6505 Mayfield RdMayfield Heights, OH 44124

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 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.

• 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

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