Walgreens | 6.42% CAP | Absolute NNN | 751 Richmond Rd
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Walgreens | 6.42% CAP | Absolute NNN 751 Richmond Rd
13,216 SF Retail Building Richmond Heights, OH 44143 $4,968,000 ($376/SF) 7.75% Cap Rate
Investment Highlights
- Corporate Lease with Walgreen Co.
- Focal Outlot to Belle Oaks - Major 60+ AC Retail, Housing, and Office Mixed Use Project Under Development
- Meijer Grocery Store Opening Adjacent Walgreens in 2025
- Recent Extension Provides 9 Years of Gauranteed Term
- 217 Upscale Apartment Units Under Development and 800 Total Under Completion
- NNN Lease - Passive Investment Ideal for 1031 Exchange
Executive Summary
13,216 SF Building Built in 2004 w/ Drive Thru
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Drug Store
Building Size
13,216 SF
Building Class
B
Year Built
2004
Price
$4,968,000
Price Per SF
$376
Cap Rate
7.75%
NOI
$385,020
Tenancy
Single
Building Height
1 Story
Building FAR
0.19
Lot Size
1.59 AC
Parking
50 Spaces (3.78 Spaces per 1,000 SF Leased)
Frontage
101 FT on Richmond Rd
Amenities
- Bus Line
- Pylon Sign
- Signage
- Drive Thru
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 662-30-112 | Improvements Assessment | $473,340 |
| Land Assessment | $249,800 | Total Assessment | $723,140 |
PROPERTY TAXES
Parcel Number
662-30-112
Land Assessment
$249,800
Improvements Assessment
$473,340
Total Assessment
$723,140
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Walgreens | 6.42% CAP | Absolute NNN | 751 Richmond Rd
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