11315 Montgomery Rd, Cincinnati, OH 45249

Property Details for 11315 Montgomery Rd

Year built

1994

Lot size

19.36 lot acres

Property type

Lifestyle centers

Property subtype

Power centers

Description

Harpers Station, a 229,321 square foot shopping center in Cincinnati, OH, presents a compelling investment opportunity. This multi-tenant property, built in 1994 and situated on 19.36 acres (APN: 620-0210-0658-00 & -0657-00), boasts a strong NOI of $2,425,920 with 77.63% occupancy. Key tenants include Fresh Thyme, TJ Maxx, and HomeGoods, all recently extending their leases for five years with rent increases. These anchors, along with Pet Supplies Plus, comprise nearly 50% of the base rent. The property enjoys a weighted average lease term (WALT) exceeding five years. TJ Maxx and HomeGoods demonstrate high sales volumes ($13,183,180 and $9,615,803 respectively in 2023), with occupancy costs of 3.7% and 4.4% respectively. The center features a diverse tenant mix, including restaurants, spas, and salons, many with long tenures and strong performance. A significant value-add opportunity exists with a 50,000 square foot vacant endcap space, previously occupied by LA Fitness. The property benefits from a highly affluent trade area with a 1-mile average household income of $151,551 and a median home value near $400,000. Located at 11315 Montgomery Rd, Cincinnati, OH 45249, Harpers Station enjoys excellent visibility and access, with high daily traffic counts from major roadways and proximity to I-71 and I-275. Fresh Thyme ranks among the top three most trafficked locations in Ohio. The property is offered free and clear of existing financing and is zoned EE.

Location Insight

City

Cincinnati

County

Hamilton

State

Ohio

Longitude

-84.3309

Latitude

39.2715