13520 Euclid AveEast Cleveland, OH 44112

This Forest Hills Shopping Center, located at 13520 Euclid Ave, Cleveland, OH 44112, presents a compelling value-add investment opportunity. The 66,436 square foot, single-story shopping center sits on a 4.04-acre lot and boasts 207 parking spaces. Built in 1939 and renovated in 1982, the property currently houses 14 tenants with a 68% occupancy rate, generating a Net Operating Income (NOI) of $286,642 and an 8.00% cap rate. The asking price is $3,580,000, translating to $53.89 per square foot. A significant upside potential exists due to the 32% vacancy rate, primarily concentrated in three highly visible suites along Euclid Ave, a major thoroughfare with over 21,000 vehicles daily. The tenant mix includes a blend of national (20%), regional (37%), and local (43%) businesses, minimizing internal competition. The property benefits from a convenient location within a dense urban area, boasting a population exceeding 143,000 within a 3-mile radius. Furthermore, 85% of current leases are net leases, mitigating potential increases in operating costs. The low market vacancy rate of 3.3% further enhances the potential for rapid lease-up of the vacant spaces. This property offers a low price per square foot compared to replacement costs, minimizing risk and providing a strong foundation for future growth. The presence of a bus stop directly in front of the center adds to its accessibility and customer base.