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Shopping Neighborhood

Kirtland Shopping Center

9193 Chillicothe Rd, Kirtland, OH 44094

Listing Price: $2,548,000

Cap Rate
8.50%
Gross SF
32,985
Rentable SF
32,985
Price/Gross SF
$77.25
Lot Size
2.95 acres
Year Built
2004

Investment Overview

Marcus & Millichap is pleased to exclusively present for sale, Kirtland Shopping Center located in Kirtland, Ohio. The subject property is a 85 percent occupied neighborhood strip in an uber-affluent suburb of Cleveland. The strip center is anchored by Dollar General and has a triple-net lease thru July 2026. Kirtland Shopping Center is being offered for $2,548,000.

Investment Highlights

  • One-Mile Average Household Income of $119,000 within Affluent Bedroom Community on Cleveland's East Side
  • 85 Percent Occupied, 32,985-Square-Foot Neighborhood Strip in Uber-Affluent Cleveland Suburb
  • 10.4 Percent Stabilized CAP Rate-Upside via 5,000-Square-Foot Vacant Unit (15.2 Percent of Gross Leasable Area)
  • Anchored by Dollar General (38 Percent of Gross Leasable Area) on Triple-Net Lease thru July 2026; Tenant Since 2006, Cheap $4.65 Per Square Foot Rent
  • Staggered Expirations with 71.5 Percent of Gross Leasable Area Leased into 2025 or Longer
  • Cheap/Replaceable Rents Averaging $8.03 Per Square Foot Triple-Net; Priced Below Replacement Cost at $77 Per Square Foot
  • Offers 14.6 Percent Cash-on-Cash Return and 21.7 Percent Total Return with Proposed New Financing Terms

Exclusively Listed By

Shopping Neighborhood

Kirtland Shopping Center

Listing Price: $2,548,000

Cap Rate
8.50%
Gross SF
32,985
Rentable SF
32,985
Price/Gross SF
$77.25
Lot Size
2.95 acres
Year Built
2004

Investment Highlights

  • One-Mile Average Household Income of $119,000 within Affluent Bedroom Community on Cleveland's East Side
  • 85 Percent Occupied, 32,985-Square-Foot Neighborhood Strip in Uber-Affluent Cleveland Suburb
  • 10.4 Percent Stabilized CAP Rate-Upside via 5,000-Square-Foot Vacant Unit (15.2 Percent of Gross Leasable Area)
  • Anchored by Dollar General (38 Percent of Gross Leasable Area) on Triple-Net Lease thru July 2026; Tenant Since 2006, Cheap $4.65 Per Square Foot Rent
  • Staggered Expirations with 71.5 Percent of Gross Leasable Area Leased into 2025 or Longer
  • Cheap/Replaceable Rents Averaging $8.03 Per Square Foot Triple-Net; Priced Below Replacement Cost at $77 Per Square Foot
  • Offers 14.6 Percent Cash-on-Cash Return and 21.7 Percent Total Return with Proposed New Financing Terms

Investment Overview

Marcus & Millichap is pleased to exclusively present for sale, Kirtland Shopping Center located in Kirtland, Ohio. The subject property is a 85 percent occupied neighborhood strip in an uber-affluent suburb of Cleveland. The strip center is anchored by Dollar General and has a triple-net lease thru July 2026. Kirtland Shopping Center is being offered for $2,548,000.

Exclusively Listed By

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