221 Perkins AveSandusky, OH 44870

Property Details for 221 Perkins Ave

Year built

1985

Lot size

0.27 AC

Property size (Sq ft)

3,024 SF

Property type

Retail space

APN

57-02223-000

APU

5702223000

Description

This 3,024 square foot retail property, located at 221 W Perkins Ave in Sandusky, Ohio, presents a compelling investment opportunity. The building, constructed in 1985, sits on a 0.27-acre lot and features a convenient drive-thru on the east side, ample parking in front and back, and easy access to Perkins Avenue. Currently configured as two units, the free-span design allows for flexible use, with the potential to combine the spaces into a single, larger unit. The property boasts a high daily traffic count exceeding 21,000 vehicles, enhanced by a prominent pylon sign. The asking price is $449,000, representing a price per square foot of $148.48 and a 9.20% cap rate. The property is currently 50% occupied with a single tenant under a triple net lease (NNN). The property includes 10 parking spaces and is situated in Erie County, Ohio, with the APN 5702223000. This versatile building is ideal for a variety of retail uses and is available for sale, suitable for a 1031 exchange. The property's single-story design and convenient location make it an attractive investment prospect.

• CAP approach

  CAP return

  Valuation

  6%

  $799,706

  6.5%

  $738,190

  7%

  $685,462

• Comparable approach

  Method

  Valuation

  Relative Method

  $712,820

  Geo Method

  $712,820

• Alternative Use

  Use

  Valuation

  Residential

  $622,691

  Hospitality

  $570,381

  Educational

  $474,551

  Medical

  $490,871

  Retail

  $738,190

Location Insight

City

Sandusky

County

Erie

State

Ohio

Latitude

41.4332

Longitude

-82.7011

CBSA code

41780

CBSA name

SANDUSKY, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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