2505-2587 Parkman Rd NW - Storefront FOR SALE


Warren, OH 44485
$2,500,000 USD
216-381-8200
2505-2587 Parkman Rd NW, Warren, OH for Sale
$2,500,000 USD
Storefront - FOR SALE
1/9
null | Request Cap Rate

2505-2587 Parkman Rd NW
Warren, OH 44485


HIGHLIGHTS

  • RARE EXTREME VALUE ADD OPPORTUNITY
  • 24% Actual Occupancy Provides Significant Upside
  • Priced Far Below Replacement Cost at $21.60 Per Square Foot
  • Projected Lease Up Adds Over $3,400,000 of Value
  • Grocery Anchored by Sparkle Market (Regional Chain of 18 Stores)
  • Includes Future Outlot Opportunity Adjacent McDonald's

OVERVIEW

For sale to qualified investors is the fee simple interest in Trumbull Plaza, a 180,488 square foot shopping center located in Warren, Ohio. The asset presents a rare market opportunity with extreme value-add potential. The property is currently 49% occupied and offered at only $29 per square foot. Grocery anchored by regional grocer Sparkle Market (18 stores) since 1989, the shopping center features Dollar Tree, Little Caesar’s Pizza, and Metro PCS. Vacancies include a 94,114 square foot former Kmart, an outlot opportunity, and various-sized inline spaces. Projections to 85% occupancy show over $2.8 million of potential value creation. The property is situated amongst a dense population base with nearby access to the Warren Outer Belt (Route 82). Nearby national tenants include Aldi, CVS, McDonald’s, PNC Bank, Autozone, O’Reilly, Dollar General, Rite Aid, and others

FOR SALE DETAILS

PRICE

$2,500,000 USD

PRICE/SF

$29 USD /SF

CAP RATE

Request Cap Rate

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Trumbull Plaza

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1957

SPRINKLERS

-

PARKING SPACES

1029

LAND DETAILS

CROSS STREETS

Southern Blvd NW

LAND ACRES

13.15 AC

LAND SF

572,814 SF

ZONING

-

APN/PARCEL ID

39-205725

ASK ABOUT THIS PROPERTY

Kyle HartungGoodman Real Estate Services GroupMore Info
216-381-8200

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Kyle HartungGoodman Real Estate Services GroupMore Info
216-381-8200

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.