5617 Memphis Ave Cleveland, OH 44144-2241
- Commercial land
- 1,064 SF
- 0.17 lot acres
Jul 13, 2022
Current Use by Public Records
- Commercial land
Property Details for 5617 Memphis Ave
- Year built
- 1956
- Lot size
- 0.17 lot acres
- Property size
- 1,064 SF
- Zone code
- LR
- Property type
- Commercial land
- APN
- 013-25-008
- APU
- 1325008
Description
This exceptional investment opportunity presents a fee-simple ownership of a brand-new, 7,545 square foot Dollar General store in Cleveland, Ohio. Built in 2023, the property boasts a 15-year absolute NNN lease with a credit-rated, corporate guarantor (Dollar General Corporation), ensuring a stable and passive income stream. The lease commenced November 3, 2023, and features five, 5-year renewal options with 10% rent bumps, providing significant long-term growth potential. The current annual net operating income (NOI) is $125,000, resulting in a compelling 6.75% cap rate at the asking price of $1,851,852. Situated on a 0.69-acre lot with 30 parking spaces, the property enjoys a prime location on a major retail corridor, experiencing high daily vehicle traffic. The surrounding area demonstrates strong retail synergy with established national brands. The property's single-story building is zoned for commercial use and benefits from a high-density, infill location with limited competition. This investment is further strengthened by the substantial population within a 10-mile radius, exhibiting a high average household income. The property's 100% occupancy since its opening date adds to its attractiveness for investors seeking a secure and profitable venture. The property's APN is 1325119.
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
- County
- Cuyahoga
- State
- Ohio
- Longitude
- -81.7253
- Latitude
- 41.4396
- CBSA code
- 17460
- CBSA name
- CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA
