Fully Leased Solon Retail
For Sale
$25,185,000
6025 Kruse Dr, Solon, OH 44139
Neighborhood retail center in Solon, Ohio, 100% occupied.
Property Size182,334 SF
Price / SF$173.69
Days on Market160
Property Features for 6025 Kruse Dr
General Information
Standard status
Active
Size
182,334 SF
Property subtype
Retail
Building Details
Building Size
182,334 SF
Listing Agency:
CP Partners
Listed By:
Zeb Ripple · License #CalDRE #01242540
(415) 274-2702
Source:
Cppcre
Added: Apr 1
Changed: Sep 4
Last Checked: Sep 7 at 5:56AM
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 CP Partners
Investment Insights
Based on property information with market context.
This fully leased neighborhood retail center, Uptown Solon, has undergone a substantial leasing transformation in recent years. Anchored by Tractor Supply and Ace Pickleball Club, the property features a mix of service, fitness, childcare, restaurant, and experiential tenants. These tenants collectively drive repeat daily visitation, establishing the center as a community retail destination. Approximately 145,000+ square feet has been leased, renewed, or is scheduled to commence since December 2023, representing about 80% of the center’s total GLA. Recent leasing activity includes Ace Pickleball Club, ONYX Fitness, Kids Empire, Mobility Plus, Mavis Public House, John Robert’s Spa, The Vital Stretch, and Tutu School, with future commencements including Emler Swim School and Cactus Grill. The center is now 100% occupied, demonstrating strong tenant demand for well-located service and experiential retail space within the Solon submarket. The diversified roster of tenants are necessity-based service and experiential, making them resistant to e-commerce disruption. Anchor tenancy from Tractor Supply combines with experiential concepts such as Ace Pickleball Club, ONYX Fitness, and Emler Swim School, alongside daily-needs operators including Sweet Kiddles, Kids Empire, Dogtopia, Orange Theory, and Mavis Public House. This merchandising mix drives consistent traffic throughout the day and evening, reinforcing the center’s role as a neighborhood retail destination. Uptown Solon is located in Solon, Ohio, an affluent suburb within the Cleveland metropolitan area. The city boasts median household incomes exceeding $135,000, nearly 2x the Ohio average. The property benefits from regional accessibility via US-422 and SR-91.
Key Highlights
- 100% Occupancy: Demonstrates strong tenant demand.
- Anchored by Tractor Supply and Ace Pickleball Club: Provides a strong draw.
- High‑Income Demographics: Median household incomes exceeding $135,000.
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
$1,385,475
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
5.50%
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%
$27,709,500
$27.7M
Cap Rate 7%
$19,792,500
$19.8M
Cap Rate 9%
$15,394,167
$15.4M
Market Conditions
NOI Build-Up for 145,000 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
$2.18M $15.00/SF
− Vacancy
−$195.8K −$1.35/SF
EGI
$1.98M $13.65/SF
− OpEx
−$593.8K −$4.10/SF
NOI
$1.39M $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 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%
$27,709,500
Cap Rate 7%
$19,792,500
Cap Rate 9%
$15,394,167
Alternative Uses
Best Use
Retail
$19.79M
$17.32M – $23.09M
NOI $1,385,475 @ 7.0% cap · market cap 5.50%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$116.18M
$101.66M – $135.54M
NOI $8,132,622 @ 7.0% cap · market cap 32.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,034
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44139, OH
25,331
Population
9,347
Households
2.7
Avg Household Size
44
Median Age
63%
College-Educated
95%
High-School Grad
22.9 sq mi
ZIP Area
1,106
Density / Sq Mi
$134,924
Median Household Income
$73,281
Median Earnings
$1,468
Median Rent
$373,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Neighborhood retail center in Solon, Ohio, 100% occupied.
Where is this shopping center located?
The property is located at 6025 Kruse Dr Solon, OH.
What is the asking price?
The asking price for this property is $25,185,000.
What are key features of this property?
This property features: 100% Occupancy: Demonstrates strong tenant demand.; Anchored by Tractor Supply and Ace Pickleball Club: Provides a strong draw.; High‑Income Demographics: Median household incomes exceeding $135,000.
