2007 Brookpark RdCleveland, OH 44109

  • Retail properties
  • 10,236 SF
For Sale
$7,433,628 View listing

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
2007 Brookpark Rd, Cleveland, Ohio

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

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$48,865
$307,930
$275,420
$583,350
-
$879,800
$786,900
$1,666,700

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