2587 Parkman Rd Warren, OH 44485

Property Details for 2587 Parkman Rd

Lot size

18.52 lot acres

Property size

180,488 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

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.

Location Insight

City

Warren

County

Trumbull

State

Ohio

Longitude

-80.8575

Latitude

41.2521