Lorain Crocker Plaza

North Olmsted, Ohio

Offering Summary

  • Status: active
  • Price: $4,160,000
  • CAP Rate: 8.40%
  • GLA: 45,706 SF
  • Net Operating Income: $325,235
  • Price/SF: $86.25
  • Year(s) Built: 1970
  • Year(s) Renovated: 1981
  • Lot Size (Acres): 3.98
  • Major Tenants: Dollar General, Advanced Auto Parts, Canary Restaurant, Huntington Bank
  • 82% Occupied, 45,706 SF Hard-Corner Strip Center Offering in Affluent Cleveland Suburb
  • Significant Upside: 10.5% Projected Stabilized CAP after Lease-Up of 8,150 SF of Vacant Space (2 Units: 1,000 SF & 7,150 SF)
  • Additional Upside Available via Renovation of Original Property Facade + Rent Increase Strategy; Real Estate Quality Far Surpasses Curb Appeal Quality
  • 48,409 Cars/Day at Hard Corner Signalized Intersection – 4 Entry Access Points
  • $213K Spent on 2017 – 2019 Roof Replacement, $186K Spent on 2012 – 2018 Parking Lot Re-Surfacing: $399K in Recent Cap-Ex Investments
  • Below-Market Rents: $11/SF NNN Average
  • 0.5 Mile from I-480 Exit Ramps (63,000 Cars/Day)
  • Affluent Trade Area: $90K 1-Mile AHHI, $99K 3-Mile AHHI, $98K 5-Mile AHHI
  • “Daily Needs” Recession-Proof Tenant Mix: Banking, Discount, Auto, Food, Tax, Hair, & Nail
  • 90.2% of Leased GLA “Essential Businesses” and Operating Amidst Covid-19 Restrictions
  • 3.5 Miles down Crocker Road from Crocker Park (Rated #3 Best Shopping Center in America in 2018 per Chain Store Age, 4.5 Million SF Super-Regional Class ‘A” Lifestyle Center)
  • Neighbored by North Olmsted’s “Great Northern” Retail Corridor – Largest West-Side Cleveland Shopping Node with 5.4 Million SF of Retail Leased to 97% Occupancy
EXCLUSIVELY LISTED BY:

Scott Wiles

Senior Managing Director