27100 Chagrin Blvd Orange, OH 44122

Property Details for 27100 Chagrin Blvd

Year built

1979

Lot size

2.73 lot acres

Property size

25,684 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional investment opportunity presents a 25,684 square foot, multi-tenant retail center located at 27100 Chagrin Blvd, Beachwood, OH 44122. The property, built in 1979 and renovated in 2015, sits on a 2.73-acre lot and boasts a 100% occupancy rate with two strong tenants: Choolaah BBQ and LJI Collision Center. Both tenants have made significant investments in their respective spaces ($1.2M and $1.5M respectively) and benefit from a high-traffic location directly off I-271 at the signalized intersection of Chagrin Blvd and Exit 29, experiencing 36,773 vehicles daily. The property features an absolute NNN lease structure with annual rent bumps of 3.2%, providing a stable and predictable income stream. The current lease terms extend for a minimum of six years, offering long-term security for investors. The property's strong financial performance is reflected in its $8,143,000 asking price, $317.05 price per square foot, and a 7.00% cap rate, with a net operating income (NOI) of $569,949. The average household income within a one-mile radius is $197,000, and the submarket vacancy rate for general retail is only 1.7%, indicating a robust and desirable market. Choolaah, operating since 2015, has a 10-year lease extension starting December 1, 2023, while LJI Collision, operating since 2010, has a 5-year lease extension starting April 1, 2023. This property offers a compelling combination of strong tenants, a prime location, and a secure lease structure, making it an attractive investment opportunity.

Location Insight

City

Orange

County

Cuyahoga

State

Ohio

Longitude

-81.4866

Latitude

41.4623