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    751 Richmond Rd Richmond Heights, OH 44143

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    For Sale
    Contact for pricing

    High-Yield Walgreens, Ohio

    Property size:
    13,216 SF

    Property Features for 751 Richmond Rd

    General Information

    Property type
    Individual retail properties
    Square Feet
    13,216 SF
    Lot Size
    60,548 SF

    Building Details

    Buildings
    1

    We can help!

    Listing Contact
    Kyle Hartung
    Kyle Hartung

    Listing Agency: Goodman Real Estate Services Group LLC Listing Agent: Kyle Hartung

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This fee-simple retail property in Richmond Heights, Ohio, offers a compelling investment opportunity. The 13,216 square-foot Walgreens, a convenience store and pharmacy, boasts a recently extended 10-year corporate lease (expiring September 30, 2033), providing 8.9 years of remaining term with a corporate guarantee. The property operates under a triple-net (NNN) lease, minimizing landlord responsibilities. Situated on a 1.39-acre lot at a signalized corner, it benefits from high visibility and traffic. The property's strategic location is further enhanced by its adjacency to the Belle Oaks mixed-use development, a 60+ acre project including a Meijer grocery store (opening in 2025), 800+ upscale apartments, and additional retail, office, and medical spaces. This prime location, coupled with the long-term lease and strong tenant, presents a stable, passive income stream with a 7.75% cap rate and a net operating income (NOI) of $385,000. The property is ideal for 1031 exchange investors seeking a secure, high-yield investment in a rapidly developing area with a population exceeding 238,000 within a five-mile radius. The property's strong fundamentals, including a modern drive-thru format and a long-term lease with no termination rights, make it an attractive addition to any institutional portfolio.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Isalis (Bike/Boat/Book/etc) Store Party City Party Supply Store Skunk Funk Big Box & Wholesale Store Carl's Trading Co Hat Shop Bushka's Kitchen LLC (Bike/Boat/Book/etc) Store

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Richmond Heights
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.4966309
    Latitude
    41.5398605

    Nearby Similar for Sale

    • Contact for pricing
      7,373 SF

      Retail Space with Signage Opportunities

      Retail space with new storefront, ample parking, and great signage.
      754 Richmond Rd, Richmond Heights, OH
      View Details
    • Contact for pricing

      Walgreens Corporate Lease Investment Opportunity

      Corporate-guaranteed Walgreens lease in Richmond Heights, Ohio with extension.
      751 Richmond Rd, Richmond Heights, OH
      View Details

    FAQs

    What type of property is this?
    Individual retail property - High-Yield Walgreens, Ohio
    Where is this individual retail property located?
    The property is located at 751 Richmond Rd Richmond Heights, OH.
    What is the asking price?
    The asking price for this property is $4,968,000.
    What are key features of this property?
    This property features: Corporate lease with Walgreens (Nasdaq: WBA).; Recently extended lease provides approximately 9 years of remaining term.; Prominent outparcel location within the Belle Oaks mixed-use development (60+ acres, 800+ apartments, additional retail/office/medical).
    (216) 381-8200 Call to check price and availability
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    751 Richmond Rd Richmond Heights, OH 44143
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    Richmond Heights, OH 44143
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    751 Richmond Rd Richmond Heights, OH 44143
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Kyle Hartung
    Kyle Hartung
    Real Estate License ID: SAL.2003016343
    (216) 381-8200 (216) 390-0032 (216) 342-9305
    Learn more
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