2639 Warrensville Center RdUniversity Heights, OH 44118

  • Retail properties
  • 288 SF
For Lease

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
Retail properties
Property subtype
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.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • 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
2639 Warrensville Center Rd, University Heights, Ohio

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

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
$26,372
$151,900
$23,350
$175,250
-
$434,000
$66,700
$500,700

FAQs

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