1799 Portage Rd Wooster, OH 44691-1903

Property Details for 1799 Portage Rd

Year built

1992

Lot size

12.54 lot acres

Property size

104,013 SF

Property type

Community centers

APN

67-01601-002

APU

6701601002

Description

This exceptional 106,042 square foot, single-story shopping center in Wooster, Ohio, presents a compelling investment opportunity. Boasting a 7.75% cap rate and 100% occupancy across three tenants, this stabilized property offers significant upside potential. The center underwent a complete renovation from 2019-2022, including a new roof, HVAC system, storefronts, exterior paint, and extensive tenant build-outs. The property is anchored by Marc's, a regional discount grocery chain with a strong sales history and a lease extending to July 2029, featuring a scheduled rent increase in August 2024. Additional tenants include Ollie's Bargain Outlet and Harbor Freight Tools, both with long-term leases. The property benefits from a transferable 20-year roof warranty, low replacement costs, and a weighted average lease term of 5.7 years. Situated on a 12.53-acre lot along Portage Road, a high-traffic area, the center enjoys excellent visibility and accessibility. The strong tenant mix, coupled with the significant capital improvements and favorable lease terms, makes this a rare opportunity in a thriving tertiary market with a robust local economy and strong demographics. Wooster serves as the county seat and principal city of the Wooster MSA, boasting a population of 117,000 and a concentration of major retailers and healthcare facilities. The asking price is $8,230,000, representing a price per square foot of $77.61 and a net operating income (NOI) of $637,865. The property's location near the intersection of Portage and Akron Roads, with 15,500 vehicles per day, ensures high visibility and accessibility.