Current Use by Public Records
- Lifestyle centers
Property Details for 27097 Bagley Rd
- Year built
- 1985
- Lot size
- 4.89 lot acres
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
This exceptional investment opportunity presents a 100% occupied, 57,275 square foot grocery-anchored neighborhood retail center situated in Olmsted Township, Ohio, within the Cleveland MSA. The property boasts a strong anchor tenant, Shaker's MarketPlace, a multi-unit local grocery operator with a lease extending to July 2029, occupying 59% of the gross leasable area (GLA). This lease presents a significant opportunity for future rent increases or credit enhancement due to the lack of remaining renewal options. A Cleveland Clinic express and outpatient care facility, leasing 15% of the GLA, provides further stability with a lease extending to 2026. The property also includes a three-tenant outparcel building featuring long-term leases and a recently renovated façade, strategically located at a high-traffic intersection. The remaining inline space comprises seven highly desirable small-shop units (1,110-1,800 sq ft each), leased to a diverse range of daily-needs operators. All twelve tenants operate under NNN leases, ensuring 100% recovery of taxes, insurance, and common area maintenance expenses. The property benefits from its location at the epicenter of Olmsted Township's planned "Town Center" development, an affluent area with an average household income exceeding $128,000 within a one-mile radius. The property sits at a hard corner intersection with high visibility and significant daily vehicle traffic (18,000+ VPD), and is conveniently located near major roadways, including I-480 (60,435 VPD). This prime location is further enhanced by the ongoing residential development in the area by prominent builders, ensuring continued growth and demand. The property's strong tenant mix, high occupancy rate, and favorable location make it an attractive investment with significant upside potential. Built in 1985, with renovations in 1992 and 2023, the property consists of two single-story buildings on a 4.89-acre lot. The asking price is $8,120,000, representing a compelling 8.00% capitalization rate and a price per square foot of $141.77. The Net Operating Income (NOI) is $649,529.
Value Estimations
-
AI approach
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Olmsted Township
- County
- Cuyahoga
- State
- Ohio
- Longitude
- -81.9438
- Latitude
- 41.3723
