Property Details for 13520 Euclid Ave

Year built

1939

Lot size

4.04 lot acres

Property size

66,436 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This Forest Hills Shopping Center, located at 13520 Euclid Ave, Cleveland, OH 44112, presents a compelling value-add investment opportunity. The 66,436 square foot, single-story shopping center sits on a 4.04-acre lot and boasts 207 parking spaces. Built in 1939 and renovated in 1982, the property currently houses 14 tenants with a 68% occupancy rate, generating a Net Operating Income (NOI) of $286,642 and an 8.00% cap rate. The asking price is $3,580,000, translating to $53.89 per square foot. A significant upside potential exists due to the 32% vacancy rate, primarily concentrated in three highly visible suites along Euclid Ave, a major thoroughfare with over 21,000 vehicles daily. The tenant mix includes a blend of national (20%), regional (37%), and local (43%) businesses, minimizing internal competition. The property benefits from a convenient location within a dense urban area, boasting a population exceeding 143,000 within a 3-mile radius. Furthermore, 85% of current leases are net leases, mitigating potential increases in operating costs. The low market vacancy rate of 3.3% further enhances the potential for rapid lease-up of the vacant spaces. This property offers a low price per square foot compared to replacement costs, minimizing risk and providing a strong foundation for future growth. The presence of a bus stop directly in front of the center adds to its accessibility and customer base.

Location Insight

City

East Cleveland

County

Cuyahoga

State

Ohio

Longitude

-81.589

Latitude

41.5234