751 Richmond RdRichmond Heights, OH 44143

Property Details for 751 Richmond Rd

Year built

2003

Construction

TYPE NOT SPECIFIED

Lot size

1.59 AC

Property size (Sq ft)

13,132 SF

Zone code

B-2

Property type

Retail properties

Property subtype

Retail space

APN

662-30-112

APU

66230112

Description

This fee-simple retail property in Richmond Heights, Ohio, offers a compelling investment opportunity. The 13,216 square-foot Walgreens, a convenience store and pharmacy, boasts a recently extended 10-year corporate lease (expiring September 30, 2033), providing 8.9 years of remaining term with a corporate guarantee. The property operates under a triple-net (NNN) lease, minimizing landlord responsibilities. Situated on a 1.39-acre lot at a signalized corner, it benefits from high visibility and traffic. The property's strategic location is further enhanced by its adjacency to the Belle Oaks mixed-use development, a 60+ acre project including a Meijer grocery store (opening in 2025), 800+ upscale apartments, and additional retail, office, and medical spaces. This prime location, coupled with the long-term lease and strong tenant, presents a stable, passive income stream with a 7.75% cap rate and a net operating income (NOI) of $385,000. The property is ideal for 1031 exchange investors seeking a secure, high-yield investment in a rapidly developing area with a population exceeding 238,000 within a five-mile radius. The property's strong fundamentals, including a modern drive-thru format and a long-term lease with no termination rights, make it an attractive addition to any institutional portfolio.

• CAP approach

  CAP return

  Valuation

  6%

  $3,472,795

  6.5%

  $3,205,657

  7%

  $2,976,682

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,095,486

  Geo Method

  $3,095,486

• Alternative Use

  Use

  Valuation

  Residential

  $2,704,092

  Hospitality

  $2,476,934

  Educational

  $2,060,780

  Medical

  $2,131,653

  Retail

  $3,205,657

Location Insight

City

Richmond Heights

County

Cuyahoga

State

Ohio

Latitude

41.5398

Longitude

-81.4966

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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