Building Details

Buildings 2

Units 2

Tenancy Multi

Listing Agency: Goodman Real Estate Services Group LLC

Listed By: Kyle Hartung · License #SAL.2003016343 Show Phone

Source: Crexi

Added: Jul 13, 2023 Changed: Oct 3 Last Checked: Oct 16 at 6:52AM

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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 Goodman Real Estate Services Group LLC

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Investment Insights

Based on property information with market context.

This property features two freestanding buildings in Warrensville Heights, Ohio, leased to Georgio’s Oven Fresh Pizza and Starr Automotive. The asset offers an attractive cap rate of 8.5%. Georgio’s Pizza faces Emery Road, and Starr Automotive has been a tenant since 1995. Georgio’s is responsible for their own daily property maintenance, leaving minimal landscaping and snowplowing as the landlord responsibility for the Starr Automotive parcel. The property is located within blocks of the North Randall Amazon Fulfillment Center (900,000 SF), JACK Thistledown Racino, Cuyahoga Community College, and Heinen’s food manufacturing. The surrounding area includes national retailers such as ALDI, Wendy’s, KFC, Taco Bell, Popeyes, CVS, Burger King, Sherwin-Williams, Planet Fitness, and Save-A-Lot.

Key Highlights

• High 8.5% Cap Rate
• Two Freestanding Buildings with Existing Tenants
• Tenants Include Georgio’s Oven Fresh Pizza and Starr Automotive

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$60,674

Cap Rate

8.73%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,213,480 $1.2M

Cap Rate 7%

$866,771 $866.8K

Cap Rate 9%

$674,156 $674.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,350 SF

Gross rent

$95.3K $15.00/SF

− Vacancy

−$8.6K −$1.35/SF

EGI

$86.7K $13.65/SF

− OpEx

−$26.0K −$4.10/SF

NOI

$60.7K $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%

$1,213,480

Cap Rate 7%

$866,771

Cap Rate 9%

$674,156

Alternative Uses

Best Use

Industrial

$4.19M

$3.67M – $4.89M (±1% cap)

NOI $293,302 @ 7.0% cap · market cap 42.20%

Second Best

Specialty Retail

$992.4K

$868.3K – $1.16M (±1% cap)

NOI $69,466 @ 7.0% cap · market cap 10.00%

Theoretical Best

Warehouse

$5.09M

$4.45M – $5.94M (±1% cap)

NOI $356,153 @ 7.0% cap · market cap 51.25%

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

Property Analytics

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Current Use

Conventional restaurants

Suggested Use

Top Pick Real Estate Agency Law Firm Dental Office Spa & Massage Center Hair Salon (Bike/Boat/Book/etc) Store

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

375

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 44128, OH

28,146

Population

14,184

Households

2

Avg Household Size

41

Median Age

18%

College-Educated

90%

High-School Grad

8.8 sq mi

ZIP Area

3,198

Density / Sq Mi

$44,615

Median Household Income

$32,719

Median Earnings

$957

Median Rent

$90,200

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

Frequently Asked Questions

What type of property is this?

Conventional restaurant - Two-building asset leased to Georgio’s Pizza and Starr Automotive.

Where is this conventional restaurant located?

The property is located at 22019 Emery Rd Warrensville Heights, OH.

What is the asking price?

The asking price for this property is $695,000.

What are key features of this property?

This property features: High 8.5% Cap Rate; Two Freestanding Buildings with Existing Tenants; Tenants Include Georgio’s Oven Fresh Pizza and Starr Automotive