Harrisburg Point Center - Columbus, OH

Established Income Stream with Remaining Upside: Harrisburg Point Shopping Center is currently 86% occupied with a diverse mix of service, retail, and restaurant tenants, providing in-place cash flow with meaningful upside through leasing the remaining vacancy. The available space offers new ownership the opportunity to increase NOI through targeted tenant placement and potential rent growth. The current lease structures require minimal landlord involvement, allowing for streamlined day-to-day management once fully stabilized.
Below-Market Rents with Value-Add Potential in Opportunity Zone: The property offers a compelling upside potential with a low average rent per square foot, enhancing tenant retention and long-term income growth. Its location within a federally designated Opportunity Zone presents potential tax advantages for qualified investors.
Prime Location in High-Traffic Retail Corridor: Strategically positioned near the signalized intersection of Harrisburg Pike and Mound Street—experiencing over 52,000 vehicles per day—the property benefits from strong visibility and accessibility. Located just three miles from downtown Columbus, it sits within one of the area’s major retail corridors.
Attractive Basis with Double-Digit Yield: Offered at a 10% capitalization rate and priced at $54.05 per square foot, the asset presents a rare opportunity to acquire stabilized income at a basis below estimated replacement cost, delivering immediate yield with long-term value appreciation potential.
Diverse Tenant Mix: The center features a mix of service, retail, and restaurant tenants, including anchors such as Brightside Academy Ohio, LLC and My EZ Home Furniture & Home.
Significant Upside Through Lease-Up: With 14% vacancy, there is immediate potential to increase NOI through leasing the remaining space.
Recent Renovations: Originally built in 1966 and renovated in 1999, the property offers updated infrastructure and appeal.
Opportunity Zone Location: Investors may benefit from potential tax advantages due to the property’s location in a federally designated Opportunity Zone.

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Matt Wallace