2639 Warrensville Center RdUniversity Heights, OH 44118

Property Details for 2639 Warrensville Center Rd

Year built

1987

Lot size

0.57 AC

Property size (Sq ft)

288 SF

Zone code

U-7

Property type

Gas stations

APN

721-06-009

APU

72106009

Description

This exceptional new mixed-use development, JCU Gateway, presents a unique investment opportunity in University Heights, Ohio. Located at 2639 Warrensville Center Rd, 44118, this development is strategically positioned at the gateway to John Carroll University, boasting a student population of 3,673. Groundbreaking is slated for early 2025, with a projected opening in the fall of 2026. The development features 27,630 square feet of planned retail space, ideal for a variety of uses, including restaurants and small shops. A major specialty grocery store (to be announced) will serve as an anchor tenant, driving significant foot traffic. The property offers 186 parking spaces exclusively for retail tenants and customers, ensuring ample convenience. Its prime location on Fairmount Circle provides easy access to the densely populated communities of University Heights, Shaker Heights, and Cleveland Heights. The surrounding area is highly affluent, with over 15,000 residents within a one-mile radius boasting average incomes exceeding $150,000. This development offers unparalleled access to a large, captive audience of students, faculty, and high-income residents, making it an exceptional opportunity for long-term growth and profitability. The property is classified as retail and restaurant space, with a subtype of retail and small shop, and is a new development with multiple tenancy options. The Cuyahoga County location provides access to a robust local economy and infrastructure.

• CAP approach

  CAP return

  Valuation

  6%

  $76,162

  6.5%

  $70,304

  7%

  $65,282

• Comparable approach

  Method

  Valuation

  Relative Method

  $67,888

  Geo Method

  $67,888

• Alternative Use

  Use

  Valuation

  Residential

  $59,304

  Hospitality

  $54,322

  Educational

  $45,195

  Medical

  $46,750

  Retail

  $70,304

Location Insight

City

University Heights

County

Cuyahoga

State

Ohio

Latitude

41.4874

Longitude

-81.5358

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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