312-300-7291
120-180 E Olentangy St, Powell, OH for Sale
Storefront - FOR SALE
1/10
null | Request Cap Rate

120-180 E Olentangy St
Powell, OH 43065


HIGHLIGHTS

  • Unanchored Strip Center with Multiple Value Creation Opportunities
  • +$235,000 AHHI
  • Below Market Rents I Pad Development Opportunities
  • Columbus MSA

OVERVIEW

Stabilized Unanchored Strip Center with Upside Potential --Average in place rent of $15.60/sf, which is 30% below submarket asking rent --33% of GLA does not have fixed rate contractual renewal options --Ability to purchase adjacent land parcel between center and Grace Drive (separate from collateral) Affluent Demographics with Positive Population Growth --6% Increase from 2019-2024 --AHHI is $234k within a 3-mile radius Recent Capital Expenditures --Ownership has invested over $3M in tenant capital and physical capital improvements including building improvements, updated HVAC & electrical, and improvements to the parking lot and walkways Exceptional Leasing Momentum | Nine (9) New Leases Across 23,300 SF (59% of GLA) Over Past Three Years --Ownership has converted the entire asset to NNN during hold period (previously less than 50% of GLA) Strong Trade Area With Multiple Demand Drivers --Powell Center is strategically located just east of downtown Powell along Olentangy Road (VPD: 12,557) and is short proximity from national retailer and local demand drivers

FOR SALE DETAILS

PRICE

Request Info for Price

CAP RATE

Request Cap Rate

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Downtown Powell

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront

ADD'L SUBTYPES

Freestanding

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1989

SPRINKLERS

-

PARKING SPACES

250

LAND DETAILS

LAND ACRES

6 AC

LAND SF

261,360 SF

ZONING

B-4, Powell

APN/PARCEL ID

319-425-13-048-000

ASK ABOUT THIS PROPERTY

312-300-7291

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312-300-7291

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