115 Reynolds RdToledo, OH 43615

For Sale
$2,280,000

Toledo Retail Center - High Occupancy

Overview

Added:
Dec 11, 2024
Days on market:
92
This 23,100 square foot shopping center in Toledo, Ohio, presents a compelling investment opportunity. Located at 115 S Reynolds Rd, 43615, this multi-tenant property boasts 100% occupancy and a strong NOI of $171,492, yielding a 7.50% cap rate. The asking price is $2,280,000, translating to $98.70 per square foot. Built in 1977 and significantly renovated in 2017/2018, the center benefits from substantial tenant investment, including a $500,000 build-out for Pinnacle Treatment Center, which recently signed a 5-year lease renewal at market rate. Dollar Tree, a major anchor tenant, occupies a significant portion of the space and enjoys above-average foot traffic, with their lease renewal scheduled for 2025. The property is exceptionally well-maintained, requiring no immediate capital expenditures, and offers a value-add opportunity through potential leasing of a currently vacant middle suite at market rent, further increasing NOI. This property represents a stable, high-performing investment with significant upside potential. The property is a Triple Net (NNN) lease.

Highlights

  • Value-Add Opportunity: Significant NOI growth potential through leasing the vacant middle suite at market rates.
  • New Lease Renewals: Pinnacle Treatment Center renewed for five years at market rent; Dollar Tree renewal in 2025.
  • Strong Tenant Performance: Dollar Tree demonstrates superior foot traffic compared to Ohio and national averages.
  • Minimal Capital Needs: Property is well-maintained, requiring no immediate capital expenditures; $500,000 invested in Pinnacle Treatment Center improvements.

Property Details for 115 Reynolds Rd

Property type
Lifestyle centers, Power centers
Square Feet
23,100 SF
Year Built/Renovated
1977/2017

Location Insight

City
Toledo
County
Lucas
State
Ohio
Latitude
41.6371698
Longitude
-83.6636639
115 Reynolds Rd, Toledo, Ohio

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115 Reynolds Rd
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