Eastgate Ellet Plaza

RARE Value-Add Shopping Center for Sale with 31% UpsideGrocery Anchor with 24 Years of Tenure in the PropertyTremendous Cash-On-Cash Potential with Lease Up of Vacant SpaceHistorically Stable Property Availble for 2nd Time in 41 YearsAll Parking Lot and Under Canopy Lights have Been Converted to LED

For sale is the 100% fee-simple interest in Eastgate Ellet Plaza, a grocery anchored shopping center serving the densely-populated Ellet, Mogadore, and Lakemore neighborhoods in Akron, Ohio. The property is being offered for sale for only the second time in 41 years and offers tremendous upside rarely seen on the market. Currently 69% occupied, this asset is being offered at an attractive 8% cap rate on in-place income only, leaving the rest as pure upside to the investor. The property features a wide mix of daily needs, internet resistant tenants including grocery, restaurants, nail salon, cellular, and others. With vacancies in a range of space sizes from 1,200-4,200 SF retail and 160-440 SF office, the property is primed for a new owner to take over and immediately lease space to increase cash flow. Eastgate Ellet Plaza is located just one mile south of Interstate 76 and southeast of downtown Akron. It is the primary neighborhood shopping center and is shadow anchored by regional ACME grocery, a full line grocer that coexists perfectly with Save A Lot in the property, as ACME is full price, full grocer and Save A Lot is a convenience grocer serving the cost-conscious consumer. The property is surrounded by other retail, municipal services, and thousands of customers that can walk to the property. Nearby amenities include Hyre Middle School, Mogadore High School, Ellet Community Center, Ritzman Elementary School, and more.