Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search

    751 Richmond Rd Richmond Heights, OH 44143

    Sponsored
    For Sale
    $4,968,000

    High-Yield Walgreens, Ohio

    Property size:
    13,216 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    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 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

    HighLights

    • 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).
    • Adjacent to a new Meijer grocery store opening in 2025.
    • Triple‑net (NNN) lease; passive investment ideal for 1031 exchange.
    • 9‑year lease term remaining with no tenant termination rights.
    Property Profile Location Intelligence

    Current Use by Public Records

    Walgreens Photo Passport Photo Processor Western Union Money Transfer Service Walgreens Pharmacy Pharmacy Walgreens Drug Store COVID-19 Drive-Thru Testing ... Medical Laboratory

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

    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 Comparable

    • $1,000,000
      0.60 Acres

      Medical Building Investment Opportunity

      Well-maintained medical building with high occupancy in a developing area.
      464 Richmond Rd, Cleveland, OH 44143
      View Details
    • $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
    • Contact for pricing

      Corner Lot Near I-90/I-271

      2.97 acre corner lot with highway access and retail proximity.
      26220 White Rd, Richmond Heights, OH
      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
    • $95,000

      Richmond Road Land Parcel

      4.43 acre parcel suitable for various industrial uses.
      1950 Richmond Park, Richmond Heights, OH 44143
      View Details
    • $12,000,000
      80,371 SF

      Highland Heights Retail Property

      Retail property available for sale in Highland Heights, Ohio.
      6245 Wilson Ml Rd, Highland Heights, OH
      View Details
    • Contact for pricing

      Land For Sale

      0.59 acres available for sale.
      5591 Wilson Ml Rd, Highland Heights, OH
      View Details
    • $2,279,000

      Well-Located Retail Strip Center

      Fully leased retail strip center on Mayfield Road for sale.
      4257-4279 Mayfield Rd, South Euclid, OH
      View Details

    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
    • 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?
    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).
    Request Owner's contact information
    751 Richmond Rd Richmond Heights, OH 44143
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    751 Richmond Rd
    Richmond Heights, OH 44143
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimation

    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.

    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.

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.