Shopping Neighborhood
Madison Shopping Center
6581 N Ridge Rd, Madison, OH 44057
Listing Price: $3,385,000
Investment Overview
96 Percent Occupied, 72,048 Square Foot Community Shopping Center in Madison, Ohio. All-National Tenant Roster; Six Current Tenants and Eight Total Units. Situated within Madison’s Primary Retail Corridor with Nearby Retailers Including Walmart, Giant Eagle, Marc’s, Family Farm & Home, Aldi, O’Reilly, and Several Restaurants. Located at the Intersection of N Ridge Road and Hubbard Road with 23,720 Vehicles per Day – One of the Busiest Intersections in the Area.
Madison Shopping Center
Investment Highlights
- 96 Percent Occupied, 72,048 Square Foot Community Shopping Center in Madison, Ohio
- Anchored by Tractor Supply Co. (36 Percent of Gross Leasable Area) on Triple-Net Lease thru March 2029; Low $4.14 per Square Foot Rent ($6.72 per Square Foot All-in)
- Co-Anchored by Bealls Outlet (31 Percent of Gross Leasable Area) – New 10-Year Lease in 2021; Expiring January 2032
- Upside via Lease-up of Two Shop Units Totaling 2,813 Square Feet – Over 30K Net Operable Income if Leased at $11 per Square Foot Gross
- Upside via Appealing Real Estate Taxes Lower: $3.385 Million Price / $3.675 Million Tax Value
- Regional Draw Location – Only Major Nationally-Tenanted Retail Pocket in a 15-Mile Radius
- Long-Term Leases: WALT of 6.3 Years. Cheap/Replaceable Rents Averaging $7.18 per Square Foot Gross. Offered Well-Below Replacement Cost at $47 per Square Foot
- Minimal Small-Shop Gross Leasable Area – Only Five Units Comprising 16.5 Percent of Total Gross Leasable Area (Three of Five Occupied)
Listing Price: $3,385,000
Investment Highlights
- 96 Percent Occupied, 72,048 Square Foot Community Shopping Center in Madison, Ohio
- Anchored by Tractor Supply Co. (36 Percent of Gross Leasable Area) on Triple-Net Lease thru March 2029; Low $4.14 per Square Foot Rent ($6.72 per Square Foot All-in)
- Co-Anchored by Bealls Outlet (31 Percent of Gross Leasable Area) – New 10-Year Lease in 2021; Expiring January 2032
- Upside via Lease-up of Two Shop Units Totaling 2,813 Square Feet – Over 30K Net Operable Income if Leased at $11 per Square Foot Gross
- Upside via Appealing Real Estate Taxes Lower: $3.385 Million Price / $3.675 Million Tax Value
- Regional Draw Location – Only Major Nationally-Tenanted Retail Pocket in a 15-Mile Radius
- Long-Term Leases: WALT of 6.3 Years. Cheap/Replaceable Rents Averaging $7.18 per Square Foot Gross. Offered Well-Below Replacement Cost at $47 per Square Foot
- Minimal Small-Shop Gross Leasable Area – Only Five Units Comprising 16.5 Percent of Total Gross Leasable Area (Three of Five Occupied)
Investment Overview
96 Percent Occupied, 72,048 Square Foot Community Shopping Center in Madison, Ohio. All-National Tenant Roster; Six Current Tenants and Eight Total Units. Situated within Madison’s Primary Retail Corridor with Nearby Retailers Including Walmart, Giant Eagle, Marc’s, Family Farm & Home, Aldi, O’Reilly, and Several Restaurants. Located at the Intersection of N Ridge Road and Hubbard Road with 23,720 Vehicles per Day – One of the Busiest Intersections in the Area.
