3415 Clark AveCleveland, OH 44109

  • Retail properties
  • 14,748 SF
For Sale
$5,151,515 View listing

Property Details for 3415 Clark Ave

Year built
2008
Construction
TYPE NOT SPECIFIED
Lot size
1.45 AC
Property size (Sq ft)
14,748 SF
Zone code
LR
Property type
Retail properties
Property subtype
Retail space
APN
007-32-007
APU
732007

Description

This exceptional investment opportunity presents a 14,820-square-foot Walgreens located at 3415 Clark Ave, Cleveland, OH 44109, in Cuyahoga County. The property sits on a 1.45-acre lot and boasts a strong absolute NNN lease with a corporate guarantee from Walgreens (NASDAQ:WBA), minimizing landlord responsibilities. The lease commenced July 22, 2007, and has a remaining term of approximately 9.2 years, expiring January 30, 2034. The asking price is $5,151,515, representing a price per square foot of $347.61 and an attractive 8.25% cap rate, with a current net operating income (NOI) of $425,000. This strategically positioned retail property benefits from high visibility at a signalized intersection of Clark Ave and Fulton Rd, experiencing 9,307 vehicles per day and convenient ingress/egress. The location enjoys dense demographics, with 128,997 residents within a 3-mile radius and proximity to the 490/90 interchange providing easy access to Downtown Cleveland. Nearby businesses include Dollar General, Little Caesars Pizza, Burger King, McDonald's, KFC, Family Dollar, and Rally's. This is a compelling investment opportunity due to its strong tenant, long lease term, and favorable financial metrics.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $3,900,151
    6.5%
    $3,600,140
    7%
    $3,342,987
  • Comparable approach

    Method
    Valuation
    Relative Method
    $3,476,410
    Geo Method
    $3,476,410
  • Alternative Use

    Use
    Valuation
    Residential
    $3,036,852
    Hospitality
    $2,781,740
    Educational
    $2,314,376
    Medical
    $2,393,970
    Retail
    $3,600,140
3415 Clark Ave, Cleveland, Ohio

Location Insight

City
Cleveland
County
Cuyahoga
State
Ohio
Latitude
41.4694
Longitude
-81.707
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
$68,043
$243,180
$438,130
$681,310
-
$694,800
$1,251,800
$1,946,600

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