3415 Clark AveCleveland, OH 44109
- Retail properties
- 14,748 SF
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
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
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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