653-659 Broadway Ave, Bedford, OH 44146

14,644 SF | 100% Leased | Retail Building | Bedford, OH 44146 | $749,000 ($51/SF) | 9.56% Cap Rate

Asking Price $749,000

Property Type: Retail
Square Feet: 14,644 SF
Price / Square Foot: $51

Listing Contacts

Matthew King

Verified Profile

Property Info

Property Overview

The 14,644 Sq.Ft. 2 Story all brick building built in 1947 on .21 Acres. Offered Individually for $749,000 or in Bulk with 723-725 Broadway for $999,000. Currently 3 Street Retail Units and 12 Retail / Office spaces on the 2nd floor. Currently 100% Occupied (15/15). Recent Capital Improvements include recently patched and repaired roof (5 year warranty), new fire alarm system, upgraded electrical, suites recently painted and cosmetically freshened up, half of the suites have brand new luxury vinyl flooring. Street Retail Suites pay for Gas and Electric. 2nd Floor Suites most pay their own electric (except Suite 221-222). Building has 10 surface parking spaces and the City of Bedford has several nearby surface free parking lots along with several street side parking spaces. Owner has plans to upgrade existing Natural Gas Boiler (Heat) system with a high efficiency unit therefore reducing operating costs (est. +/- 20%). Current Gross Annual Income is $110,700. Current Cap Rate at $749,000 is 9.60%. Located next to Dollar General.
Location
The City of Bedford is a first ring southeast suburb of Cleveland and near many major employers including an Amazon Fulfillment Center, Nature Stone Flooring, Art of Beauty and Xellia Pharmaceuticals. Bordering Bedford is the award winning park system, the Cleveland Metroparks (Tinker’s Creek Reservation). Located just two miles away from Interstates 271 and 480 and 16 miles from Downtown Cleveland. This quaint City Center boosts traffic counts of over 12,000 daily.

Property Details

Class: C
Year Built: 1947
Stories: 2
Property Subtype: Storefront Retail/Office
Lot Size (sq. ft): 9,148 SF

Highlights

Offered Individually for $749,000 or in Bulk with 723-725 Broadway for $999,000
Current Cap Rate at $749,000 is 9.60%.
Currently 3 Street Retail Units and 12 Retail / Office spaces on the 2nd floor.
Building has 10 surface parking spaces and the City of Bedford has several nearby surface free parking lots along w/ several street side parking spots

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