3070 Mayfield Rd, Cleveland Heights, OH 44118-1727
- Outlet malls
- 8,400 SF
- 0.82 lot acres
Current Use by Public Records
- Outlet malls
Property Details for 3070 Mayfield Rd
- Year built
- 2012
- Construction
- TYPE NOT SPECIFIED
- Lot size
- 0.82 lot acres
- Zone code
- C2
- Property type
- Outlet malls
- Property subtype
- Shopping centers
- APN
- 684-08-004
- APU
- 68408004
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Sep 13, 2023 | — | Westminster Development LLC | — | Deed · related | $3.3M · First National Bank Of Pennsylvania |
| Jul 18, 2023 | — | Dolgen Midwest LLC | Westminister Development LLC | Assignment Of Lease (leasehold Sale) | — |
| May 2, 2013 | $1,410,930 | West On West LLC | Cleveland Hts-fdbts LLC | Grant Deed | $1M · First Commonwealth Bank |
| Mar 30, 2012 | $325,000 | Cleveland Hts-fdbts LLC | Db Midwest I LLC | Grant Deed | $1.1M · Park View Fsb |
| Jan 25, 2011 | $255,000 | Db Midwest I LLC | Sheriff Of Cuyahoga County | Trustees Deed | — |
| Feb 18, 2005 | — | Corporate R/e Holdings IV Ltd | Corporate R/e Holdings IV Ltd | Quit Claim Deed · related | — |
| Sep 8, 2004 | $650,000 | Corporate R/e Holdings IV Ltd | Feminine Health Concerns INC | Warranty Deed · related | $600k · Sky Bank |
Description
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.
Value Estimations
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $711,000
- AI Estimate
- $586,000
Market price range: $250k - $942kMarket price range: $244k - $670k -
Alternative Use
- Use
- Estimation
- RETAIL STORES
- $555,000 Current use
- MEDICAL BUILDING
- $920,000 Change: +65% Conversion: Difficult
- NEIGHBORHOOD: SHOPPING CENTER
- $890,000 Change: +60% Conversion: Moderate
- COMMERCIAL (GENERAL)
- $785,000 Change: +41% Conversion: Easy
- AUTO REPAIR, GARAGE
- $765,000 Change: +37% Conversion: Difficult
- APARTMENT HOUSE (5+ UNITS)
- $625,000 Change: +13% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- Cleveland Heights
- County
- Cuyahoga
- State
- Ohio
- Longitude
- -81.5698
- Latitude
- 41.5151
- CBSA code
- 17460
- CBSA name
- CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA
