3070 Mayfield Rd Cleveland Heights, OH 44118-1727
This exceptional investment opportunity presents a fee-simple ownership of a ±8,333 square foot Dollar General store located at 3070 Mayfield Rd, Cleveland Heights, OH 44118. The property, situated on a ±0.82-acre lot with 23 parking spaces, boasts a brand-new 2023 renovation, including a new roof, HVAC units, and facade. The single-tenant building is 100% occupied under a Net Net + (NN+) lease with Dollar General Corporation, a credit-rated, Fortune 500 company, providing significant financial security. The lease commenced September 13, 2023, with a remaining term of 8.9 years and two, five-year renewal options, each including a 10% rent increase. The current annual Net Operating Income (NOI) is $91,520, resulting in a 7.25% cap rate and a price per square foot of $151.49. The property benefits from a high-density market, with over 340,000 residents within a 5-mile radius and an above-average household income exceeding $64,000. Its strategic location on Mayfield Road, a high-traffic area with over 11,000 vehicles per day, provides excellent visibility and accessibility. The asking price is $1,262,345. The property is zoned commercial and was originally built in 2011. This is a stabilized investment with minimal capital expenditures anticipated in the near future. The low rent per square foot of $10.98 offers additional investor security and potential for future cash flow growth.
(b) The C-2 Local Retail District is established to provide standards for the continued operation of small neighborhood commercial establishments and to concentrate new retail businesses in buildings that typically locate side by side in order to promote and encourage pedestrian activity. Parking and driveways are generally located so as not to disrupt the p…
Cap rate
Implied · in-place · derived from last sale + estimated NOIValue
AI, CAP & Alternative Use estimations · Realmo proprietary blendProperty tax & assessments
Tax year 2023Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Property description
Physical attributes from public recordsZoning & alternative use
C2 · Cleveland Heights, OH(b) The C-2 Local Retail District is established to provide standards for the continued operation of small neighborhood commercial establishments and to concentrate new retail businesses in buildings that typically locate side by side in order to promote and encourage pedestrian activity. Parking and driveways are generally located so as not to disrupt the pedestrian activity. (c) The C -2X Multiple -Use District is established to provide standards for the continued operation of mixed use neighborhoods and to provide for dense, mixed uses along main thoroughfares and to concentrate mixed -use buildings to promote and encourage pedestrian activity. Parking and driveways are generally located so as not to disrupt the pedestrian activity. (d) The C -3 General Commercial District is established to provide for higher intensity commercial uses (including automotive uses) along certain major streets where the level of traffic volume warrants such uses and to provide locations for commercial uses which generally require independent, freestanding buildings and larger amounts of parking. 1131.02 PRINCIPAL AND CONDITIONALLY PERMITTED USES. (a) Unless otherwise provided by law or in this Code, buildings, structures or land shall only be used or occupied following the adoption of this Zoning Code for the uses permitted herein. Schedule 1131.02 enumerates those uses that may locate in a C-1 Office, C-2 Local Retail, C-2X Multiple Use and C -3 General Commercial District as a matter of right as a principal use, and those uses which may locate in a given district only upon obtaining a conditional use permit. (1) A use listed in Schedule 1131.02 shall be permitted by right in a district when denoted by the letter P provided that all requirements of the Codified Ordinances and this Zoning Code have been met. (2) A use listed in Schedule 1131.02 may be permitted as a conditional use in a district when denoted by the letter C, provided that the requirements of Title Seven have been met. (b) Although a use may be indicated as permitted or conditionally permitted in a particular commercial district, it shall not be approved on a parcel unless it can be located thereon in full compliance with all of the standards and other regulations of this Code applicable to the specific use and parcel in question.
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
