approach
- Method
- Valuation
- Relative Method
- $2,412,838
- Geo Method
- $2,412,838
-
Alternative Use
- Use
- Valuation
- Residential
- $2,107,758
- Hospitality
- $1,930,695
- Educational
- $1,606,316
- Medical
- $1,661,560
- Retail
- $2,498,714
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
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
- How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
- Please email our support team at [email protected] and they will add the team member.
- How do I access a private listing?
- Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
- How can I contact the broker?
- We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
- How do I unsubscribe from emails?
- At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].