14025 Puritas Ave Cleveland, OH 44135

Property Details for 14025 Puritas Ave

Year built

1997

Lot size

0.72 lot acres

Property size

10,125 SF

Property type

Retail properties

Property subtype

Drug stores

Description

This exceptional investment opportunity presents a 10,125-square-foot Class A CVS Pharmacy located at 14025 Puritas Avenue in Cleveland, Ohio. The property boasts a strong 7.00% cap rate and a substantial net operating income (NOI) of $150,000. Built in 1997, this single-story building sits on a 0.717-acre lot and features a triple-net (NNN) lease with CVS Pharmacy, extending until January 31, 2033 (8.2 years remaining). The property benefits from a 100% occupancy rate and a strategic location in a high-traffic area, with Puritas Avenue seeing over 12,509 vehicles per day. The site is an outparcel to a Save A Lot anchored shopping center, further enhancing its visibility and accessibility. Significant nearby development includes a planned $14 million, 48-unit senior housing development slated to open in 2025. The surrounding area demonstrates strong demographics, with a population of 347,421 within a 5-mile radius and an average household income of $77,078. Nearby retailers include Pizza Hut, AutoZone, Burger King, McDonald's, and Walgreens. A brand-new roof was installed in the fall of 2023, minimizing future landlord expenses. The asking price is $2,142,000, translating to $211.56 per square foot. The seller is motivated, making this an attractive opportunity for investors seeking a secure, high-performing asset.

Location Insight

City

Cleveland

County

Cuyahoga

State

Ohio

Longitude

-81.7912

Latitude

41.4331