1799 Portage RdWooster, OH 44691

Property Details for 1799 Portage Rd

Year built

1992

Lot size

12.54 AC

Property size (Sq ft)

104,013 SF

Property type

Retail properties

Property subtype

Community centers

APN

67-01601-002

APU

6701601002

Description

This exceptional 106,042 square foot, single-story shopping center in Wooster, Ohio, presents a compelling investment opportunity. Boasting a 7.75% cap rate and 100% occupancy across three tenants, this stabilized property offers significant upside potential. The center underwent a complete renovation from 2019-2022, including a new roof, HVAC system, storefronts, exterior paint, and extensive tenant build-outs. The property is anchored by Marc's, a regional discount grocery chain with a strong sales history and a lease extending to July 2029, featuring a scheduled rent increase in August 2024. Additional tenants include Ollie's Bargain Outlet and Harbor Freight Tools, both with long-term leases. The property benefits from a transferable 20-year roof warranty, low replacement costs, and a weighted average lease term of 5.7 years. Situated on a 12.53-acre lot along Portage Road, a high-traffic area, the center enjoys excellent visibility and accessibility. The strong tenant mix, coupled with the significant capital improvements and favorable lease terms, makes this a rare opportunity in a thriving tertiary market with a robust local economy and strong demographics. Wooster serves as the county seat and principal city of the Wooster MSA, boasting a population of 117,000 and a concentration of major retailers and healthcare facilities. The asking price is $8,230,000, representing a price per square foot of $77.61 and a net operating income (NOI) of $637,865. The property's location near the intersection of Portage and Akron Roads, with 15,500 vehicles per day, ensures high visibility and accessibility.

Location Insight

City

Wooster

County

Wayne

State

Ohio

Latitude

40.8274

Longitude

-81.9139

CBSA code

49300

CBSA name

WOOSTER, OH MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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