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16122 Lakeshore Blvd 21,548 SF 93% Leased Retail Building Cleveland, OH 44110 $3,160,000 ($146.65/SF) 8.03% Cap Rate
INVESTMENT HIGHLIGHTS
- Established National Anchors: AutoZone (investment-grade credit, S&P BBB) and Family Dollar have long-term commitment to the site.
- Re-Tenanting Opportunity: Family Dollar will go dark in January 2026 but will continue paying full rent and reimbursements through June 2029.
- Rent Growth: Most tenant leases include scheduled rent increases within their renewal options, supporting income growth over time.
- Strong Credit Tenant Mix: 60%+ of the GLA is leased to national, credit-rated tenants, including AutoZone and Family Dollar.
- Lease-Up Potential: Immediate opportunity to lease up 1,600 SF of vacant retail space.
- Major Public Redevelopment Nearby: Property is adjacent to the Collinwood Redevelopment Site, recently acquired by the City of Cleveland for rezoning.
EXECUTIVE SUMMARY
Established National Anchors: AutoZone (investment-grade credit, S&P BBB) and Family Dollar have operated at the center since 2006 and 2004, respectively. AutoZone recently extended its lease through 2031 with annual rent increases, underscoring its long-term commitment to the site
Strong Credit Tenant Mix: 60%+ of the GLA is leased to national, credit-rated tenants, including AutoZone and Family Dollar
Re-Tenanting Opportunity: Family Dollar will go dark in January 2026 but will continue paying full rent and reimbursements through June 2029. This gives a buyer the rare opportunity to replace the largest space in the center with a market-rate, fully NNN lease while preserving near-term income
Lease-Up Potential: Immediate opportunity to lease up 1,600 SF of vacant retail space
Rent Growth: Most tenant leases include scheduled rent increases within their renewal options, supporting income growth over time
Major Public Redevelopment Nearby: The property sits adjacent to the Collinwood Redevelopment Site, recently acquired by the City of Cleveland for rezoning and future development—positioning the plaza to benefit from surrounding redevelopment momentum
Excellent Physical Condition: Roof and parking lot are well maintained, with the parking lot recently sealed and striped
Strong Credit Tenant Mix: 60%+ of the GLA is leased to national, credit-rated tenants, including AutoZone and Family Dollar
Re-Tenanting Opportunity: Family Dollar will go dark in January 2026 but will continue paying full rent and reimbursements through June 2029. This gives a buyer the rare opportunity to replace the largest space in the center with a market-rate, fully NNN lease while preserving near-term income
Lease-Up Potential: Immediate opportunity to lease up 1,600 SF of vacant retail space
Rent Growth: Most tenant leases include scheduled rent increases within their renewal options, supporting income growth over time
Major Public Redevelopment Nearby: The property sits adjacent to the Collinwood Redevelopment Site, recently acquired by the City of Cleveland for rezoning and future development—positioning the plaza to benefit from surrounding redevelopment momentum
Excellent Physical Condition: Roof and parking lot are well maintained, with the parking lot recently sealed and striped
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Freestanding
Building Size
21,548 SF
Building Class
C
Year Built
1992
Price
$3,160,000
Price Per SF
$146.65
Cap Rate
8.03%
NOI
$253,748
Percent Leased
93%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.16
Lot Size
3.09 AC
Zoning
SC
Parking
99 Spaces (4.59 Spaces per 1,000 SF Leased)
Frontage
SPACE AVAILABILITY
- SPACE
- SIZE
- SPACE USE
- POSITION
- AVAILABLE
- 1622-G
- 1,600 SF
- Retail
- In-Line
- Now
| Space | Size | Space Use | Position | Available |
| 1622-G | 1,600 SF | Retail | In-Line | Now |
1622-G
| Size |
| 1,600 SF |
| Space Use |
| Retail |
| Position |
| In-Line |
| Available |
| Now |
NEARBY MAJOR RETAILERS
Fifth Third Bank
PROPERTY TAXES
| Parcel Number | 113-17-002 | Improvements Assessment | $298,830 |
| Land Assessment | $141,575 | Total Assessment | $440,405 |
PROPERTY TAXES
Parcel Number
113-17-002
Land Assessment
$141,575
Improvements Assessment
$298,830
Total Assessment
$440,405
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16122 Lakeshore Blvd
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