16400-16500 Chagrin BlvdShaker Heights, OH 44120

For Sale
$4,700,000

Multi-Tenant Retail Investment, Shaker Heights

Overview

Added:
Dec 11, 2024
Days on market:
92
This exceptional Shaker Heights retail investment opportunity presents a 52,506 square foot, multi-tenant property situated at a prime hard corner location on Chagrin Boulevard and Lee Road. The property boasts a strong tenant mix including Walgreens, Bank of America, and the United States Postal Service, among others, resulting in a 95% occupancy rate and a substantial net operating income (NOI) of $312,192. Built in 1994, the Class B property comprises five buildings across two stories, offering a total of seven units and 24 parking spaces. The property features a standalone Walgreens, presenting a potential for separate sale or spin-off. The asking price is $4,700,000, translating to a price per square foot of $89.51 and a compelling 6.64% cap rate. The property's strategic location adjacent to Shaker Town Center, combined with its high-quality retail space and strong tenant base, makes it an attractive investment prospect. The Bank of America location includes a convenient drive-thru. This well-occupied center offers a stable rent roll and the potential to acquire below replacement cost.

Highlights

  • High-visibility corner lot at Chagrin Boulevard and Lee Road.
  • Free-standing Walgreens building; potential for separate sale.
  • Strong tenant occupancy with stable income stream.
  • Below-market price per square foot, offering value-add potential.
  • Bank of America drive-thru facility on-site.

Property Details for 16400-16500 Chagrin Blvd

Property type
Other retail properties, Individual retail properties
Square Feet
52,506 SF
Class
B
Year Built
1994
Buildings
5
Stories
2
Units
7

Location Insight

City
Shaker Heights
County
Cuyahoga
State
Ohio
Latitude
41.4638747
Longitude
-81.5665837
16400-16500 Chagrin Blvd, Shaker Heights, Ohio

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16400-16500 Chagrin Blvd
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