2587 Parkman RdWarren, OH 44485

For Sale
$3,900,000

High-Yield Retail Investment Opportunity

Overview

Added:
Dec 11, 2024
Days on market:
92
This fee-simple retail property in Warren, OH, offers a significant value-add opportunity. The 180,488 square foot shopping center sits on 18.52 acres and currently boasts 23.5% occupancy, anchored by a regional Sparkle Market grocery store (18 units) and featuring tenants such as Dollar Tree and Little Caesars. The property includes three buildings and presents a substantial upside potential due to significant vacancy, including a large former Kmart space (94,114 sq ft) and an available outlot. Priced at $3,900,000 ($21.61/sq ft), the pro-forma cap rate is 15.23% with a projected NOI of $593,834. The property benefits from a strong location near major roadways (Route 82) and numerous national retailers including Aldi, CVS, McDonald's, and more, providing a dense population base. The Net Net lease structure and multi-tenancy further enhance the investment appeal. Projections indicate over $3.4 million in potential value creation upon lease-up to 82% occupancy. This is a rare opportunity to acquire a significantly undervalued asset with substantial upside potential in a prime location. The property's size, location, and existing anchor tenant make it an attractive investment for those seeking a value-add opportunity with high potential returns. The existing tenants provide a stable base, while the significant vacancy allows for substantial growth and value creation. The property's location near major roadways and other national retailers ensures high visibility and accessibility.

Highlights

  • $3,900,000 asking price for a value-add retail investment opportunity.
  • 180,488 square foot shopping center with a 23.5% occupancy rate.
  • $21.61 price per square foot.
  • 15.23% pro-forma cap rate and $593,834 pro-forma NOI.
  • Grocery-anchored by Sparkle Market (18-unit regional chain), with tenants including Dollar Tree and Little Caesars.

Property Details for 2587 Parkman Rd

Property type
Lifestyle centers, Power centers
Square Feet
180,488 SF
Buildings
3
Lot Size (sq. ft)
806,731 SF

Location Insight

City
Warren
County
Trumbull
State
Ohio
Latitude
41.2521314
Longitude
-80.8574547
2587 Parkman Rd, Warren, Ohio

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2587 Parkman Rd
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