8000 Euclid Ave Cleveland, OH 44103

Property Details for 8000 Euclid Ave

Year built

2007

Construction

TYPE NOT SPECIFIED

Lot size

1.74 lot acres

Property size

11,878 SF

Zone code

GR

Property type

Retail space

APN

119-14-007

APU

11914007

Description

This exceptional investment opportunity presents a CVS Pharmacy net leasehold interest in Cleveland, Ohio. The property, located at 8000 Euclid Ave, boasts 11,878 square feet on a 1.74-acre lot and is situated in a high-traffic area with strong demographics. Built in 2007, the single-tenant building enjoys 100% occupancy with a credit-rated corporate guarantor, CVS Pharmacy. The absolute NNN lease commenced September 4, 2008, and has a remaining term of approximately 9.2 years, expiring January 30, 2034. The lease includes four 5-year renewal options with a 5% rent increase each time. The current asking price is $2,000,000, representing a price per square foot of $168.38 and an attractive 11.57% cap rate based on a net operating income (NOI) of $231,391. The lease features 5% rent bumps every 10 years. This is a land sublease only. The property benefits from a daily traffic count exceeding 11,090 vehicles per day on Euclid Avenue, and serves a dense population exceeding 271,000 residents within a 5-mile radius. This offering presents a compelling opportunity for investors seeking a stable, long-term net lease investment with a strong tenant and attractive financial metrics.

Location Insight

City

Cleveland

County

Cuyahoga

State

Ohio

Longitude

-81.633

Latitude

41.5032

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments