751 Richmond Rd Richmond Heights, OH 44143
Property profile & analytics
751 Richmond Rd, Richmond Heights, OH 44143
- Retail space
- 13,132 SF
- 1.59 lot acres
Property ID
US66-6028218
The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
Location Intelligence
Current Use by Public Records
- Isalis / (Bike/Boat/Book/etc) Store
- Party City / Party Supply Store / (Bike/Boat/Book/etc) Store
- Skunk Funk / Big Box & Wholesale Store
- Carl's Trading Co / Hat Shop
- Bushka's Kitchen LLC / (Bike/Boat/Book/etc) Store
Property Details for 751 Richmond Rd
- Year built
- 2003
- Construction
- TYPE NOT SPECIFIED
- Lot size
- 1.59 lot acres
- Zone code
- B-2
- Property type
- Retail space
- APN
- 662-30-112
- APU
- 66230112
Description
This fee-simple retail property in Richmond Heights, Ohio, offers a compelling investment opportunity. The 13,216 square-foot Walgreens, a convenience store and pharmacy, boasts a recently extended 10-year corporate lease (expiring September 30, 2033), providing 8.9 years of remaining term with a corporate guarantee. The property operates under a triple-net (NNN) lease, minimizing landlord responsibilities. Situated on a 1.39-acre lot at a signalized corner, it benefits from high visibility and traffic. The property's strategic location is further enhanced by its adjacency to the Belle Oaks mixed-use development, a 60+ acre project including a Meijer grocery store (opening in 2025), 800+ upscale apartments, and additional retail, office, and medical spaces. This prime location, coupled with the long-term lease and strong tenant, presents a stable, passive income stream with a 7.75% cap rate and a net operating income (NOI) of $385,000. The property is ideal for 1031 exchange investors seeking a secure, high-yield investment in a rapidly developing area with a population exceeding 238,000 within a five-mile radius. The property's strong fundamentals, including a modern drive-thru format and a long-term lease with no termination rights, make it an attractive addition to any institutional portfolio.
Value Estimations
based on Realmo’s proprietary methodology
-
Alternative Use
- Use
- Estimation
- RETAIL STORES
- $840,000 Current use
- MEDICAL BUILDING
- $1,425,000 Change: +70% Conversion: Difficult
- NEIGHBORHOOD: SHOPPING CENTER
- $1,330,000 Change: +58% Conversion: Moderate
- AUTO REPAIR, GARAGE
- $1,170,000 Change: +39% Conversion: Difficult
- COMMERCIAL (GENERAL)
- $1,090,000 Change: +29% Conversion: Easy
- APARTMENT HOUSE (5+ UNITS)
- $970,000 Change: +15% Conversion: Difficult
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Richmond Heights
- County
- Cuyahoga
- State
- Ohio
- Longitude
- -81.4966
- Latitude
- 41.5398
- CBSA code
- 17460
- CBSA name
- CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$82,348
$249,800
$473,340
$723,140
-
$713,700
$1,352,400
$2,066,100
