Dollar General Storefront
New
For Sale
$1,109,000
3070 Mayfield Road, Cleveland Heights, OH 44118
NN lease structure includes two renewal options with scheduled increases.
Property Size8,333 SF
Lot Size0.82 Acres
Price / SF$133.09
Days on Market2
Property Features for 3070 Mayfield Road
General Information
Standard status
Active
Size
8,333 SF
Lot size
0.82 Acres
Property subtype
Retail
Building Details
Buildings
1
Tenancy
Single
Listing Agency:
CBRE | Cleveland
Listed By:
Joseph Khouri · License #2008000837
(216) 658-6120
Source:
Cbre
Added: Sep 26
Last Checked: Sep 26 at 3:18PM
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 CBRE | Cleveland
Investment Insights
Based on property information with market context.
Dollar General occupies a freestanding 8,333-square-foot building on 0.82 acres. The NN lease has an initial term ending in September 2033, with two five-year extension options and 10% increases at each option. The landlord is responsible for the roof and structure and for the initial HVAC replacement; the tenant handles subsequent HVAC repairs and maintenance after replacement.
The property has access at a traffic signal and sits across from the Cleveland Heights recreation center. University Circle, Case Western Reserve University, and UH Cleveland Medical Center are among the nearby destinations. The surrounding area also includes the Cedar Lee, Cedar-Fairmount, and Coventry districts, as well as downtown Cleveland.
The property has access at a traffic signal and sits across from the Cleveland Heights recreation center. University Circle, Case Western Reserve University, and UH Cleveland Medical Center are among the nearby destinations. The surrounding area also includes the Cedar Lee, Cedar-Fairmount, and Coventry districts, as well as downtown Cleveland.
Key Highlights
- Dollar General occupies an 8,333‑square‑foot freestanding building on 0.82 acres
- NN lease with initial term ending September 2033
- Two 5‑year options, each with a 10% increase
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$80,059
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.22%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,601,180
$1.6M
Cap Rate 7%
$1,143,700
$1.1M
Cap Rate 9%
$889,544
$889.5K
Market Conditions
NOI Build-Up for 8,333 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$125.0K $15.00/SF
− Vacancy
−$10.6K −$1.28/SF
EGI
$114.4K $13.73/SF
− OpEx
−$34.3K −$4.12/SF
NOI
$80.1K $9.61/SF
Area
ZIP 44118
Vacancy
8.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,601,180
Cap Rate 7%
$1,143,700
Cap Rate 9%
$889,544
Alternative Uses
Best Use
Retail
$1.14M
$1.00M – $1.33M
NOI $80,059 @ 7.0% cap · market cap 7.22%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.69M
$1.48M – $1.97M
NOI $118,404 @ 7.0% cap · market cap 10.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
592
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 44118, OH
40,242
Population
17,849
Households
2.3
Avg Household Size
35
Median Age
61%
College-Educated
96%
High-School Grad
7.0 sq mi
ZIP Area
5,749
Density / Sq Mi
$76,328
Median Household Income
$44,837
Median Earnings
$1,195
Median Rent
$205,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Storefront property - NN lease structure includes two renewal options with scheduled increases.
Where is this storefront property located?
The property is located at 3070 Mayfield Road Cleveland Heights, OH.
What is the asking price?
The asking price for this property is $1,109,000.
What are key features of this property?
This property features: Dollar General occupies an 8,333‑square‑foot freestanding building on 0.82 acres; NN lease with initial term ending September 2033; Two 5‑year options, each with a 10% increase
