Triple-Net Strip
For Sale
$4,166,000
913 Crossings Rd, Sandusky, OH 44870
Fully occupied retail center with prominent signage along Sandusky’s primary retail corridor.
Property Size19,894 SF
Price / SF$209.41
Days on Market48
Property Features for 913 Crossings Rd
General Information
Standard status
Active
Size
19,894 SF
Property subtype
Shopping Strip
Occupancy
100%
Site & Location
Traffic Count
31,265 vehicles/day
Highway Access
Yes
Additional Details
Cap Rate
7.75%
Amenities
100 Percent Occupied, 19,894 Square Foot Triple-Net Strip Center in Sandusky, Ohio – Prominent Tourist Market
Part of the Larger Crossings of Sandusky Regional Shopping Center with 3.3 Million Annual Visits | Includes Home Depot, Sam's Club, Kohl's, Dollar Tree, and Petco all Acting as Shadow-Anchors
Anchored by Famous Footwear (31 Percent of GLA) on NNN Lease thru May 2029; Prime Endcap Space with High-Image Façade & Prominent Signage
Staggered Expirations with Four of Sevem Tenants Leased into 2029 or Longer and Two Tenants Leased into 2031 or Longer
Ease of Management with Only Seven Tenants, Mostly National Tenancy, and All NNN Leases with Many Tenants Also Reimbursing Management Fees and/or Paying Admin Fees on CAM
Reasonable and Replaceable Rent Levels Averaging $16.55 per Square Foot Triple-Net
Building Details
Building Size
19,894 SF
Year Built
2006
Tenancy
Multi
Listing Agency:
Marcus & Millichap | Cleveland
Listed By:
Craig Fuller · License #License(s): OH: SAL.2008001551
(216) 264-2043
Source:
Marcusmillichap
Added: Jul 30
Changed: Sep 14
Last Checked: Sep 15 at 4:25AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap | Cleveland
Investment Insights
Based on property information with market context.
The 19,894-square-foot strip mall is 100 percent occupied and operates under a triple-net structure. Constructed in 2006, the property features high-image facades and prominent signage supporting its retail presentation.
The center is located on Milan Road/Route 250 in Sandusky, Ohio, within the city’s primary retail corridor. Route 250 carries 31,265 vehicles per day, and the property is 0.4 miles north of the Ohio Route 2 highway exit ramps, which carry 27,610 vehicles per day. Neighboring retailers include Walmart, Lowe’s, Menards, Meijer, Target, Hobby Lobby, Best Buy, J.C. Penney, T.J. Maxx, and Harley-Davidson, along with dozens of restaurants.
The center is located on Milan Road/Route 250 in Sandusky, Ohio, within the city’s primary retail corridor. Route 250 carries 31,265 vehicles per day, and the property is 0.4 miles north of the Ohio Route 2 highway exit ramps, which carry 27,610 vehicles per day. Neighboring retailers include Walmart, Lowe’s, Menards, Meijer, Target, Hobby Lobby, Best Buy, J.C. Penney, T.J. Maxx, and Harley-Davidson, along with dozens of restaurants.
Key Highlights
- 19,894‑square‑foot strip center constructed in 2006
- 100 percent occupied with triple‑net structure
- Located on Milan Road/Route 250 with 31,265 vehicles per day
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$360,205
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.65%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$7,204,100
$7.2M
Cap Rate 7%
$5,145,786
$5.1M
Cap Rate 9%
$4,002,278
$4.0M
Market Conditions
NOI Build-Up for 19,894 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$537.1K $27.00/SF
− Vacancy
−$22.6K −$1.13/SF
EGI
$514.6K $25.87/SF
− OpEx
−$154.4K −$7.76/SF
NOI
$360.2K $18.11/SF
Area
Erie County, OH
Vacancy
4.20%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$7,204,100
Cap Rate 7%
$5,145,786
Cap Rate 9%
$4,002,278
Alternative Uses
Best Use
Retail
$5.15M
$4.50M – $6.00M
NOI $360,205 @ 7.0% cap · market cap 8.65%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$218.93M
$191.56M – $255.42M
NOI $15,325,197 @ 7.0% cap · market cap 367.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
31,265 VPD
Traffic count
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
356
Businesses Nearby
270k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 36%
Groceries 26%
Dining 17%
Home Improvements & Furnishings 11%
Walmart
Superstores
96,813 visits/mo
0.4 miles
Meijer
Groceries
70,190 visits/mo
0.4 miles
Raising Cane's Chicken Fingers
Dining
38,043 visits/mo
0.2 miles
Lowe's
Home Improvements & Furnishings
27,667 visits/mo
0.3 miles
Staples
Office Supplies
12,321 visits/mo
0.3 miles
Demographics for 44870, OH
40,416
Population
19,991
Households
2
Avg Household Size
43
Median Age
25%
College-Educated
90%
High-School Grad
60.7 sq mi
ZIP Area
666
Density / Sq Mi
$58,797
Median Household Income
$36,056
Median Earnings
$863
Median Rent
$148,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Strip mall - Fully occupied retail center with prominent signage along Sandusky’s primary retail corridor.
Where is this strip mall located?
The property is located at 913 Crossings Rd Sandusky, OH.
What is the asking price?
The asking price for this property is $4,166,000.
What are key features of this property?
This property features: 19,894‑square‑foot strip center constructed in 2006; 100 percent occupied with triple‑net structure; Located on Milan Road/Route 250 with 31,265 vehicles per day
