For Sale
$3,400,000

2015 Schorrway DrLancaster, OH 43130

Ohio Retail Investment: 7.76% Cap Rate

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a 9,000 square foot, fee-simple retail property located at 2015 Schorrway Dr NW, Lancaster, OH 43130. The property, situated on 1.09 acres, is a 100% occupied strip center anchored by a Heartland Dental practice operating under a new 10-year NNN lease with a corporate guarantee. The lease structure includes recapture of taxes, CAM, and insurance expenses, minimizing landlord responsibilities. Heartland Dental, a nationally recognized brand with over 1,700 locations, occupies a significant portion of the center, paying well below market rent compared to average Heartland locations. A second tenant, a long-standing family-owned jewelry boutique, also benefits from a new 10-year lease and corporate guarantee. This prime location boasts high visibility at a hard-corner, signalized intersection on Lancaster's busiest thoroughfare, Schorrway Dr NW, experiencing over 29,142 vehicles daily. The property benefits from strong demographics, with significant population counts within a 5-mile radius. The center is part of the Columbus-MSA, the 32nd largest in the United States. Built in 1994 and renovated in 2022, this property offers a compelling 7.76% cap rate with a net operating income (NOI) of $263,991 and an asking price of $3,400,000. The property's strong tenant base, favorable lease terms, and prime location make it an attractive investment opportunity.

Highlights

  • $3,400,000 asking price for a 9,000 square foot retail property.
  • NNN lease structure with corporate guarantee from Heartland Dental.
  • 10-year lease term remaining with a 7.76% cap rate and $263,991 NOI.
  • Located on 1.09 acres at 2015 Schorrway Dr NW, Lancaster, OH 43130.
  • Property is 100% occupied by Heartland Dental and another tenant.
  • Located in a high-traffic area with strong demographics within the Columbus MSA.

Property Details for 2015 Schorrway Dr

Property type
Lifestyle centers, Power centers
Square Feet
9,000 SF
Year Built
1994
Lot Size (sq. ft)
47,480 SF

Location Insight

City
Lancaster
County
Fairfield
State
Ohio
Latitude
39.7337735
Longitude
-82.6231463
2015 Schorrway Dr, Lancaster, Ohio

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2015 Schorrway Dr
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