4050 Tuscarawas St Canton, OH 44710

Property Details for 4050 Tuscarawas St

Year built

1965

Lot size

16.24 lot acres

Property size

207,131 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This 207,131 square foot shopping center in Canton, Ohio presents a compelling value-add opportunity. Boasting a strong 90% occupancy rate and 12 tenants, including a JCPenney, Five Below, Rainbow, Hibbett Sports, and Chipotle, the property generates a substantial NOI of $610,515, representing an 8.26% cap rate. Built in 1965 and renovated in 2005, the center sits on 16.24 acres of land, offering significant redevelopment potential. The 150,000 square foot JCPenney building presents a unique opportunity for repositioning, with potential uses including senior housing, medical facilities, or additional retail. The existing junior box and small-shop retail space is 74% leased, with opportunities to increase NOI through lease-up of vacant spaces. The property benefits from a prime location at a major intersection with high traffic volume, adjacent to other successful businesses, and within a densely populated area. The large parking lot offers potential for outparcel development. The asking price is $7,390,000 ($35.68/sq ft). The property's location in a high-traffic area, shadowed by a Walmart Supercenter, and its significant redevelopment potential make it an attractive investment. The current NOI, coupled with the potential for lease-up and redevelopment, offers substantial upside. The property's strong tenant mix and location within a well-established retail corridor further enhance its appeal. The 14 units are spread across a mix of retail spaces, providing diversity and stability. This is a rare opportunity to acquire a well-located, high-potential shopping center in a thriving market.