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751 Richmond Rd Richmond Heights, OH 44143

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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

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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.

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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

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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