2222 Fairless Dr Lorain, OH 44055
- Strip malls
- 45,780 SF
- 2.97 lot acres
Current Use by Public Records
- Save A Lot / Grocery Store
- Amazon Locker - Pard / Mailing Service / E-Commerce Service
Property Details for 2222 Fairless Dr
- Year built
- 1977
- Lot size
- 2.97 lot acres
- Property size
- 45,780 SF
- Property type
- Strip malls
- Property subtype
- Neighborhood centers
- APN
- 03-00-104-103-007
- APU
- 300104103007
Description
This exceptional investment opportunity presents a 45,140 square foot, single-story shopping center located at 2222 Fairless Dr, Lorain, OH 44055. Built in 1966, this grocery-anchored property sits on a 2.97-acre lot and boasts 96% occupancy with four tenants. The asking price is $1,600,000, representing a compelling price per square foot of $35.45 and a strong 10.04% capitalization rate, with a current NOI of $160,560. The property benefits from a weighted average lease term (WALT) of approximately 3.75 years, providing significant lease stability. Current rents are significantly below market rates ($6/SF vs. $10.81/SF), offering substantial upside potential for future income growth. The property's location within a densely populated area (136,939 people within a 5-mile radius, exhibiting 10-year growth) ensures consistent customer traffic and strong tenant demand. This is a fully stabilized, low-risk investment with immediate cash flow and significant potential for appreciation, offering a substantial discount to replacement cost, mitigating the risks associated with new retail development. The property's strong fundamentals and favorable market conditions make it an ideal addition to any investment portfolio.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Lorain
- County
- Lorain
- State
- Ohio
- Longitude
- -82.118
- Latitude
- 41.4249
- CBSA code
- 17460
- CBSA name
- CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA
