Former Dollar Tree | Highly Visible | 12900 Miles Ave
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Former Dollar Tree | Highly Visible 12900 Miles Ave
12,323 SF Vacant Retail Building Online Auction Sale Cleveland, OH 44105
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Investment Highlights
- Opportunity to purchase a former Dollar Tree location in an impressive area of Cleveland surrounded by suburbs.
- Primely positioned just 20 minutes to Downtown Cleveland with quick access to Broadway Avenue, Route 422, I-490, and I-77.
- There are over 292,900 employees working within a 5-mile radius of the former Dollar Tree location.
- Highly visible location on Miles Avenue, the main thoroughfare in this area of Cleveland that sees over 12,400 vehicles per day.
- There is a plethora of retail lining Miles Avenue including Dollar General, restaurants, supermarkets, and other local businesses.
- Average consumer spending in a 10-mile radius is impressive exceeding $9.07 billion annually.
Executive Summary
12900 Miles Avenue is the perfect investment opportunity just outside of Downtown Cleveland. The former Dollar Tree location is well-maintained, allowing for an easy transition to new ownership. Built in 2003 and renovated in 2014, the property is a 12,323-square-foot asset spread across one floor, allowing for an open floor plan that can be adapted to meet new business needs. Perched on 1.70 acres, there is ample outdoor space for a possible expansion with 25 total on-site parking spaces for employees and patrons. The asset is zoned commercial, allowing for many future uses.
The South Cleveland retail submarket is an excellent place for investors to enter. The retail submarket has a vacancy rate of 4.1% as of the fourth quarter of 2024. The vacancy rate of 4.1% compares to the submarket's five-year average of 4.2% and the 10-year average of 6.9%. As of the fourth quarter of 2024, there is no retail space under construction, allowing for existing inventory to be highly valuable. The retail submarket contains roughly 10.0 million square feet of inventory. Market rents have changed by 0.8% in neighborhood center properties year-over-year and by 0.6% in power center properties.
The Greater Cleveland area is perfect for investment largely due to the major industries in the area. Healthcare services is one of Cleveland's largest industries, and hospital networks Cleveland Clinic and University Hospitals represent the metro's top two employers. The Cleveland Clinic is actively expanding with a new hospital planned for Mentor, expansions of the Neurological Institute and Cole Eye Institute, and 1,300 new nurses, technicians, and physicians system-wide. The city received a significant boost in 2020, with Fortune 500 company Sherwin-Williams announcing that its global headquarters would remain in Cleveland. The company plans to invest another $600 million in northeast Ohio, including a new 1-million-square foot headquarters building downtown and a 600,000-square foot research facility in Brecksville, combined housing more than 3,500 employees.
Property tours are available by appointment only. Please contact the listing broker to schedule.
The South Cleveland retail submarket is an excellent place for investors to enter. The retail submarket has a vacancy rate of 4.1% as of the fourth quarter of 2024. The vacancy rate of 4.1% compares to the submarket's five-year average of 4.2% and the 10-year average of 6.9%. As of the fourth quarter of 2024, there is no retail space under construction, allowing for existing inventory to be highly valuable. The retail submarket contains roughly 10.0 million square feet of inventory. Market rents have changed by 0.8% in neighborhood center properties year-over-year and by 0.6% in power center properties.
The Greater Cleveland area is perfect for investment largely due to the major industries in the area. Healthcare services is one of Cleveland's largest industries, and hospital networks Cleveland Clinic and University Hospitals represent the metro's top two employers. The Cleveland Clinic is actively expanding with a new hospital planned for Mentor, expansions of the Neurological Institute and Cole Eye Institute, and 1,300 new nurses, technicians, and physicians system-wide. The city received a significant boost in 2020, with Fortune 500 company Sherwin-Williams announcing that its global headquarters would remain in Cleveland. The company plans to invest another $600 million in northeast Ohio, including a new 1-million-square foot headquarters building downtown and a 600,000-square foot research facility in Brecksville, combined housing more than 3,500 employees.
Property tours are available by appointment only. Please contact the listing broker to schedule.
Data Room Click Here to Access
- Operating and Financial Statements
- Title and Insurance
- Purchase Agreement
Market Analytics Click Here to Access
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Market Sale Price per SF
Cleveland - OH USA
Market Cap Rate
Cleveland - OH USA
Market Sale Price per SF by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Cap Rate by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Sale Price per SF Distribution
Market Cap Rate Distribution
Property Facts
Sale Type
Investment
Sale Condition
Auction Sale
Property Type
Retail
Property Subtype
Freestanding
Building Size
12,323 SF
Building Class
C
Year Built/Renovated
2003/2014
Tenancy
Single
Number of Floors
1
Building FAR
0.17
Lot Size
1.70 AC
Zoning
Commercial
Parking
25 Spaces (4.05 Spaces per 1,000 SF Leased)
Frontage
About Garfield Heights
Just a 20-minute drive south of downtown, Garfield Heights is among the largest suburbs in Cuyahoga County and is home to nearly 30,000 residents. The area is easily accessible via interstates 77 and 480, and is a 20-minute drive west of the Cleveland Hopkins International Airport. Some of the largest employers in the area include Cleveland Clinic, AT&T Wireless, and Safeguard Properties.
Garfield Heights attracts a mix of residents. The area is a sought-after location for families and offers affordable homes and an abundance of parks and outdoor recreation, such as Garfield Park Reservation and Bedford Reservation. Garfield Heights also attracts young professionals and offers easy access to the Rockside Road office corridor, which is one of Cleveland’s largest concentrations of suburban office buildings.
Garfield Height’s mid-level rents and proximity to some of the area’s largest residential centers makes it an attractive area for retail tenants and investors alike. Commercial activity is concentrated along Turney Rd., which is home to retailers such as Dave’s Market, Dollar General, and Walgreens.
DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
2024 Population
15,329
128,322
267,296
2020 Population
15,311
134,248
273,403
2029 Population
15,060
124,885
261,363
2024-2029 Projected Population Growth
-1.8%
-2.7%
-2.2%
Daytime Employees
1,942
38,291
292,997
Total Businesses
242
4,517
21,808
Average Household Income
$41,594
$57,179
$66,413
Median Household Income
$31,383
$39,718
$44,182
Total Consumer Spending
$122.4M
$1.2B
$2.7B
Median Age
41.6
40.2
38.1
2024 Households
6,626
55,427
115,636
Percent College Degree or Above
5%
11%
14%
Average Home Value
$135,258
$136,939
$179,776
$ values in USD
PROPERTY TAXES
| Parcel Number | 138-16-004 | Improvements Assessment | £313,940 |
| Land Assessment | £64,777 | Total Assessment | £378,717 |
PROPERTY TAXES
Parcel Number
138-16-004
Land Assessment
£64,777
Improvements Assessment
£313,940
Total Assessment
£378,717
Sale Advisor
Sale Advisor
Frank Simcic, Senior Associate
(813) 387-4819
Contact
Frank Simcic joined Marcus and Millichap in November of 2015, and has earned the title of Senior Investment Associate. Frank Simcic focuses exclusively on retail investment sales. With a client-centric mentality, Frank actively assists investors with acquisitions, dispositions, and financings for both single-tenant and multi-tenant properties throughout the Midwest and South. Frank has been involved in a wide range of real estate ventures for over 10 years. In 2020, Frank sold more than one million square feet of retail property, with transactions equating to more than $30 million of property sales in 6 states. Frank consistently ranks in the top 30 for Multi-Tenant Retail Specialists within the entire company. Frank is a leader within The Patel Yozwiak Group of Marcus & Millichap, a team of top-performing advisors with a track record spanning over 500 transactions worth $1B+ in investment property sales, and over 50 years of combined experience. Frank received a bachelor’s degree in economics at Xavier University. After school, Frank took a brief hiatus to ride his bicycle across the United States to raise awareness for charity. Frank cycled over 2,500 miles from San Fransico to Cincinnati and delivered informative and motivational speeches in over 50 cities along the way. Today Frank is an active leader in the community and continues to raise awareness for multiple charities.
About the Auction Platform
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial property. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
Auction Contact
Keisha Hartshorn
Contact
Auctioneer License:
Ten-X Commercial, LLC Samantha Corbat RE Brkr REC.2019003563; Ohio Department of Agriculture- Auctioneer Program: Ten-X Commercial, Inc. (Ten-X, Inc.) Auctioneer Corporation 2022000147 Samantha Corbat Auctioneer 2023000126
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STREET VIEW
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Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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Former Dollar Tree | Highly Visible | 12900 Miles Ave
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