Listing Agency: Landmark Commercial Real Estate Services

Listed By: Jason Greenspan · License #6501378141 Show Phone

Source: Moodyscre

Added: May 15 Changed: Oct 4 Last Checked: Oct 23 at 8:57AM

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Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

This for-sale retail shopping center includes space within a Walmart shadow center and is described as having strong access. The property is also characterized in the public remarks as having national tenants.

In addition to the existing retail configuration, the listing notes a developable pad, which may support future value-add opportunities. The remarks also reference an overall leveraged return potential, positioning the asset as a development-minded retail option in a College Town setting.

For buyers and brokers evaluating retail fundamentals and redevelopment flexibility, the key differentiator highlighted here is the combination of an established retail center with a noted developable pad.

Key Highlights

• Retail shopping center with a developable pad
• Located near a Walmart shadow center in a college town setting
• Noted as having national tenants

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$353,815

Cap Rate

7.82%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$7,076,300 $7.1M

Cap Rate 7%

$5,054,500 $5.1M

Cap Rate 9%

$3,931,278 $3.9M

Is this asking price fair?

Market Conditions

NOI Build-Up for 35,174 SF

Gross rent

$527.6K $15.00/SF

− Vacancy

−$22.2K −$0.63/SF

EGI

$505.5K $14.37/SF

− OpEx

−$151.6K −$4.31/SF

NOI

$353.8K $10.06/SF

Area

Lorain County, OH

Vacancy

4.20%

Lease Rate

$15.00 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$7,076,300

Cap Rate 7%

$5,054,500

Cap Rate 9%

$3,931,278

Alternative Uses

Best Use

Retail

$5.05M

$4.42M – $5.90M (±1% cap)

NOI $353,815 @ 7.0% cap · market cap 7.82%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$8.86M

$7.76M – $10.34M (±1% cap)

NOI $620,469 @ 7.0% cap · market cap 13.72%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Shopping centers

Suggested Use

Top Pick Real Estate Agency Building Supply Electrical Service Hair Salon Garden Center Plumbing Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

90

Businesses Nearby

144k

Monthly Visits Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Superstores 44% Shops & Services 23% Dining 12% Groceries 11%

Walmart Superstores

63,884 visits/mo 0.3 miles

Aldi Groceries

16,442 visits/mo 0.2 miles

Wendy's Dining

14,881 visits/mo 0.1 miles

Murphy USA Shops & Services

13,355 visits/mo 0.1 miles

Marathon Petroleum Shops & Services

9,816 visits/mo 0.1 miles

Demographics for 44074, OH

11,957

Population

4,038

Households

3

Avg Household Size

36

Median Age

43%

College-Educated

95%

High-School Grad

50.9 sq mi

ZIP Area

235

Density / Sq Mi

$73,697

Median Household Income

$17,979

Median Earnings

$943

Median Rent

$229,000

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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Frequently Asked Questions

What type of property is this?

Shopping center - Retail shopping center featuring a developable pad near a Walmart shadow center in College Town.

Where is this shopping center located?

The property is located at 14910 State Rte 58 Oberlin, OH.

What is the asking price?

The asking price for this property is $4,522,100.

What are key features of this property?

This property features: Retail shopping center with a developable pad; Located near a Walmart shadow center in a college town setting; Noted as having national tenants