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Property profile & analytics
FOR SALE
Retail space
751 Richmond Rd Richmond Heights, OH 44143
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US66-6028218
For Sale
1 / 3
$4,968,000
751 Richmond Rd, Richmond Heights, OH 44143
View Listing →
Property summary
AI-generated overview
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.
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
2003
Construction
TYPE NOT SPECIFIED
Total area
13,132 SF
Lot
1.59 ac (69,391 SF)
Zoning code
B-2
APN
662-30-112
UPID
US66-6028218
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · 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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.03M
Owner & transaction history
Belle Oaks Marketplace III LLC · 2 yrs held
Belle Oaks Marketplace III LLC
since 2024
Last sale
$30,000
7 recorded transactions
Zoning & alternative use
B-2 · Richmond Heights, OH
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$1.4M
+69.5%
Neighborhood: shopping center
$1.3M
+58.1%
Auto repair, garage
$1.2M
+38.8%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Richmond Heights submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Richmond Heights submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
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
Blend value · Realmo final
$1.03M
Range $927k – $1.13M · ±10% · vs last sale $30k (Feb 8 2024)
Last sale anchor
$30k
Feb 8 2024
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$78 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$82,348
Tax year 2023
Assessed value
$723,140
Assessed 2023
Previous assessed
$723,140
+0.0% YoY
Effective rate
11.39%
On assessed value
Assessed land
$249,800
Assessed improvement
$473,340
Land market value
$713,700
Improvement market value
$1,352,400
Total market value
$2,066,100
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
For Sale
Year built
2003
Construction
TYPE NOT SPECIFIED
Heating
FORCED AIR
Cooling
AC.PACKAGE
Stories
1
Bathrooms
0
Total area
13,132 SF
Lot
1.59 ac (69,391 SF)
Zoning code
B-2
APN
662-30-112
UPID
US66-6028218
Jurisdiction
CUYAHOGA
Zoning & alternative use
B-2 · Richmond Heights, OH
Zoning B-2 · permitted uses
B-2 · Richmond Heights, OH
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Richmond Heights. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$840,000
MEDICAL BUILDING
Est. value
$1.4M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$1.3M
AUTO REPAIR, GARAGE
Est. value
$1.2M
COMMERCIAL (GENERAL)
Est. value
$1.1M
APARTMENT HOUSE (5+ UNITS)
Est. value
$970,000
RETAIL STORES Current
MEDICAL BUILDING
NEIGHBORHOOD: SHOPPING CENTER
AUTO REPAIR, GARAGE
COMMERCIAL (GENERAL)
APARTMENT HOUSE (5+ UNITS)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2003
Construction
TYPE NOT SPECIFIED
Heating
FORCED AIR
Cooling
Yes
Stories
1
Bathrooms
0
Lot
1.59 ac
Current owner
From public records · entity-resolved
Belle Oaks Marketplace III LLC
Entity
Mailing address
21800 BURBANK BLVD STE #350, WOODLAND HILLS, CA 91367-7463
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
32 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 8, 2024
$30,000
Belle Oaks Marketplace III LLC
Jsss Realty LLC
Limited Warranty Deed
—
Feb 8, 2024
—
Walgreen Co
Jsss Realty LLC
Lease
—
Jan 3, 2017
$6,500,000
Jsss Realty LLC
Wg Richmond Heights LLC
Grant Deed
$5,040,000 · * Other Institutional Lenders
Apr 13, 2015
$1,190,085
Wg Richmond Heights LLC
Wgro Tic 1 LLC
Grant Deed
—
Apr 13, 2015
$247,934
Wg Richmond Heights LLC
Wgro Tic 6 LLC
Grant Deed
—
Apr 13, 2015
$303,468
Wg Richmond Heights LLC
Wgro Tic 2 LLC
Grant Deed
—
Apr 13, 2015
$277,684
Wg Richmond Heights LLC
Wgro Tic 8 LLC
Grant Deed
—
Apr 13, 2015
$386,776
Wg Richmond Heights LLC
Wgro Tic 7 LLC
Grant Deed
—
Apr 13, 2015
$287,603
Wg Richmond Heights LLC
Wgro Tic 10 LLC
Grant Deed
—
Apr 13, 2015
$99,174
Wg Richmond Heights LLC
Wgro Tic 12 LLC
Grant Deed
—
Apr 13, 2015
$773,600
Wg Richmond Heights LLC
Wgro Tic 5 LLC
Grant Deed
—
Apr 13, 2015
$793,390
Wg Richmond Heights LLC
Wgro Tic 3 LLC
Grant Deed
—
Apr 13, 2015
$833,058
Wg Richmond Heights LLC
Wgro Tic 4 LLC
Grant Deed
—
Apr 13, 2015
$257,853
Wg Richmond Heights LLC
Wgro Tic 13 LLC
Grant Deed
—
Apr 13, 2015
$495,869
Wg Richmond Heights LLC
Wgro Tic 9 LLC
Grant Deed
—
Sep 13, 2005
$499,926
Wgro Tic 14 LLC
Cole Wg Richmond Heights Oh Ll
Grant Deed
—
Jun 10, 2005
$289,958
Wgro Tic 10 LLC
Cole Wg Richmond Heights Oh Ll
Grant Deed
—
Apr 6, 2005
$99,985
Wgro Tic 12 LLC
Cole Wg Richmond Heights Oh Ll
Grant Deed
—
Apr 6, 2005
$259,961
Wgro Tic 13 LLC
Cole Wg Richmond Heights Oh Ll
Grant Deed
—
Feb 18, 2005
$279,959
Wgro Tic 8 LLC
Cole Wg Richmond Heights Oh Ll
Grant Deed
—
Feb 18, 2005
$499,926
Wgro Tic 9 LLC
Cole Wg Richmond Heights Oh Ll
Grant Deed
—
Feb 18, 2005
$799,882
Wgro Tic 3 LLC
Cole Wg Richmond Heights Oh Ll
Grant Deed
—
Jan 20, 2005
$249,964
Wgro Tic 6 LLC
Cole Wg Richmond Heights Oh Ll
Grant Deed
—
Jan 20, 2005
$389,943
Wgro Tic 7 LLC
Cole Wg Richmond Heights Oh Ll
Grant Deed
—
Jan 20, 2005
$839,877
Wgro Tic 4 LLC
Cole Wg Richmond Heights Oh Ll
Grant Deed
—
Jan 6, 2005
$1,199,823
Wgro Tic 1 LLC
Cole Wg Richmond Heights Oh Ll
Grant Deed
—
Jan 6, 2005
$281,958
Wgro Tic 2 LLC
Cole Wg Richmond Heights Oh Ll
Grant Deed
—
Jan 6, 2005
$779,885
Wgro Tic 5 LLC
Cole Wg Richmond Heights Oh Ll
Grant Deed
—
Oct 8, 2004
$6,158,000
Cole Wg Richmond Heights Oh Ll
Jnd Richmond Ltd
Grant Deed
$4,800,000 · Wachovia Bank NA
Nov 10, 2003
$271,400
Jnd Richmond Ltd
Longstreet,george H & Josephine E
Grant Deed
—
—
—
George H Longstreet
—
Deed Of Trust
related
$50,000 · Firstmerit Bank NA
—
—
Wg Richmond Heights LLC
—
Deed Of Trust
related
$5,040,000 · Rialto Mtg Fin
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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