6505 Mayfield RdMayfield Heights, OH 44124

  • Retail properties
  • 12,300 SF
For Sale
$4,500,000 View listing

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
6505 Mayfield Rd, Mayfield Heights, Ohio

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

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$71,187
$258,410
$529,100
$787,510
-
$738,300
$1,511,700
$2,250,000

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