1. Bradford Armstrong
FIN 479
Real Estate Investment
T-TH 6-7:50pm
Niro
Homework Assignment #1
Mayfield Heights Community Information
Community has an area of 4.2 square miles and has a current population of 18,974 as of
the 2012 census, down 2.1% from 2000. 58.66% of the population between the ages of
18-64. Average age as 42.9 years. Median household income is 43,332, up from 37,236
in 2000. Estimated average house/condo value in 2011 was 134,451, which is up from
126,100 in 2000. Average rent in 2011 was 812 per month
45.3% of the community is male and 54.7% is female. 79.2% of the community is
identified as white, 7.7% is black, 6.2% Asian and the remaining 7% of Hispanic or other
ethnicities.
Property Tax in the city has an effective millage of 61.72%; tax on a $100,000 home is
$2,160 per year.
Community Retail Real Estate Information
13% of the land within city limits is retail land use. Recent development of competing
retail centers in such as Legacy Village and Beachwood Place continue to drive Mayfield
to evolve retail assets to ensure quality retailers in order to compete with surrounding
areas. Beachwood Place Mall alone has 605,000 square feet and Legacy Village offers
1.2 million square feet of retail area and its proximity is a threat to Mayfield’s economy.
Recent recession has seen the vacancy rate of the Eastgate Shopping Center rise as a
result. In contrast, Golden Gate Shopping Center has seen new retail investment in recent
years.
Community Office Real Estate Information
2 major corporate office parks (Landerhaven and Landerbrook) located in the southwest
quadrant of the city along with office space adjacent to Hillcrest Hospital comprise most
of the city’s commercial tax base and income tax revenue. Recent recession appears to
have had a lower impact, as vacancies have held or decreased. Recent development of the
Chagrin Highlands Corporate Park along with the development of other office space in
nearby communities will serve as competition for the city.
2. Hillcrest Hospital is also located within city limits, serving as a major Trauma, Cancer,
Post-Partum and Surgery center.
Potential Investment Site:
Vacant lot at 1475 Lander Road, at corner of Lander Road and Mayfield Road, Mayfield
Heights, Ohio
Subject property is a former retail space located at the corner of Lander Road and
Mayfield Road in Mayfield Heights, Ohio. Space was formerly a Rite Aid Pharmacy and
a Halloween costume store before going out of business. Lot is prime space located on a
corner of a major artery in the community and currently sits vacant.
Primary Investment Opportunity:
Propose installation of a Taco Bell restaurant at space located at Lander and Mayfield
Road property. Space is a prime location for a drive thru quick service restaurant due to
location on Mayfield Road, extended hours of operation and proximity to Mayfield
Heights Police Department. Site is a larger site, which would suggest a larger restaurant.
Propose to explore a combination restaurant, with Taco Bell sharing space with a 2nd
restaurant to accommodate a higher demographic.
Sources:
Mayfield Heights City website: http://www.mayfieldheights.org/index.php/about-the-
city/business
Mayfield Heights City website-About The City:
http://www.mayfieldheights.org/index.php?
option=com_content&view=article&id=18&Itemid=25
Mayfield Heights Regional Development Issues Reports:
http://www.mayfieldheights.org/index.php?
option=com_content&view=article&id=206&Itemid=247
Mayfield Heights Demographics and Tax Information:
http://www.city-data.com/city/Mayfield-Heights-Ohio.html
