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    Walgreens Corporate Lease Investment Opportunity

    751 Richmond Rd Richmond Heights, OH 44143

    751 Richmond Rd, Richmond Heights, OH, 44143
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    For Sale
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    Corporate-backed Walgreens lease with mixed-use development upside.

    Property Size13,216 SF
    Price / SF$375.91
    AddedAug 1, 2024
    Days on Market715
    Last RefreshJul 15 at 5:37 pm

    Property Features for 751 Richmond Rd

    General Information

    Standard status
    Active
    Size
    13,216 SF
    Property subtype
    Retail

    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

    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.

    Local Financial Insights For Specialty Retail

    Simulate Cap Rate and NOI

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.

    Component $ $/SF
    Gross rent $206.2k $15.60
    − Vacancy −$13.4k −$1.01
    EGI $192.8k $14.59
    − OpEx −$48.2k −$3.65
    NOI $144.6k $10.94
    13,216 SF · lease $15.60/SF/yr · vacancy 6.50% · expense 25.00%

    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 local authorities.

    Property Analytics

    Property Profile 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

    Real Estate Agency Building Supply Big Box & Wholesale Store Auto Repair Shop Storage Facility Electrical Service Restaurant HVAC Service Parking Lot & Garage Garden Center

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

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    Similar Off Market 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

    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.**
    Contact an agent
    (216) 381-8200 Call to check price and availability
    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: OH SAL.2003016343
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