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31395741
31395740

6476 York Rd, Parma Heights, OH 44130 For Sale

CF
OH 2008001551, OH SAL.2008001551
Marcus & Millichap - Columbus
SW
OH 2005013197, WA SAL.2005013197
Marcus & Millichap - Cleveland
Listed by Marcus & Millichap - Columbus, Marcus & Millichap - Cleveland
$4,000,000
109 days on market
Updated 16 days ago

Discount Drug Mart Plaza | Grocery-Anchored| 7.5% CAP

Details
Property Type Retail
Sub Type Shopping Center
Square Footage 32,294
Units 6
Cap Rate 7.5%
NOI $299,817
Tenancy Multi
Price per SqFt $124
Year Built 1990
Buildings 1
Stories 1
Acreage 3.000
Investment Type Stabilized
Ownership Fee Simple

Retail | 7.50% CAP | 32,294 SqFt

Investment highlights

• 100% Occupied, 32,294-SF Neighborhood Strip Center | Six-Tenant Roster Anchored by Discount Drug Mart

• Offered as Part of a Two-Property Portfolio with DDM Plaza Upper Sandusky | Available as a Package, or Separately

• 4.34 Years WALT With Zero Turnover Since 2010 | All Tenants In-Place for 15+ Years With Exceptional Operating History

• Discount Drug Mart Recently Executed a 5-Year Extension Through December 2030 | Demonstrates Strong Long-Term Commitment to Site

• DDM Occupies 68% of GLA and Contributes 59% of Gross Income | In-Place Since 2000 With a Proven Pattern of Multiple Renewals

• Low DDM Rent of $8.25/SF NNN ($11.64/SF All-In) | Center Features Replaceable Rents Averaging $9.57/SF NNN ($13.62/SF All-In)

• Mostly NNN Leases with 88% Reimbursement of Tax/Ins/CAM | Low Operating Expenses of $3.51/SF

• Five Internet-Resistant Small-Shop Tenants Including Ukrainian Village Food & Deli, Palm Beach Tan, Spa & Nails, Great Clips, and Godmother’s Pizza

• 4 of 5 Small Shops Operating at the Site Since 1995–2005 | Strong Renewal History With 20–30 Years of Tenure

• Significant Recent Capital Improvements | Majority of Parking Lot Newly Paved and Striped

• High-Traffic Location Along York Road With 21,276 VPD | Just South of Pearl Road Intersection Carrying 39,759 VPD

• Prime Retail Visibility With Shallow Setback, Pylon Signage, Two Curb Cuts, and ±480 Feet of Frontage Along York Road

• Dense, Mature Infill Trade Area | 16,942 Residents Within 1 Mile and 245,147 Residents Within 5 Miles

• Located in Parma Heights, a Dense and Established Cleveland West-Side Suburb | Cleveland–Akron–Canton CSA Population of 3.6 Million

Listing Contacts

CF
OH 2008001551, OH SAL.2008001551
Marcus & Millichap - Columbus
SW
OH 2005013197, WA SAL.2005013197
Marcus & Millichap - Cleveland
Listed by Marcus & Millichap - Columbus, Marcus & Millichap - Cleveland

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Loan Amount
$0.00
Annual Debt Service
$--
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Annual Cash Flow
$299,817.00
$24,984.75/mo

Valuation Metrics

0
DSCR
7.5%
Cap Rate
7.5%
ROI

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