2222 Fairless DrLorain, OH 44055

For Sale
$1,600,000

Grocery-anchored, high-yield retail opportunity.

Overview

Added:
Dec 11, 2024
Days on market:
92
This exceptional investment opportunity presents a 45,140 square foot, single-story shopping center located at 2222 Fairless Dr, Lorain, OH 44055. Built in 1966, this grocery-anchored property sits on a 2.97-acre lot and boasts 96% occupancy with four tenants. The asking price is $1,600,000, representing a compelling price per square foot of $35.45 and a strong 10.04% capitalization rate, with a current NOI of $160,560. The property benefits from a weighted average lease term (WALT) of approximately 3.75 years, providing significant lease stability. Current rents are significantly below market rates ($6/SF vs. $10.81/SF), offering substantial upside potential for future income growth. The property's location within a densely populated area (136,939 people within a 5-mile radius, exhibiting 10-year growth) ensures consistent customer traffic and strong tenant demand. This is a fully stabilized, low-risk investment with immediate cash flow and significant potential for appreciation, offering a substantial discount to replacement cost, mitigating the risks associated with new retail development. The property's strong fundamentals and favorable market conditions make it an ideal addition to any investment portfolio.

Highlights

  • Grocery-anchored shopping center providing immediate cash flow due to high occupancy.
  • Nearly fully leased (96%), minimizing lease-up costs and maximizing immediate return.
  • Weighted Average Lease Term (WALT) of approximately 3.75 years ensures lease stability.
  • Below-market rents ($6/SF) compared to market rate ($10.81/SF) offer significant upside potential.
  • Offered at a price significantly below replacement cost, mitigating new development risk.
  • Strong demographics, with a 5-mile radius population of 136,939 showing 10-year growth.

Property Details for 2222 Fairless Dr

Property type
Lifestyle centers, Power centers
Square Feet
45,140 SF
Year Built
1966
Buildings
1
Stories
1
Lot Size (sq. ft)
129,373 SF

Location Insight

City
Lorain
County
Lorain
State
Ohio
Latitude
41.425459393181
Longitude
-82.118496194662
2222 Fairless Dr, Lorain, Ohio

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2222 Fairless Dr
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