Current Use by Public Records
- Sparkle Market / Grocery & Convenience Store / Food Market
- Western Union / Bank / Credit Union
Property Details for 2587 Parkman Rd
- Lot size
- 18.52 lot acres
- 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.
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
- Warren
- County
- Trumbull
- State
- Ohio
- Longitude
- -80.8575
- Latitude
- 41.2521
