16400-16500 Chagrin Blvd Shaker Heights, OH 44120
- Retail properties
- 52,506 SF
Current Use by Public Records
- Retail properties
Property Details for 16400-16500 Chagrin Blvd
- Year built
- 1994
- Property size
- 52,506 SF
- Property type
- Retail properties
- Property subtype
- Retail space
Description
This exceptional Shaker Heights retail investment opportunity presents a 52,506 square foot, multi-tenant property situated at a prime hard corner location on Chagrin Boulevard and Lee Road. The property boasts a strong tenant mix including Walgreens, Bank of America, and the United States Postal Service, among others, resulting in a 95% occupancy rate and a substantial net operating income (NOI) of $312,192. Built in 1994, the Class B property comprises five buildings across two stories, offering a total of seven units and 24 parking spaces. The property features a standalone Walgreens, presenting a potential for separate sale or spin-off. The asking price is $4,700,000, translating to a price per square foot of $89.51 and a compelling 6.64% cap rate. The property's strategic location adjacent to Shaker Town Center, combined with its high-quality retail space and strong tenant base, makes it an attractive investment prospect. The Bank of America location includes a convenient drive-thru. This well-occupied center offers a stable rent roll and the potential to acquire below replacement cost.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Shaker Heights
- County
- Cuyahoga
- State
- Ohio
- Longitude
- -81.5666
- Latitude
- 41.4639
