Lighthouse Village

Lorain | OH

Offering Summary

  • Status: under contract
  • Price: $6,415,000
  • CAP Rate: 7.50%
  • GLA: 26,260 SF
  • Net Operating Income: $481,126
  • Price/SF: $244
  • Year(s) Built: 2013/2014
  • Lease Type: NNN
  • Major Tenants: Pet Supplies Plus, Sketchers USA, California Nails, The Original Mattress
  • 26,260 SF Retail Center Adjacent to Walmart & Home Depot in the Cleveland MSA Community of Lorain, Ohio
  • Landlord-Favorable NNN Lease Structures | Full Reimbursement of Taxes, CAM & Insurance | Tenants Pay Administrative Fees (Up to 15% of CAM) | No Management Fee Liability Enhances Yield if Self-Managed
  • Ease of Ownership with Only 8 National/Regional Tenants | WALT of 4.20 Years with Renewals Extending to 2049 | Strong Rent Growth Embedded in Multiple Leases
  • Offered at a 7.50% Cap Rate | Priced at $248/SF — Well Below Replacement Cost for Comparable New Construction
  • Shadowed by Walmart Supercenter & Home Depot with over 3M Combined Visits Annually via Placer
  • Fully Leased to Recognized Tenants Including Starbucks, Skechers, Pet Supplies Plus, and T-Mobile
  • 100% Occupied Starbucks Anchored Two Strip Offering – Shadowed by Home Depot & Walmart
  • Current Rents Average $19.26/SF | Strong Potential for Future Rent Growth as Leases Roll to Market
  • Located Along High-Traffic Leavitt Road (OH-58) | Surrounded by Over 2.4M SF of Retail in Immediate Trade Area
  • Built in 2013/2014 | Modern Construction with No Deferred Maintenance | Minimal Landlord Responsibilities
  • Strategic Positioning Near Lake Erie Tourism, Mercy Health, and Retail Clusters | Regional Draw Supports Long-Term Stability
  • Demographic Support from Greater Cleveland – Within the Cleveland-Elyria MSA, home to over 2 million residents and a major economic hub in Northeast Ohio.
  • Multiple Tenants with Options Through 2044–2049 | Long-Term Commitments Provide Predictable Income Stream
  • Strong Local Consumer Base | 83,000+ Residents Within 5 Miles | Retail Demand Bolstered by Nearby National Anchors
  • Excellent Tenant Diversification | No Single Tenant Occupies More Than 29% of GLA | Reduces Income Concentration Risk
  • Located at Major Corner of 4 Way Signalized Intersection with 34,000 VPD
EXCLUSIVELY LISTED BY:

Erin Patton

Senior Managing Director