28700 Chardon Rd, Unit 28716 Willoughby Hills, OH 44092-2612
- Retail space
- 3,360 SF
- 1.46 lot acres
Current Use by Public Records
- Retail space
Property Details for 28700 Chardon Rd
- Year built
- 1980
- Lot size
- 1.46 lot acres
- Property size
- 3,360 SF
- Zone code
- B
- Property type
- Retail space
- APN
- 31-A-008-D-00-072-0
- APU
- 31A008D000720
Description
This exceptional investment opportunity presents a fee-simple ownership of a 17,204-square-foot CVS Pharmacy located at 28700 Chardon Rd, Willoughby Hills, OH 44092. The property sits on a 1.47-acre lot and boasts a prominent corner location at the signalized intersection of Bishop Road and Chardon Road (US Route 6), two major commercial and commuter arteries. The building, constructed in 1980 and renovated in 2000, benefits from high visibility, dual access points, and a drive-thru lane. CVS, a credit-rated, investment-grade tenant with a corporate guarantee (BBB/Baa2), occupies the entire building, having leased the space since December 2001. Their current lease extends to January 2029, offering over four years of remaining term with nine, five-year renewal options. The lease is an absolute triple-net (NNN) lease, eliminating management responsibilities for the owner. The property's strong location is supported by significant traffic counts (over 33,800 vehicles daily), a dense residential population (over 71,500 within 3 miles, average household income exceeding $90,000), and proximity to major roadways (I-90, US Route 20, I-271), a new Amazon distribution center, and numerous other retail establishments including a grocery-anchored shopping center. The property generates a substantial net operating income (NOI) of $375,954, resulting in a 10% cap rate. This is a truly passive, low-risk investment opportunity with significant long-term potential. The asking price is $3,759,543. CVS subleases portions of the building to other tenants, including Speed Cycle Express Laundromat, with one unit currently vacant. These subleases are managed directly by CVS.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $3,525,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $3,735,000
- 6.5%
- $3,175,000
- 7%
- $3,385,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $3,260,000
- Geo Method
- $3,895,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $3,010,000
- Retail
- $3,720,000
- Mixed-Use
- $3,955,000
- Hospitality
- $3,700,000
- Educational
- $3,355,000
- Residential Income
- $3,035,000
- Energy
- $3,265,000
- Income-Based Land
- $3,875,000
- Food Service
- $4,010,000
Location Insight
- Map
- Local Demand
- City
- Willoughby Hills
- County
- Lake
- State
- Ohio
- Longitude
- -81.4792
- Latitude
- 41.5833
- CBSA code
- 17460
- CBSA name
- CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA
