NNN Retail | 100% Occupied 6505 Mayfield Rd 15,003 SF 100% Leased Retail Building Online Auction Sale Mayfield Heights, OH 44124
INVESTMENT HIGHLIGHTS
- Outstanding 2 Stories NNN retail investment with two reliable in-place tenants and 100% occupancy, ensuring a stable and profitable opportunity.
- Positioned in a suburb just 25 minutes northeast of Cleveland and easily accessible via Interstate 271.
- In-place tenants have lengthy leases in place, with five and eight years remaining and favorable renewal options.
- Ideally located for maximum exposure near a high-traffic signalized intersection of Mayfield Road (Route 322) and Lander Road.
- Mayfield Road is the ideal destination for retail with Chick-fil-A, Costco, McDonald’s, Best Buy, Panera Bread, Sheetz, and more nearby.
- Situated in a thriving area where household incomes within a 5-mile radius exceed $103,635 annually ensuring a strong customer base.
EXECUTIVE SUMMARY
6505 Mayfield Road presents an exceptional hands-off investment in Mayfield Heights, a suburb northeast of Cleveland. The retail building is an impressive two stories ringing in at 15,003 total square feet. The property features a simple, modern façade with building signage available for tenants. There are several awnings with branding optionality. Once inside there is a beautifully maintained lobby with an elevator available to access the second floor. The property boasts two stable, long-term tenants with Pure Hockey securing the first-floor retail space and My Salon Suites occupying the second floor. Both tenants bring strong, consistent NNN income, making this property a solid investment choice. Pure Hockey has been on site since 2023 and has eight years remaining on its lease. My Salon is also a staple with historic occupancy dating back to 2020 with five years remaining on its lease. 6505 Mayfield Road sits on a generous 1.13 acres zoned U-4 for local retail and wholesale. Retail businesses such as stores and shops, service establishments, offices, banks and financial institutions, restaurants, wholesale businesses, and warehousing facilities are all permitted in this area.
As a part of the Northeast Retail Submarket in Cleveland, 6505 Mayfield Road is in the ideal location. As of the first quarter of 2025, there are 190,000 square feet of retail space under construction in the Northeast. In comparison, the submarket has averaged 62,000 square feet of under-construction inventory over the past 10 years. The whole submarket contains approximately 27.5 million square feet of total inventory. Rents have increased by 2.2% year-over-year which is consistent with recent trends.
Just a few miles northeast of Cleveland, this retail asset benefits from its proximity to this major metro. Rooted in steel and automotive manufacturing, Cleveland's economy has diversified over the past several decades. Healthcare services is one of Cleveland's largest industries, and hospital networks Cleveland Clinic, University Hospitals, and Metro Health represent some of the region's largest employers. Cleveland is home to one of the 12 Federal Reserve Banks located throughout the US, and the financial services sector has seen growth with the establishment and expansion of major banking institutions in Cleveland. The city received a significant boost in 2020, with Fortune 500 company Sherwin-Williams announcing that its global headquarters would remain in Cleveland.
6505 Mayfield Road in Mayfield Heights is a well-positioned commercial retail property located near the busy signalized intersection of Mayfield Road (Route 322) and Lander Road. This prime location offers excellent visibility and easy accessibility for both local traffic and commuters. Situated in a high-traffic area, the property benefits from strong footfall and nearby retail, dining, and residential neighborhoods, making it an ideal spot for businesses looking to capture a diverse customer base. Its proximity to major roads ensures convenient access to the greater Cleveland metropolitan area.
This high-visibility location, coupled with secure leases, offers investors a reliable, low-maintenance asset in a thriving retail corridor.
Property tours are available by appointment only. Please contact the listing broker to schedule.
As a part of the Northeast Retail Submarket in Cleveland, 6505 Mayfield Road is in the ideal location. As of the first quarter of 2025, there are 190,000 square feet of retail space under construction in the Northeast. In comparison, the submarket has averaged 62,000 square feet of under-construction inventory over the past 10 years. The whole submarket contains approximately 27.5 million square feet of total inventory. Rents have increased by 2.2% year-over-year which is consistent with recent trends.
Just a few miles northeast of Cleveland, this retail asset benefits from its proximity to this major metro. Rooted in steel and automotive manufacturing, Cleveland's economy has diversified over the past several decades. Healthcare services is one of Cleveland's largest industries, and hospital networks Cleveland Clinic, University Hospitals, and Metro Health represent some of the region's largest employers. Cleveland is home to one of the 12 Federal Reserve Banks located throughout the US, and the financial services sector has seen growth with the establishment and expansion of major banking institutions in Cleveland. The city received a significant boost in 2020, with Fortune 500 company Sherwin-Williams announcing that its global headquarters would remain in Cleveland.
6505 Mayfield Road in Mayfield Heights is a well-positioned commercial retail property located near the busy signalized intersection of Mayfield Road (Route 322) and Lander Road. This prime location offers excellent visibility and easy accessibility for both local traffic and commuters. Situated in a high-traffic area, the property benefits from strong footfall and nearby retail, dining, and residential neighborhoods, making it an ideal spot for businesses looking to capture a diverse customer base. Its proximity to major roads ensures convenient access to the greater Cleveland metropolitan area.
This high-visibility location, coupled with secure leases, offers investors a reliable, low-maintenance asset in a thriving retail corridor.
Property tours are available by appointment only. Please contact the listing broker to schedule.
DATA ROOM Click Here to Access
- Operating and Financials
- Purchase Agreement
- Title and Insurance
MARKET ANALYTICS Click Here to Access
$99,999
Asset Value
$99,999
12 Month Sales Volume
12 Month Sales Volume
Total
Lowest
Highest
Transactions
999
-
-
Sales Volume
$99,999
$99,999
$99,999
Properties Sold
999
-
-
Transacted SF
999
999
999
Average SF
999
999
999
9.9%
Market Cap Rate
9.9%
Market Sale Price/SF Change (YOY)
12 Month Sales Price
Average
Lowest
Highest
Market
Cap Rate
9.9%
9.9%
9.9%
9.9%
Sale Price/SF
$99,999
$99,999
$99,999
$99,999
Sale Price
$99,999
$99,999
-
-
Sale vs Asking Price
-9.9%
-9.9%
-9.9%
-
% Leased at Sale
9.9%
9.9%
9.9%
-
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 NNN
Sale Condition
Auction Sale
Type of Ownership
Fee Simple
Property Type
Retail
Property Subtype
Freestanding
Building Size
15,003 SF
Building Class
B
Year Built
2004
Percent Leased
100%
Tenancy
Multiple
Number of Floors
2
Building FAR
0.30
Lot Size
1.13 AC
Zoning
U-4
Parking
66 Spaces (4.4 Spaces per 1,000 SF Leased)
Frontage
AMENITIES
- Motorway Visibility
ABOUT NORTHEAST
Northeast Cleveland encompasses some of Cleveland’s largest suburbs, such as Mentor, Willoughby, and Euclid. The area is a growing employment center and top employers in the area include Lake Hospital System, Avery Dennison, and Steris. Median household income within a 15-minute drive of the neighborhood sits just above $70,000, and consumer spending totals around $932 million. Northeast Cleveland is accessible via several major highways including Interstate 90 and State Route 2, which connect the metro’s northeast suburbs to downtown Cleveland.
With mid-range rents and proximity to residential areas, Northeast Cleveland is an attractive location for retail tenants. The area’s highly rated public schools and access to large parks and beaches is a major draw for young families. Northeast Cleveland also has a notable population of commuter students who attend Lake Erie College and Lakeland Community College.
Commercial centers in Northeast Cleveland are concentrated along Mentor Avenue and include Great Lakes Mall, Mentor Mall Shopping Center, and Points East Shopping Center. The area has drawn the attention of regional retailers that expanded into the Cleveland market in 2019. Wisconsin-based home improvement retailer, Menard’s, opened several locations in Cleveland including a store in Mentor; and Michigan-based supercenter, Meijer, also opened a store in Mentor. Additional investment in the area came from Amazon, which in 2019 delivered an 857,000-SF fulfillment center in Euclid on the site of the former Euclid Square Mall.
DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
2024 Population
16,016
52,456
128,018
2020 Population
16,117
54,386
130,774
2029 Population
15,713
51,148
125,364
2024-2029 Projected Population Growth
-1.9%
-2.5%
-2.1%
Daytime Employees
8,664
41,390
84,678
Total Businesses
959
3,692
9,273
Average Household Income
$71,370
$100,732
$103,635
Median Household Income
$59,639
$76,505
$76,112
Total Consumer Spending
$198.7M
$745.2M
$1.7B
Median Age
41.0
45.2
42.9
2024 Households
8,208
24,015
54,446
Percent College Degree or Above
25%
27%
25%
Average Home Value
$210,917
$276,930
$281,504
$ values in USD
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 862-05-008 | Improvements Assessment | £336,537 |
| Land Assessment | £199,587 | Total Assessment | £536,124 |
SALE ADVISORS
SALE ADVISORS
Matt Berres, Vice Chairman
(949) 244-6644
Contact
Matt Berres is an Executive Managing Director with Newmark’s Net Lease Capital Markets group, a select team of Capital Markets professionals who specialize in the sale, purchase and recapitalization of net leased retail, industrial and office properties throughout the United States. Newmark’s Net Lease Practice group offers an array of core services, including net lease disposition and acquisition advisory, 1031 exchange transactions, sale-leasebacks, portfolio analysis, valuation analysis, market and demographic evaluation, build-to-suit and capital markets consultation. Berres brings to Newmark more than 12 years of expertise in single-tenant deals. A top producer nationally, Berres has closed more than 300 sales transactions valued in excess of $2.5 billion for pension fund advisors, REITs, developers, private high net worth, 1031 exchange and foreign Investors. These transactions include the Walgreens corporate headquarters, Kroger Net Lease Grocer Portfolio, Federal Express warehouse buildings, more than 150 bank branch facilities, Top Golf locations, Veterans Affairs/GSA facilities and mission-critical office assets. Prior to joining Newmark in 2019, Berres was a Managing Director with Jones Lang LaSalle’s Net Lease Property Group, where he assisted clients in the acquisition and disposition of single tenant investments throughout the country. From 2015 to 2018, he was JLL’s No. 1 ranked producer nationwide. Prior to his career in commercial real estate, Berres played professional golf on various professional golf mini-tours around the country, including the Gateway Tour, US Pro Golf Tour, Pepsi Tour, Dakotas Tour and Nationwide Tour. Berres is President of Young Real Estate Professionals (YREP) and an active member of the Wisconsin Real Estate Alumni Association, International Council of Shopping Centers (ICSC), ICSC Next Generation, Urban Land Institute (ULI) and ULI Young Leaders. He earned a Bachelor of Arts degree in finance, investments and banking from the University of Wisconsin-Madison. Berres is active in the Orange County community, serving in various non-profit organizations, and in his church. He also enjoys competing in amateur golf tournaments, beach volleyball, surfing, and spending time with his wife, Brittany, daughter, Olivia and son Luca.
Karick Brown, Associate, Net Lease Capital Markets
(949) 608-2175
Contact
Karick Brown specializes in the sale, purchase, and recapitalization of net leased retail, industrial, and office properties throughout the United States. The Net Lease Capital Markets group's services include: Net Lease Disposition & Acquisition Advisory, 1031 Exchange Transactions, Sale-Leasebacks, Portfolio Analysis, Valuation Analysis, Market & Demographic Evaluation, Build-to-Suit and Capital Markets Consultation. Brown joined Newmark in 2019 as an Associate for the Net Lease Capital Markets group. Brown assists in the identification, evaluation, marketing and negotiation of single tenant net lease investment properties across various asset types including retail, industrial, office, and medical office. Prior to joining Newmark, Brown worked as an analyst for Faris Lee Investments. In this role he provided valuation analysis of retail, office, and senior housing properties. Valuation assignments were prepared on proposed, partially completed and existing structure. Total consideration exceeded $650 Million. Brown also previously worked at HFF, focusing on debt/equity structures for institutional investors. Brown is an active member in the Orange County community, serving in various non-profit organizations, and in his church. He is an avid golfer and maintains a scratch handicap, regularly competing in U.S. Open Q School events. Brown enjoys tennis, golf, surfing, snow skiing and recently has adopted Pickleball.
Samer Khalil, Director
(949) 608-2042
Contact
Joining Matt Berres as a Director with Newmark’s Net Lease Capital Markets in 2019, Samer Khalil focuses exclusively on the sale, purchase, and recapitalization of net leased retail, industrial, and office properties throughout the United States. With 7+ years of expertise in single-tenant and anchored and strip shopping center deals, Khalil has had direct involvement in transactions valued in excess of $1.25 billion for clients including REITS, Developers, Private High Net Worth, 1031 Exchange and Foreign Investors. Khalil is active in his church and local community. He also enjoys spending time with family (wife, Kelsey, daughters Sage, Oakley & Lennon, and son Kolsen), exploring local beaches and parks, and playing basketball.
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.
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AUCTION CONTACT
Sophy Cardenas
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
