Building Details

Building Size 25,684 SF

Listing Agency: Passov Real Estate Group

Listed By: Alex Van Krevel · License #SAL.2018001867 Show Phone

Source: Passovgroup

Added: Mar 27 Changed: Oct 16 Last Checked: Oct 16 at 8:07AM

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Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Passov Real Estate Group

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Investment Insights

Based on property information with market context.

This retail center is located in the Chagrin Corridor submarket. The property is an 84% covered land value absolute NNN two-tenant building. It is located directly off I-271 at the signalized intersection of Chagrin Blvd & Exit 29, which sees a combined 36,773 vehicles per day. One tenant, Choolaah, has invested over $1.2M in buildouts, while LJI Collision invested $1.5M into their respective spaces. The property is situated in an area with an average household income of $197,000 within a 1-mile radius and a submarket vacancy rate of 1.7% within the General Retail asset class. The tenants' strong sales performance is attributed to the property’s real estate fundamentals.

Key Highlights

• High average household income ($197,000 within 1‑mile).
• Located directly off I‑271 at a signalized intersection with high traffic volume (36,773 vehicles per day).
• Absolute NNN lease structure with 84% covered land value.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$245,411

Cap Rate

3.01%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,908,220 $4.9M

Cap Rate 7%

$3,505,871 $3.5M

Cap Rate 9%

$2,726,789 $2.7M

Is this asking price fair?

Market Conditions

NOI Build-Up for 25,684 SF

Gross rent

$385.3K $15.00/SF

− Vacancy

−$34.7K −$1.35/SF

EGI

$350.6K $13.65/SF

− OpEx

−$105.2K −$4.10/SF

NOI

$245.4K $9.56/SF

Area

Cuyahoga County, OH

Vacancy

9.00%

Lease Rate

$15.00 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,908,220

Cap Rate 7%

$3,505,871

Cap Rate 9%

$2,726,789

Alternative Uses

Best Use

Retail

$3.51M

$3.07M – $4.09M (±1% cap)

NOI $245,411 @ 7.0% cap · market cap 3.01%

Second Best

—

—

no second resolved use

Theoretical Best

Warehouse

$20.58M

$18.01M – $24.01M (±1% cap)

NOI $1,440,540 @ 7.0% cap · market cap 17.69%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Shopping centers

Suggested Use

Top Pick Auto Parts Store HVAC Service Grocery & Convenience Store Storage Facility Locksmith Garden Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

2,238

Businesses Nearby

193k

Monthly Visits Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Dining 28% Superstores 27% Apparel 20% Shops & Services 18%

Target Superstores

52,945 visits/mo 0.1 miles

T.J. Maxx Apparel

36,281 visits/mo 0.1 miles

McDonald's Dining

24,979 visits/mo 0.1 miles

Shell Shops & Services

17,530 visits/mo 0.0 miles

Wendy's Dining

12,837 visits/mo 0.1 miles

Demographics for 44122, OH

36,268

Population

17,795

Households

2

Avg Household Size

45

Median Age

62%

College-Educated

97%

High-School Grad

12.5 sq mi

ZIP Area

2,901

Density / Sq Mi

$97,469

Median Household Income

$58,334

Median Earnings

$1,509

Median Rent

$304,300

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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Similar Off Market Nearby

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Frequently Asked Questions

What type of property is this?

Shopping center - Two-tenant retail center in affluent Chagrin Corridor submarket.

Where is this shopping center located?

The property is located at 27100 Chagrin Boulevard Beachwood, OH.

What is the asking price?

The asking price for this property is $8,143,000.

What are key features of this property?

This property features: High average household income ($197,000 within 1‑mile).; Located directly off I‑271 at a signalized intersection with high traffic volume (36,773 vehicles per day).; Absolute NNN lease structure with 84% covered land value.