14325-14343 Euclid Ave
East Cleveland, OH 44112
O'Reilly (5-Yr Ren) Ctr|Next to TrainBus Hub · Retail Property For Sale

The Cooper Commercial Investment Group has been exclusively retained by ownership to sell the 100% fee simple interest in the 31,174 S.F. O’Reilly Auto Parts anchored, Cleveland Town Center located in Cleveland, Ohio. Offered for $1,855,000, representing an extremely attractive 9.70% CAP Rate and high 15.01% expected yr.-1 cash-on-cash return; an investor has the opportunity to acquire a 100% occupied asset in residentially dense market. The asset is priced for an exceptionally low sales price of $59/S.F., well below replacement cost. Cleveland Town Center is comprised of many tenured tenants, who have consistently exercised renewals to extend their term. Anchor tenant, O’Reilly Auto Parts recently renewed for 5-years, as well as 2 new lease executions and multiple other recent extensions. The attractive, brick construction with prominent pylon signage draws residents to the retailers and service providers located at the center. The center also draws from a heavy population density consisting of 293,025 people within 5 miles and over 698,960 within 10 miles based on the location just outside of Downtown Cleveland. Cleveland is the county seat of Cuyahoga County and the state's second most populous county. Cleveland’s downtown residential population has recently experienced a growth boom; has increased by 70% since 2000 and 32% since 2012. Additionally, there are about 7 times as many workers in the Downtown area since 2012. With the high growth expectancy, the employees have a high demand to use public transportation. Convenient access and a huge draw to the center can be found through its position next to the Louis Stokes/Windermere Rapid Station. The Greater Cleveland Regional Transit Authority (GCRTA, referred to as the RTA) is the public transit agency for Cleveland, and the surrounding suburbs of Cuyahoga County. RTA is the largest transit agency in Ohio, providing over 44 million trips to residents and visitors of the Cleveland area. The rapid station has 410 free parking spaces to use while people commute using the rapid. Cleveland Town Center benefits from all of the traffic the rapid station brings. Additionally, heavy traffic around the center can be found due to its proximity to Shaw High School with 853 students (0.5 mile), Heritage Middle School and Chambers Elementary School and the Rally’s outparcel. Furthermore, the property is en route from I-90 and less than 2 miles to world renowned medical facilities, including: The Cleveland Clinic and University Hospitals. The Cleveland Clinic is the city's largest private employer with a workforce of over 51,000 to serve the 4,435-beds system-wide and the 1,400-bed main campus, which is located just 2 miles from the property. It carries the distinction as being among America's best hospitals with top ratings published in U.S. News & World Report. University Hospitals offers 1,032-beds at its main campus (1.5 miles) and is an affiliate of Case Western Reserve University (11,340+ students). Together, they form the largest center for biomedical research in the State of Ohio. More than 24,000 physicians and employees constitute University Hospitals and its partnership hospitals, ranking it Northeast Ohio’s second largest private sector employer. Furthermore, the area flourished with activity from its position near many attractions that are in University Circle, such as The Cleveland Museum of Art, Cleveland Museum of Natural History, Cleveland Botanical Gardens, Severance Hall and Wade Oval. With the property’s location on one of Cleveland’s busiest roadways, Euclid Avenue (30,000 VPD), near major highway, I-90 (130,000 VPD) and its position with a constant flurry of traffic, the property gives an investor the opportunity to acquire an investment that is positioned to be a high-quality asset for many years to come.