Building Details

Buildings 1

Tenancy Single

Listing Agency: Goodman Real Estate Services Group LLC

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

Source: Crexi

Added: Aug 1, 2024 Changed: Oct 4 Last Checked: Oct 15 at 12:15AM

Report an Issue

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

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

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.

Key Highlights

• 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.**

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$144,576

Cap Rate

2.91%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,891,520 $2.9M

Cap Rate 7%

$2,065,371 $2.1M

Cap Rate 9%

$1,606,400 $1.6M

Is this asking price fair?

Market Conditions

NOI Build-Up for 13,216 SF

Gross rent

$206.2K $15.60/SF

− Vacancy

−$13.4K −$1.01/SF

EGI

$192.8K $14.59/SF

− OpEx

−$48.2K −$3.65/SF

NOI

$144.6K $10.94/SF

Area

Cuyahoga County, OH

Vacancy

6.50%

Lease Rate

$15.60 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,891,520

Cap Rate 7%

$2,065,371

Cap Rate 9%

$1,606,400

Alternative Uses

Best Use

Specialty Retail

$2.07M

$1.81M – $2.41M (±1% cap)

NOI $144,576 @ 7.0% cap · market cap 2.91%

Second Best

Retail

$1.80M

$1.58M – $2.10M (±1% cap)

NOI $126,279 @ 7.0% cap · market cap 2.54%

Theoretical Best

Warehouse

$10.59M

$9.27M – $12.35M (±1% cap)

NOI $741,246 @ 7.0% cap · market cap 14.92%

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

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

Drug stores

Suggested Use

Top Pick Real Estate Agency Building Supply Big Box & Wholesale Store Auto Repair Shop Storage Facility Electrical Service

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

114

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 44143, OH

25,339

Population

11,879

Households

2.1

Avg Household Size

50

Median Age

43%

College-Educated

94%

High-School Grad

14.1 sq mi

ZIP Area

1,797

Density / Sq Mi

$75,853

Median Household Income

$52,497

Median Earnings

$952

Median Rent

$252,200

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?

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.**