3228 Ridge RdAshtabula, OH 44004

Property Details for 3228 Ridge Rd

Year built

1900

Lot size

0.41 AC

Property size (Sq ft)

1,512 SF

Property type

Retail space

APN

03-030-00-029-00

APU

30300002900

Description

This exceptional Class A, 5,200 square foot retail center in Ashtabula, Ohio, presents a compelling investment opportunity. Anchored by Aspen Dental, a national tenant with a long-term lease (3 years remaining, with options extending to 2037), the property boasts a 6.45% cap rate on current income, with significant upside potential. Located on a high-traffic corner (18,200 VPD) across from Ashtabula Towne Square and near major retailers like Lowe's, Home Depot, and Walmart, this property benefits from excellent visibility and accessibility. The center features one vacant 2,000 square foot space, previously occupied by GameStop for 10 years, offering a substantial value-add opportunity. Leasing this space is projected to increase the cap rate to 10.09%. The property is a fee-simple ownership, a single-story building constructed in 2013 on a 0.88-acre lot. The current Net Operating Income (NOI) is $106,496, with a pro-forma NOI of $166,496 once the vacant space is leased. The asking price is $1,650,000, representing a price per square foot of $317.31. The lease is a Net Lease (NNN) with attractive rental increases of 10% every 5 years for each option period. This investment offers a blend of stable income from a national tenant and the potential for substantial appreciation through the lease-up of the vacant space.

• CAP approach

  CAP return

  Valuation

  6%

  $335,985

  6.5%

  $310,140

  7%

  $287,987

• Comparable approach

  Method

  Valuation

  Relative Method

  $147,090

  Geo Method

  $147,090

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $632,320

  Mixed-Use / Specialty

  $297,914

  Hospitality / Lodging

  $204,093

  Office

  $284,563

  Institutional / Educational

  $305,737

  Residential Income

  $357,712

  Multifamily

  $490,665

  Automotive / Energy

  $262,060

  Parking / Income-Based Land

  $101,420

  Restaurant / Food Service

  $131,217

  Healthcare / Senior Housing

  $316,908

Location Insight

City

Ashtabula

County

Ashtabula

State

Ohio

Latitude

41.8784

Longitude

-80.7534

CBSA code

11780

CBSA name

ASHTABULA, OH MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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