1470 Bridge StChillicothe, OH 45601

Property Details for 1470 Bridge St

Year built

1994

Lot size

21.06 AC

Property size (Sq ft)

172,046 SF

Property type

Retail properties

Property subtype

Outlet malls

APN

30-54-61-045.000

APU

305461045000

Description

This exceptional investment opportunity presents a fee-simple, Class A retail property totaling 72,010 square feet situated on a 6.2-acre lot in Chillicothe, Ohio. The property boasts 100% occupancy with two prominent tenants: Adena Health System, occupying 49,366 square feet with nine years remaining on their lease, and Ashley HomeStore, commencing a ten-year lease in Fall 2023. The property features an attractive, modern storefront design and benefits from a strong regional draw, serving a population of approximately 77,000 people. Its strategic location is adjacent to a 94,000-square-foot Rural King retail store, acting as a significant shadow anchor. The property is surrounded by a robust mix of national retailers and restaurants, including Walmart, Lowe's, Kohl's, Sam's Club, and many more, ensuring high visibility and foot traffic. The property's Net Operating Income (NOI) is $493,096, resulting in an attractive 8.50% cap rate. The asking price is $5,801,000, translating to $80.56 per square foot. The building, constructed in 2023, consists of one single-story structure with two units. This stabilized medical/retail investment offers a compelling combination of strong tenants, high occupancy, and a prime location in a thriving commercial area. The average lease term remaining is 9.5 years, providing long-term stability and predictable cash flow.

• CAP approach

  CAP return

  Valuation

  6%

  $42,628,372

  6.5%

  $39,349,264

  7%

  $36,538,604

• Comparable approach

  Method

  Valuation

  Relative Method

  $40,554,820

  Geo Method

  $40,554,820

• Alternative Use

  Use

  Valuation

  Residential

  $33,192,578

  Hospitality

  $30,404,222

  Educational

  $25,295,956

  Medical

  $26,165,924

  Retail

  $39,349,264

Location Insight

City

Chillicothe

County

Ross

State

Ohio

Latitude

39.3656

Longitude

-82.9793

CBSA code

17060

CBSA name

CHILLICOTHE, OH MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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