Retail Building in Cleveland
For Sale
Contact for pricing
3171 W Blvd, Cleveland, OH
11,625 SF retail building in a vibrant Cleveland location.
Property Size11,625 SF
Lot Size1.79 Acres
Price / SF$381.14
Days on Market357
Property Features for 3171 W Blvd
General Information
Standard status
Active
Size
11,625 SF
Lot size
1.79 Acres
Property subtype
RETAIL
Listing Agency:
Exclusive Realty
(248) 833-6601
Listed By:
Steve Sagmani · License #6502426558
(248) 833-6601
Source:
Moodyscre
Added: Sep 9, 2025
Changed: Aug 21
Last Checked: Aug 29 at 6:09AM
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 Exclusive Realty
Investment Insights
Based on property information with market context.
This 11,625 square foot retail building, constructed in 2000, features a modern design and versatile space. It is located in the Cleveland area, benefiting from high foot traffic and proximity to Northwest Freeway and I-90. The property is positioned near key local and national retailers, driving consistent consumer demand. The location benefits from an average household income of $65,000+ within a 3-mile radius and an average population of 162,000+ residents within the same radius. Lorain Avenue sees over 13,000 vehicles per day. The property is zoned LR-C1 and operates under a Triple Net (NNN) lease structure with zero Landlord responsibilities. According to Placer.ai, this location is ranked in the 83rd percentile of CVS stores Statewide for store visits.
Key Highlights
- Ranked in the 83rd percentile of CVS stores Statewide for store visits according to Placer.ai
- Prime location in the vibrant Cleveland area, attracting high foot traffic
- Triple Net (NNN) lease structure with zero Landlord responsibilities
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
$145,952
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
3.29%
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%
$2,919,040
$2.9M
Cap Rate 7%
$2,085,029
$2.1M
Cap Rate 9%
$1,621,689
$1.6M
Market Conditions
NOI Build-Up for 11,625 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
$209.3K $18.00/SF
− Vacancy
−$14.6K −$1.26/SF
EGI
$194.6K $16.74/SF
− OpEx
−$48.7K −$4.19/SF
NOI
$146.0K $12.56/SF
Area
Cleveland, OH
Vacancy
7.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$2,919,040
Cap Rate 7%
$2,085,029
Cap Rate 9%
$1,621,689
Alternative Uses
Best Use
Specialty Retail
$2.09M
$1.82M – $2.43M
NOI $145,952 @ 7.0% cap · market cap 3.29%
Second Best
Retail
$1.60M
$1.40M – $1.86M
NOI $111,687 @ 7.0% cap · market cap 2.52%
Theoretical Best
Office A
$2.84M
$2.48M – $3.31M
NOI $198,581 @ 7.0% cap · market cap 4.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
268
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Retail in Cleveland, OH
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Drug store - 11,625 SF retail building in a vibrant Cleveland location.
Where is this drug store located?
The property is located at 3171 W Blvd Cleveland, OH.
What is the asking price?
The asking price for this property is $4,430,769.
What are key features of this property?
This property features: Ranked in the 83rd percentile of CVS stores Statewide for store visits according to Placer.ai; Prime location in the vibrant Cleveland area, attracting high foot traffic; Triple Net (NNN) lease structure with zero Landlord responsibilities
