2888 Mayfield RdCleveland Heights, OH 44118

Property Details for 2888 Mayfield Rd

Year built

1951

Construction

TYPE NOT SPECIFIED

Lot size

0.41 AC

Property size (Sq ft)

5,320 SF

Zone code

C3

Property type

Retail properties

Property subtype

Auto shops

APN

684-06-009

APU

68406009

Description

This fee-simple, 7,500-square-foot auto shop in Cleveland Heights, Ohio, presents a compelling net lease investment opportunity. Located at 2888 Mayfield Rd, 44118, this Class B property boasts a 10-year NNN lease with Honda of Cleveland Heights, a corporate-guaranteed tenant, with approximately 4.8 years remaining. The lease commenced August 30, 2019, and expires August 31, 2029, featuring 3% annual rent bumps. The property sits on a 0.9-acre lot and includes a single, one-story building constructed in 1951 and renovated in 1965. The property enjoys 100% occupancy, generating a net operating income (NOI) of $118,246, resulting in a 6.50% cap rate. The asking price is $1,819,169. This investment is suitable for a 1031 exchange. The property benefits from its location in a densely populated and affluent Cleveland Heights submarket with low vacancy rates. The site is part of a larger assemblage opportunity encompassing approximately 1.7 acres of contiguous land.

Location Insight

City

Cleveland Heights

County

Cuyahoga

State

Ohio

Latitude

41.5127

Longitude

-81.5763

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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