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    2587 Parkman Rd Warren, OH 44485

    Sponsored
    For Sale
    $3,900,000

    High-Yield Retail Investment Opportunity

    Property size:
    180,488 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    393
    This fee-simple retail property in Warren, OH, offers a significant value-add opportunity. The 180,488 square foot shopping center sits on 18.52 acres and currently boasts 23.5% occupancy, anchored by a regional Sparkle Market grocery store (18 units) and featuring tenants such as Dollar Tree and Little Caesars. The property includes three buildings and presents a substantial upside potential due to significant vacancy, including a large former Kmart space (94,114 sq ft) and an available outlot. Priced at $3,900,000 ($21.61/sq ft), the pro-forma cap rate is 15.23% with a projected NOI of $593,834. The property benefits from a strong location near major roadways (Route 82) and numerous national retailers including Aldi, CVS, McDonald's, and more, providing a dense population base. The Net Net lease structure and multi-tenancy further enhance the investment appeal. Projections indicate over $3.4 million in potential value creation upon lease-up to 82% occupancy. This is a rare opportunity to acquire a significantly undervalued asset with substantial upside potential in a prime location. The property's size, location, and existing anchor tenant make it an attractive investment for those seeking a value-add opportunity with high potential returns. The existing tenants provide a stable base, while the significant vacancy allows for substantial growth and value creation. The property's location near major roadways and other national retailers ensures high visibility and accessibility.

    Property Features for 2587 Parkman Rd

    General Information

    Property type
    Lifestyle centers
    Square Feet
    180,488 SF
    Lot Size
    806,731 SF

    Building Details

    Buildings
    3

    HighLights

    • $3,900,000 asking price for a value‑add retail investment opportunity.
    • 180,488 square foot shopping center with a 23.5% occupancy rate.
    • $21.61 price per square foot.
    • 15.23% pro‑forma cap rate and $593,834 pro‑forma NOI.
    • Grocery‑anchored by Sparkle Market (18‑unit regional chain), with tenants including Dollar Tree and Little Caesars.
    Property Profile Location Intelligence

    Current Use by Public Records

    Sparkle Market Grocery Store Western Union Money Transfer Service

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Wholesale Shop Auto Repair Shop Hair Salon Clothing Store Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Warren
    County
    Trumbull
    State
    Ohio
    Longitude
    -80.8574547
    Latitude
    41.2521314

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    FAQs

    What type of property is this?
    Lifestyle center - High-Yield Retail Investment Opportunity
    Where is this lifestyle center located?
    The property is located at 2587 Parkman Rd Warren, 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: $3,900,000 asking price for a value-add retail investment opportunity.; 180,488 square foot shopping center with a 23.5% occupancy rate.; $21.61 price per square foot.
    Request Owner's contact information
    2587 Parkman Rd Warren, OH 44485
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2587 Parkman Rd Warren, OH 44485
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