General Retail For Sale
24,401 Sq Ft
The Klink Group, as exclusive advisor, is pleased to present for sale Centerville Shops, a two-building 24,401-square foot shopping center located in Centerville, Ohio, an affluent suburb of south Dayton. Built in 1989, the Property sits on 2.39 acres of prime real estate along Dayton Lebanon Pike (South Main Street), a major north and south thoroughfare in Centerville.
The Subject Property is currently 94.26% occupied by seven service-based and internet-resistant tenants. All of the tenants currently operate under triple-net leases and reimburse for common area maintenance, insurance and taxes; significantly limiting an owner’s exposure to operating expenses. Rents in the Property average approximately $10.43 per square foot in a retail corridor with retail rents averaging $12 per square foot. Opportunity to increase rents as leases rollover paired with the available 1,400 square foot vacancy, a new owner has the opportunity to significantly increase value. Additionally, the property benefits from being located directly across the street from “Centerville Place”, a recently approved $130M+ master-planned development that will consist of retail, office, apartments and brownstone townhomes. (see location overview for additional information on “Centerville Place”))
Centerville Shoppes offers an investor the opportunity to own a well-maintained retail strip center located in the heart of a neighborhood corridor surrounded by numerous commercial and residential buildings. The property’s current value-add component through increasing rents, leasing the vacant 1,400-square foot vacant space paired with the property’s premier location in a growing Dayton, Ohio suburb make it an ideal investment opportunity for investors looking to increase value within as leases rollover or an investor looking for premier real estate in a market with exceptional investment fundamentals for a long-term holding strategy.