520 Broadway Ave Bedford, OH 44146-2724

Property Details for 520 Broadway Ave

Year built

2006

Construction

TYPE NOT SPECIFIED

Lot size

1.57 lot acres

Property size

14,942 SF

Zone code

B-2A

Property type

Retail space

APN

812-05-021

APU

81205021

Description

This exceptional investment opportunity presents a 14,820-square-foot Walgreens, situated on a 1.57-acre lot at 520 Broadway Ave, Bedford, OH 44146. The property boasts a new 13-year net lease (NNN) with Walgreens, an investment-grade tenant rated "BBB" by S&P, commencing September 1, 2022, and expiring August 31, 2035. This translates to a substantial 10.8 years of remaining lease term. The lease includes attractive 5% rental increases every five years, extending through option periods. The asking price is $4,420,000, representing a compelling $298.25 per square foot and a 5.70% cap rate, generating a net operating income (NOI) of $251,940. Located on a hard corner signalized intersection of Broadway Avenue and Grace Street, this property benefits from high visibility and significant traffic volume (approximately 20,327+ vehicles per day). The strategic location within the densely populated Cuyahoga County (1.25 million residents) and proximity to University Hospital and Bedford High School further enhances its appeal. This absolute NNN lease structure eliminates landlord responsibilities, making it an ideal asset for 1031 exchanges or investors seeking predictable, long-term cash flows. The strong sales history of this Walgreens location underscores its enduring profitability and makes this a rare and attractive investment opportunity.