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    751 Richmond Rd Richmond Heights, OH 44143

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    Corporate-backed Walgreens lease with mixed-use development upside.

    Type:Retail
    Property size:
    13,216 SF
    Added:
    Aug 1, 2024
    Days on Market:
    624
    Last Refresh:
    Mar 17 at 1:26 pm

    Property Features for 751 Richmond Rd

    General Information

    Standard status
    Active
    Size
    13,216 SF
    Property subtype
    Retail

    We can help!

    Listing Contact
    Kyle Hartung

    Listing agent Kyle Hartung License #OH SAL.2003016343

    Listing office Goodman Real Estate Services Group LLC

    Listing date Aug 1, 2024

    Source Crexi

    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

    Overview

    Walgreens Corporate Lease Investment Opportunity

    This offering presents the fee simple interest in a corporate lease with Walgreen Co. located in Richmond Heights, Ohio. The property benefits from a recently extended lease to September 30, 2033, providing 10 years of guaranteed base term. The lease is triple net and corporately guaranteed, with over 9 years of base term remaining, plus options. Walgreens is situated at a signalized primary corner and has operated at this location for 20 years. The property is located directly in front of the Belle Oaks mixed-use redevelopment, a 60+ acre project set to feature a Meijer Grocery Store in 2025, along with additional phases of retail, multi-family, office, and medical spaces. The property features a modern drive-thru format and benefits from high traffic and visibility.
    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.

    Similar Places Nearby

    • CVS Pharmacy — 4961 Monticello Blvd, Richmond Heights, OH 44143
    • Walgreens Pharmacy — 751 Richmond Rd, Richmond Heights, OH 44143
    • Monica Shelby — 751 Richmond Rd, Richmond Heights, OH 44143
    • Shannon Conrad — 751 Richmond Rd, Richmond Heights, OH 441432917

    Location Insight

    • Map
    • Local Demand
    City
    Richmond Heights
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.4746
    Latitude
    41.5545

    Nearby Similar for Sale

    • $4,968,000

      Walgreens Corporate Lease Investment Opportunity

      Corporate-guaranteed Walgreens lease in Richmond Heights, Ohio with extension.
      751 Richmond Rd, Richmond Heights, OH
      View Details
    • $1,750,000

      Retail Property in Richmond Heights

      Retail property for sale in Richmond Heights, Ohio.
      26000 Chardon Road, Richmond Heights, OH 44143
      View Details
    • 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

    FAQs

    What type of property is this?
    Drug store - Corporate-backed Walgreens lease with mixed-use development upside.
    Where is this drug store 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: Recently‑extended corporate lease with Walgreen Co. until September 30, 2033 (10 years guaranteed).; Located at the signalized primary corner directly in front of the new Belle Oaks mixed‑use development.; **Belle Oaks development will feature Meijer Grocery Store in 2025, plus retail, multi‑family, office and medical spaces.**
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Kyle Hartung
    Real Estate License ID: OH SAL.2003016343
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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
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