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2888 Mayfield Rd 7,500 SF Retail Building Cleveland, OH 44118 $1,432,859 ($191.05/SF) 8.50% Cap Rate
INVESTMENT HIGHLIGHTS
- Passive Investment: Net lease opportunity with 3% annual increases and limited landlord responsibilities.
- High Barriers to Entry & Automotive Synergies: Urban infill location with limited opportunities for new automotive uses or developments.
- Close proximity to 6 automotive dealerships and service centers.
- Possible Owner/User Investment: Contact broker for more information.
- Cleveland Heights Submarket: Densely populated surrounding market area, population of ±17,500 and ±$77,500 average household income in a 1 mi radius.
- Single-Tenant Automotive Building: The subject property is occupied by Drivechoice and utilized as an automotive lot and reconditioning facility.
EXECUTIVE SUMMARY
SINGLE-TENANT AUTOMOTIVE BUILDING: The Subject Property is occupied by a Drivechoice company and utilized as an automotive storage lot and reconditioning facility servicing their main dealership, Honda of Cleveland Heights, which is across the street. The Lease has less than 4 years remaining on the original 10 year lease with no option to extend.
COMPANY OVERVIEW: DriveChoice is a multi-brand automotive dealership group specializing in the sale of new, used, and certified pre-owned vehicles. They operate 11 dealerships locations spanning from Ohio, Florida, and New Jersey, the company offers a broad selection of vehicle brands including Ford, Mitsubishi, Honda, Hyundai, Kia, Nissan, and Volkswagen.
PASSIVE INVESTMENT: Net Lease opportunity with 3% annual increases and limited Landlord responsibilities.
HIGH BARRIERS TO ENTRY & AUTOMOTIVE SYNERGIES: Urban infill location with limited opportunities for new automotive uses or developments. Close proximity to 6 automotive dealerships and service centers.
CLEVELAND HEIGHTS SUBMARKET: Densely populated surrounding market area, population of ±17,500 and ±$77,500 average household income in a one-mile radius.
POSSIBLE OWNER/USER INVESTMENT: Contact Broker For More Information.
COMPANY OVERVIEW: DriveChoice is a multi-brand automotive dealership group specializing in the sale of new, used, and certified pre-owned vehicles. They operate 11 dealerships locations spanning from Ohio, Florida, and New Jersey, the company offers a broad selection of vehicle brands including Ford, Mitsubishi, Honda, Hyundai, Kia, Nissan, and Volkswagen.
PASSIVE INVESTMENT: Net Lease opportunity with 3% annual increases and limited Landlord responsibilities.
HIGH BARRIERS TO ENTRY & AUTOMOTIVE SYNERGIES: Urban infill location with limited opportunities for new automotive uses or developments. Close proximity to 6 automotive dealerships and service centers.
CLEVELAND HEIGHTS SUBMARKET: Densely populated surrounding market area, population of ±17,500 and ±$77,500 average household income in a one-mile radius.
POSSIBLE OWNER/USER INVESTMENT: Contact Broker For More Information.
PROPERTY FACTS
Sale Type
Investment NNN
Sale Conditions
Property Type
Retail
Property Subtype
Building Size
7,500 SF
Building Class
C
Year Built/Renovated
1951/1965
Price
$1,432,859
Price Per SF
$191.05
Cap Rate
8.50%
NOI
$121,793
Tenancy
Single
Building Height
1 Story
Loading Docks
1 Exterior
AMENITIES
- Signage
Walk Score®
Very Walkable (72)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $143,710 | |
| Land Assessment | $68,600 | Total Assessment | $212,310 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$68,600
Improvements Assessment
$143,710
Total Assessment
$212,310
CONTACTS
-
Thiago Delia -
Aria Pournazarian -
Brody Hess -
Matthews Real Estate Investment Services
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2888 Mayfield Rd
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