890-896 S Main St - Storefront FOR SALE


Centerville, OH 45458
$10,750,000 USD
513-383-8413
890-896 S Main St, Centerville, OH for Sale
$10,750,000 USD
Storefront - FOR SALE
1/26
null | 7.63% Cap Rate

890-896 S Main St
Centerville, OH 45458


HIGHLIGHTS

  • Price: $10,750,000
  • Total Building Square Footage: 97,617 Square Feet
  • Total Acreage: 8.48 Acres
  • Operating Expense PSF: $3.85 SqFt
  • Major Capital Expenditures In last 5 years
  • Major Tenant Improvements in the Last 2 Years

OVERVIEW

3CRE exclusively presents Centerville Square, a 100% occupied, 97,617-square-foot retail asset situated on nearly 8.5 acres in Centerville, one of the Dayton area's most affluent and supply-constrained suburbs. Priced well below replacement cost at roughly $110 per square foot, the center has benefited from nearly $1.96 million in recent capital improvements, including a new roof and a $500,000 anchor white-box renovation. Centerville's restrictive zoning and fully built-out landscape create massive structural barriers to entry, driving down regional shopping-center vacancy to just 6.4% and ensuring an exceptional 18.6-year weighted average historical tenant retention at this property. The asset provides stable day-one cash flow alongside substantial value-add potential. A massive $2.00 to $8.00 per square foot mark-to-market opportunity exists upon tenant rollover, as current in-line rents average $10.27 per square foot compared to prevailing market rates of $16 to $18. Near-term income is highly de-risked by a two-year seller master lease on the newly renovated 31,977-square-foot anchor space at $375,000/year, allowing buyers time to secure a permanent tenant without losing immediate yield. Additional immediate upside can be realized through the development of a build-ready 0.524-acre corner outparcel.

FOR SALE DETAILS

PRICE

$10,750,000 USD

PRICE/SF

$110 USD /SF

CAP RATE

7.63%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY NAME

Centerville Square Shopping Center

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront

ADD'L SUBTYPES

Freestanding, Department Store

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1977

SPRINKLERS

-

PARKING SPACES

340

LAND DETAILS

LAND ACRES

8.48 AC

LAND SF

369,389 SF

ZONING

B2

APN/PARCEL ID

O68-51447-0003

ASK ABOUT THIS PROPERTY

Michael Costantini3CRE Advisors, LLCMore Info
513-383-8413

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Michael Costantini3CRE Advisors, LLCMore Info
513-383-8413

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