3415 Clark AveCleveland, OH 44109

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 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.

• CAP approach

  CAP return

  Valuation

  6%

  $3,277,180

  6.5%

  $3,025,090

  7%

  $2,809,010

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,434,710

  Geo Method

  $1,434,710

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $6,167,620

  Mixed-Use / Specialty

  $2,905,850

  Hospitality / Lodging

  $1,990,720

  Office

  $2,775,620

  Institutional / Educational

  $2,982,150

  Residential Income

  $3,489,110

  Multifamily

  $4,785,930

  Automotive / Energy

  $2,556,130

  Parking / Income-Based Land

  $989,244

  Restaurant / Food Service

  $1,279,880

  Healthcare / Senior Housing

  $3,091,120

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

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