2888 Mayfield Rd Cleveland Heights, OH 44118-1685
- Auto shops
- 5,320 SF
- 0.41 lot acres
Current Use by Public Records
- Auto shops
Property Details for 2888 Mayfield Rd
- Year built
- 1951
- Construction
- TYPE NOT SPECIFIED
- Lot size
- 0.41 lot acres
- Property size
- 5,320 SF
- Zone code
- C3
- Property type
- Auto shops
- APN
- 684-06-009
- APU
- 68406009
Description
This fee-simple, 7,500-square-foot auto shop in Cleveland Heights, Ohio, presents a compelling net lease investment opportunity. Located at 2888 Mayfield Rd, 44118, this Class B property boasts a 10-year NNN lease with Honda of Cleveland Heights, a corporate-guaranteed tenant, with approximately 4.8 years remaining. The lease commenced August 30, 2019, and expires August 31, 2029, featuring 3% annual rent bumps. The property sits on a 0.9-acre lot and includes a single, one-story building constructed in 1951 and renovated in 1965. The property enjoys 100% occupancy, generating a net operating income (NOI) of $118,246, resulting in a 6.50% cap rate. The asking price is $1,819,169. This investment is suitable for a 1031 exchange. The property benefits from its location in a densely populated and affluent Cleveland Heights submarket with low vacancy rates. The site is part of a larger assemblage opportunity encompassing approximately 1.7 acres of contiguous land.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Cleveland Heights
- County
- Cuyahoga
- State
- Ohio
- Longitude
- -81.5763
- Latitude
- 41.5127
- CBSA code
- 17460
- CBSA name
- CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA
