Two-Tenant Shopping Center
For Sale
Contact for pricing
Pending
4786 Roosevelt Blvd Middletown, Middletown, OH 45044
Value-add opportunity in a high-growth Cincinnati MSA corridor.
Property Size26,968 SF
Days on Market157
Property Features for 4786 Roosevelt Blvd Middletown
General Information
Standard status
Pending
Size
26,968 SF
Property subtype
Retail
Occupancy
100%
Building Details
Year Built
1985
Year Renovated
2022
Tenancy
Multi
Listing Agency:
CBRE - Cincinnati
Listed By:
Chris Prosser, CCIM · License #OH SAL.0000443707
Source:
Crexi
Added: Mar 18
Changed: Aug 8
Last Checked: Jul 26 at 10:28AM
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 CBRE - Cincinnati
Investment Insights
Based on property information with market context.
Park East Plaza is a two-tenant shopping center located in Middletown, Ohio, within the Cincinnati MSA. The property offers a value-add component and is positioned at a discount to replacement cost, priced at $102 per square foot. Situated on the State Route 122 exit off I-75, the location lies between Cincinnati and Dayton, in a growth corridor of Southwest Ohio. The property is near several commercial developments, including the planned redevelopment of the Towne Mall, with demolition scheduled for 2026. This redevelopment is expected to strengthen the retail fundamentals in the submarket, benefiting Park East Plaza. The asset is secured by two leases: an operating Harbor Freight and a leased, but currently dark, Oak Street Health. The Oak Street Health lease presents potential upside through a lease buyout and re-tenanting. The Oak Street lease, signed in January 2025, has an initial 12-year term with annual 2% base rent increases beginning in Year 2.
Key Highlights
- Value‑add opportunity at a substantial discount to replacement cost of $102 per square foot.
- Located in a strong growth corridor in Southwest Ohio, off I‑75 between Cincinnati and Dayton.
- Benefit from the redevelopment of the Towne Mall scheduled for demolition in 2026, strengthening retail fundamentals.
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
$114,498
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
4.24%
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%
$2,289,960
$2.3M
Cap Rate 7%
$1,635,686
$1.6M
Cap Rate 9%
$1,272,200
$1.3M
Market Conditions
NOI Build-Up for 26,968 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
$174.8K $6.48/SF
− Vacancy
−$11.2K −$0.41/SF
EGI
$163.6K $6.07/SF
− OpEx
−$49.1K −$1.82/SF
NOI
$114.5K $4.25/SF
Area
Butler County, OH
Vacancy
6.40%
Lease Rate
$6.48 /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%
$2,289,960
Cap Rate 7%
$1,635,686
Cap Rate 9%
$1,272,200
Alternative Uses
Best Use
Retail
$1.64M
$1.43M – $1.91M
NOI $114,498 @ 7.0% cap · market cap 4.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.33M
$4.67M – $6.22M
NOI $373,248 @ 7.0% cap · market cap 13.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
71
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 45044, OH
56,128
Population
21,645
Households
2.6
Avg Household Size
36
Median Age
30%
College-Educated
88%
High-School Grad
37.8 sq mi
ZIP Area
1,485
Density / Sq Mi
$71,942
Median Household Income
$40,568
Median Earnings
$1,034
Median Rent
$230,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Value-add opportunity in a high-growth Cincinnati MSA corridor.
Where is this shopping center located?
The property is located at 4786 Roosevelt Blvd Middletown Middletown, OH.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: Value‑add opportunity at a substantial discount to replacement cost of $102 per square foot.; Located in a strong growth corridor in Southwest Ohio, off I‑75 between Cincinnati and Dayton.; Benefit from the redevelopment of the Towne Mall scheduled for demolition in 2026, strengthening retail fundamentals.
