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6151 South Ave, Boardman, OH 44512
Corner retail property with established occupants and convenient access to I-680.
Property Size96,330 SF
Price / SF$40.49
Days on Market158
Property Features for 6151 South Ave
General Information
Standard status
Active
Size
96,330 SF
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Site & Location
Corner Location
Yes
Highway Access
Yes
Road Access
Yes
Building Details
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
Platz Realty Group
(501) 551-3817
Listed By:
Bill Kutlick · License #OH
Source:
Crexi
Added: Mar 26
Changed: Aug 30
Last Checked: Aug 30 at 5:50AM
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 Platz Realty Group
Investment Insights
Based on property information with market context.
This 96,330-square-foot shopping center is positioned at the intersection of South Ave and Mathews Rd in Boardman. The property includes multiple retail and service tenants, creating a diversified occupant mix within one commercial asset.
Current occupants include Amish Marketplace, Dollar General, Martial Arts Training Center, What's Cook'n, Youngstown Bakehouse, Danalyn's, and Extreme Tropical. The center is near I-680 and established retail destinations including Lowes, Giant Eagle, Walmart, Ashley Furniture, Hobby Lobby, and CFA.
Current occupants include Amish Marketplace, Dollar General, Martial Arts Training Center, What's Cook'n, Youngstown Bakehouse, Danalyn's, and Extreme Tropical. The center is near I-680 and established retail destinations including Lowes, Giant Eagle, Walmart, Ashley Furniture, Hobby Lobby, and CFA.
Key Highlights
- 96,330‑square‑foot shopping center
- Multiple long‑term tenants across retail and service uses
- Located at South Ave and Mathews Rd
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
$303,440
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
7.78%
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%
$6,068,800
$6.1M
Cap Rate 7%
$4,334,857
$4.3M
Cap Rate 9%
$3,371,556
$3.4M
Market Conditions
NOI Build-Up for 96,330 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
$578.0K $6.00/SF
− Vacancy
−$144.5K −$1.50/SF
EGI
$433.5K $4.50/SF
− OpEx
−$130.0K −$1.35/SF
NOI
$303.4K $3.15/SF
Area
Mahoning County, OH
Vacancy
25.00%
Lease Rate
$6.00 /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%
$6,068,800
Cap Rate 7%
$4,334,857
Cap Rate 9%
$3,371,556
Alternative Uses
Best Use
Retail
$4.33M
$3.79M – $5.06M
NOI $303,440 @ 7.0% cap · market cap 7.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$18.18M
$15.91M – $21.21M
NOI $1,272,481 @ 7.0% cap · market cap 32.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
231
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 44512, OH
33,282
Population
15,770
Households
2.1
Avg Household Size
44
Median Age
35%
College-Educated
94%
High-School Grad
17.0 sq mi
ZIP Area
1,958
Density / Sq Mi
$62,311
Median Household Income
$38,828
Median Earnings
$788
Median Rent
$158,800
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 - Corner retail property with established occupants and convenient access to I-680.
Where is this shopping center located?
The property is located at 6151 South Ave Boardman, OH.
What is the asking price?
The asking price for this property is $3,900,000.
What are key features of this property?
This property features: 96,330‑square‑foot shopping center; Multiple long‑term tenants across retail and service uses; Located at South Ave and Mathews Rd
