For Sale
$3,250,000

2825 Ridge RdAshtabula, OH 44004

Ashtabula, OH Retail Investment Opportunity

Overview

Added:
Dec 11, 2024
Days on market:
115
Plaza East, a 47,615 square foot shopping center in Ashtabula, Ohio, is available for $3,250,000. Built in 2003, this multi-tenant property currently boasts 68% occupancy across 10 units. The property features several turnkey medical office suites, previously occupied by a surgery center and dermatology practice, making it ideal for medical office users or owner-users. Its tenant mix is largely service-based and food-related, providing resilience against online competition. Priced at $72 per square foot, it's significantly below replacement cost. The strong tenant synergy and prime location within Ashtabula's main retail corridor, shadowing Ashtabula Towne Square and near major retailers like Lowe's, Walmart, and Home Depot, ensures high visibility and foot traffic. The property offers significant value-add potential

Highlights

  • Seller financing available.
  • Turnkey medical office suites available; ideal for owner-users.
  • Primarily service-based tenants, resistant to e-commerce disruption.
  • Priced below replacement cost at $72 per square foot.
  • Strong tenant synergy drives increased property exposure and cross-shopping.
  • 68% occupied, offering significant value-add potential; projected 9.6% cap rate upon lease-up at $10 PSF.

Property Details for 2825 Ridge Rd

Property type
Lifestyle centers, Power centers
Square Feet
47,615 SF
Year Built
2003
Units
10

Location Insight

City
Ashtabula
County
Ashtabula
State
Ohio
Latitude
41.8522114
Longitude
-80.8216532
2825 Ridge Rd, Ashtabula, Ohio

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2825 Ridge Rd
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