Shopping Center with Strong
New
For Sale
Contact for pricing
1623 Marion Mount Gilead Rd, Marion, OH 43302
The multi-tenant center includes Big Lots and Panera and serves a college-adjacent setting.
Property Size161,573 SF
Price / SF$102.12
Days on Market4
Property Features for 1623 Marion Mount Gilead Rd
General Information
Standard status
Active
Size
161,573 SF
Property subtype
RETAIL
Occupancy
91%
Site & Location
Anchor Co-Tenants
Big Lots, Panera
Traffic Count
30,000 vehicles/day
Highway Access
Yes
Building Details
Tenancy
Multi
Listing Agency:
The Gilbert Group
Listed By:
Michael Nolan · License #SAL.2004017782
(614) 228-2222
Source:
Moodyscre
Added: Oct 12
Changed: Oct 13
Last Checked: Oct 14 at 9:39PM
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 The Gilbert Group
Investment Insights
Based on property information with market context.
This 161,573-square-foot shopping center at 1623 Marion Mount Gilead Rd in Marion is 91% occupied. Existing tenants include Big Lots and Panera, and the property has additional lease-up potential. The center’s tenant rents are described as below market; no rent figures are included here.
The property is next to The Ohio State University at Marion and Marion Technical College, which together report student enrollment of 4,200. State Route 95 carries more than 30,000 vehicles per day, and U.S. 23 connects the area with surrounding metro markets.
The property is next to The Ohio State University at Marion and Marion Technical College, which together report student enrollment of 4,200. State Route 95 carries more than 30,000 vehicles per day, and U.S. 23 connects the area with surrounding metro markets.
Key Highlights
- 161,573‑square‑foot shopping center
- 91% occupied, with lease‑up potential
- Existing tenants include Big Lots and Panera
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$630,321
Cap Rate
3.82%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$12,606,420
$12.6M
Cap Rate 7%
$9,004,586
$9.0M
Cap Rate 9%
$7,003,567
$7.0M
Market Conditions
NOI Build-Up for 161,573 SF
Gross rent
$933.9K $5.78/SF
− Vacancy
−$33.4K −$0.21/SF
EGI
$900.5K $5.57/SF
− OpEx
−$270.1K −$1.67/SF
NOI
$630.3K $3.90/SF
Area
Marion County, OH
Vacancy
3.58%
Lease Rate
$5.78 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$12,606,420
Cap Rate 7%
$9,004,586
Cap Rate 9%
$7,003,567
Alternative Uses
Best Use
Retail
$9.00M
$7.88M – $10.51M
NOI $630,321 @ 7.0% cap · market cap 3.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$32.62M
$28.54M – $38.05M
NOI $2,283,067 @ 7.0% cap · market cap 13.84%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Lease Details
30,000 VPD
Traffic count
91%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
504
Businesses Nearby
692k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 33%
Shops & Services 19%
Apparel 15%
Superstores 13%
Walmart
Superstores
83,081 visits/mo
0.2 miles
McDonald's
Dining
37,223 visits/mo
0.0 miles
T.J. Maxx
Apparel
36,239 visits/mo
0.1 miles
Kohl's
Apparel
33,509 visits/mo
0.3 miles
Kroger
Groceries
31,394 visits/mo
0.1 miles
Demographics for 43302, OH
54,094
Population
22,483
Households
2.4
Avg Household Size
41
Median Age
13%
College-Educated
88%
High-School Grad
195.0 sq mi
ZIP Area
277
Density / Sq Mi
$53,833
Median Household Income
$36,816
Median Earnings
$853
Median Rent
$139,700
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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Similar Off Market Nearby
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Frequently Asked Questions
What type of property is this?
Shopping center - The multi-tenant center includes Big Lots and Panera and serves a college-adjacent setting.
Where is this shopping center located?
The property is located at 1623 Marion Mount Gilead Rd Marion, OH.
What is the asking price?
The asking price for this property is $16,500,000.
What are key features of this property?
This property features: 161,573‑square‑foot shopping center; 91% occupied, with lease‑up potential; Existing tenants include Big Lots and Panera
