Advance Auto Parts Investment
For Sale
Contact for pricing
7440 Broadway Ave, Cleveland, OH 44105
Retail property with long-term lease and stable income stream.
Property Size7,000 SF
Lot Size0.82 Acres
Price / SF$160.71
Days on Market158
Property Features for 7440 Broadway Ave
General Information
Standard status
Active
Size
7,000 SF
Lot size
0.82 Acres
Property subtype
Retail
Occupancy
100%
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$78,840
Building Details
Year Built
2005
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Encore Real Estate Investment Services
(248) 702-0288
Listed By:
Deno Bistolarides · License #6502378067
Source:
Crexi
Added: Mar 17
Changed: Aug 17
Last Checked: Aug 19 at 3:19PM
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 Encore Real Estate Investment Services
Investment Insights
Based on property information with market context.
The property at 7440 Broadway Ave, Cleveland, OH 44105, is a retail center available for sale. The building has a size of 7,000 square feet and is situated on 0.82 acres of land. The property generates a net operating income of $78,840 and has a CAP rate of 7.01%. The property is currently leased to Advance Auto Parts, a company with a significant market presence. The tenant is responsible for maintenance expenses. Located in a metropolitan market, the property benefits from high traffic volume, with over 18,000 vehicles passing by daily. This property offers a stable income stream and is suited for automotive services.
Key Highlights
- Long‑term lease with Advance Auto Parts, a reputable national tenant
- Attractive 7.01% CAP rate and $78,840 Net Operating Income (NOI)
- Prime location in Cleveland with high traffic volume (18,000+ vehicles daily)
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
$67,253
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
5.98%
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%
$1,345,060
$1.3M
Cap Rate 7%
$960,757
$960.8K
Cap Rate 9%
$747,256
$747.3K
Market Conditions
NOI Build-Up for 7,000 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
$105.0K $15.00/SF
− Vacancy
−$8.9K −$1.28/SF
EGI
$96.1K $13.73/SF
− OpEx
−$28.8K −$4.12/SF
NOI
$67.3K $9.61/SF
Area
Cleveland, OH
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%
$1,345,060
Cap Rate 7%
$960,757
Cap Rate 9%
$747,256
Alternative Uses
Best Use
Retail
$960.8K
$840.7K – $1.12M
NOI $67,253 @ 7.0% cap · market cap 5.98%
Second Best
Industrial
$410.8K
$359.5K – $479.3K
NOI $28,758 @ 7.0% cap · market cap 2.56%
Theoretical Best
Office A
$1.71M
$1.49M – $1.99M
NOI $119,576 @ 7.0% cap · market cap 10.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
711
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 44105, OH
34,100
Population
17,528
Households
1.9
Avg Household Size
38
Median Age
11%
College-Educated
83%
High-School Grad
8.9 sq mi
ZIP Area
3,831
Density / Sq Mi
$38,294
Median Household Income
$32,389
Median Earnings
$888
Median Rent
$56,400
Median Home Value
Market
Vacancy Rate% for Retail in Cleveland, OH
Questions? Ask Rey
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Similar Off Market Nearby
- Rent A Ride — 6325 Broadway Ave, Cleveland, OH 44105
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- U-Haul Neighborhood Dealer — 6720 Harvard Ave, Cleveland, OH 44105
Frequently Asked Questions
What type of property is this?
Automotive property - Retail property with long-term lease and stable income stream.
Where is this automotive property located?
The property is located at 7440 Broadway Ave Cleveland, OH.
What is the asking price?
The asking price for this property is $1,125,000.
What are key features of this property?
This property features: Long‑term lease with Advance Auto Parts, a reputable national tenant; Attractive 7.01% CAP rate and $78,840 Net Operating Income (NOI); Prime location in Cleveland with high traffic volume (18,000+ vehicles daily)
