3070 Mayfield RdCleveland Heights, OH 44118

Property Details for 3070 Mayfield Rd

Year built

2012

Construction

TYPE NOT SPECIFIED

Lot size

0.82 AC

Property size (Sq ft)

8,400 SF

Zone code

C2

Property type

Retail properties

Property subtype

Outlet malls

APN

684-08-004

APU

68408004

Description

This exceptional investment opportunity presents a fee-simple ownership of a ±8,333 square foot Dollar General store located at 3070 Mayfield Rd, Cleveland Heights, OH 44118. The property, situated on a ±0.82-acre lot with 23 parking spaces, boasts a brand-new 2023 renovation, including a new roof, HVAC units, and facade. The single-tenant building is 100% occupied under a Net Net + (NN+) lease with Dollar General Corporation, a credit-rated, Fortune 500 company, providing significant financial security. The lease commenced September 13, 2023, with a remaining term of 8.9 years and two, five-year renewal options, each including a 10% rent increase. The current annual Net Operating Income (NOI) is $91,520, resulting in a 7.25% cap rate and a price per square foot of $151.49. The property benefits from a high-density market, with over 340,000 residents within a 5-mile radius and an above-average household income exceeding $64,000. Its strategic location on Mayfield Road, a high-traffic area with over 11,000 vehicles per day, provides excellent visibility and accessibility. The asking price is $1,262,345. The property is zoned commercial and was originally built in 2011. This is a stabilized investment with minimal capital expenditures anticipated in the near future. The low rent per square foot of $10.98 offers additional investor security and potential for future cash flow growth.

• CAP approach

  CAP return

  Valuation

  6%

  $2,221,404

  6.5%

  $2,050,527

  7%

  $1,904,061

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,980,055

  Geo Method

  $1,980,055

• Alternative Use

  Use

  Valuation

  Residential

  $1,729,696

  Hospitality

  $1,584,392

  Educational

  $1,318,196

  Medical

  $1,363,531

  Retail

  $2,050,527

Location Insight

City

Cleveland Heights

County

Cuyahoga

State

Ohio

Latitude

41.5151

Longitude

-81.5698

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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