Current Use by Public Records
- Lifestyle centers
Property Details for 7585 Mentor Ave
- Lot size
- 1.97 lot acres
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
This fee-simple retail property, located at 7585 Mentor Ave, Mentor, OH 44060, offers a compelling value-add opportunity. The 27,547 square foot, single-story building sits on a 1.97-acre lot and boasts a prominent location on Mentor Avenue, a high-traffic thoroughfare with over 21,000 vehicles daily. Currently 84% occupied, the property features seven units with a diverse tenant mix including Sleep Outfitters, Spotlight Dance, and El Rodeo, representing QSR/Fast Food, Restaurant, and Shopping Center subtypes. The property benefits from a NNN lease structure with an average lease term remaining of 4.5 years and staggered option dates. A significant upside potential exists due to 4,493 square feet of vacant space, projected to increase the current 7% cap rate to 10%. The $4,230,000 asking price translates to $153.56 per square foot. The property underwent renovations in 2015, resulting in modern storefronts providing excellent street presence. The surrounding area features numerous national retailers, including Dick's Sporting Goods, Best Buy, TJ Maxx, and more, solidifying its position within a thriving regional retail trade area. The property's strong demographics, with over 45,000 people within a three-mile radius and an average household income of $88,834, further enhance its investment appeal. The current Net Operating Income (NOI) is $296,087. This offering presents a rare opportunity for investors seeking immediate upside through lease-up of vacant space.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Mentor
- County
- Lake
- State
- Ohio
- Longitude
- -81.3703
- Latitude
- 41.6576
