6505 Mayfield RdMayfield Heights, OH 44124
- Retail properties
- 12,300 SF
Property Details for 6505 Mayfield Rd
- Year built
- 2004
- Construction
- TYPE NOT SPECIFIED
- Lot size
- 1.13 AC
- Property size (Sq ft)
- 12,300 SF
- Zone code
- U-4
- Property type
- Retail properties
- Property subtype
- Retail space
- APN
- 862-05-008
- APU
- 86205008
Description
This exceptional NNN retail investment opportunity, located at 6505 Mayfield Road in Mayfield Heights, Ohio, presents a compelling opportunity for investors seeking a stable, high-performing asset. The property, built in 2004, encompasses 15,003 square feet and is currently 100% occupied by two strong, long-term tenants: Pure Hockey and My Salon Suites. Both tenants have secured leases with a remaining term of over nine years, providing consistent and reliable income streams. The property boasts a strong NOI of $319,580, resulting in a 7.10% cap rate, and is priced at $4,500,000 ($299.94 per square foot). Situated at the high-traffic signalized intersection of Mayfield Road (Route 322) and Lander Road in Cuyahoga County, this prime location offers exceptional visibility and accessibility. The property benefits from its proximity to major highways, including Interstate 271, ensuring convenient access to the greater Cleveland metropolitan area and a diverse customer base. This turnkey investment offers a low-maintenance, high-visibility opportunity in a thriving retail hub, making it an ideal addition to any portfolio. The property features ample signage opportunities, further enhancing its appeal to potential tenants and maximizing its investment potential. This multi-tenant storefront property provides a secure and profitable investment with significant long-term growth prospects.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
CAP approach
- CAP return
- Valuation
- 6%
- $3,252,770
- 6.5%
- $3,002,557
- 7%
- $2,788,089
-
Comparable approach
- Method
- Valuation
- Relative Method
- $2,899,366
- Geo Method
- $2,899,366
-
Alternative Use
- Use
- Valuation
- Residential
- $2,532,770
- Hospitality
- $2,320,003
- Educational
- $1,930,215
- Medical
- $1,996,598
- Retail
- $3,002,557
Location Insight
- City
- Mayfield Heights
- County
- Cuyahoga
- State
- Ohio
- Latitude
- 41.5208
- Longitude
- -81.4484
- 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
FAQs
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