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

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

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].