Main Content
- Price $3,308,000
- Status Investment Sales Sold
About This Property
For sale is the 100% fee simple interest in Mahoning Plaza, a 129,880 square foot shopping center anchored by Family Farm & Home and Kmart in Austintown, Ohio. Family Farm & Home recently signed a new, 10 year NNN lease in the property that commenced July 1, 2015, and Kmart recently extended its lease through 2019, showing their commitment to the trade area. This Kmart store posted a year over year same store sales increase of 8% in 2015, and is a top performer (inquire directly for confidential store sales). This property is being offered to qualified investors at a very attractive cap rate of 9.15%, providing a return much higher than that of the typical retail investment. The owner has meticulously maintained the property, and as such the parking lot is in excellent condition. The roof was redone approximately 10 years ago with a 20 year warranty. The property is located on Mahoning Avenue, which is one of three major retail markets in the Youngstown-Warren MSA serving over 500,000 people. It is surrounded by other national and regional retailers including Walmart, Home Depot, Giant Eagle, Marc’s Grocery, Aldi, Chase, Wendy’s, Dunkin Donuts, Arby’s, Walgreen’s, Chipotle, Denny’s, Buffalo Wild Wings, and Ford, Chevrolet, and Chrysler/Jeep/Dodge dealerships. In addition to offering long-term tenants in a high-traffic retail marketplace, this property is being offered for sale at a per-square-foot price of $25.47, which is far below its current replacement cost.