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    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

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    Nearby Similar for Sale

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      Walgreens Corporate Lease Investment Opportunity

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    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).
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    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
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