The recently sold property is a 2-star retail strip center located in the State Street Courtyard in a suburban area. The property was sold as part of a portfolio comprising three properties with a total sale price of $6,667,442 ($723.15/SF). The sale type was an investment, and the property is classified as a Class B building with a GLA of 3,820 SF and one story.

The strip center is situated on 0.31 acres of land with a building FAR of 0.28 and a land SF of 13,708 SF. It has a frontage of 136′ on State St and a parking ratio of 1.57/1,000 SF, with six surface parking spaces. The zoning for the property is C-6, which allows for a variety of commercial and retail uses.

The strip center is a multi-tenancy property with three tenants occupying the space. The largest tenant is Wave Length Hair & Nails, occupying 780 SF, followed by Real Blue Properties occupying 500 SF. The third tenant is Healing Angels LLC, but the SF occupied is not specified.

The CoStar estimated rent for the retail spaces in the strip center is between $35 to $43 per SF. The property’s taxes are $1.07/SF in 2021, which is relatively low compared to other areas.

The location of the property is in the State Street Courtyard, a suburban area with a high Walk Score of 98, indicating that it is a walker’s paradise. This means that most errands and daily tasks can be accomplished on foot. However, the Transit Score is only 36, indicating that the area has some transit options but is not very convenient for public transportation users.

The property’s sale is indicative of the growing demand for commercial real estate investments in suburban areas. Strip centers are attractive investment opportunities for investors seeking steady rental income and long-term appreciation potential. The strong Walk Score of the area is an added bonus, as it increases the property’s value and attractiveness to potential tenants.

The low taxes for the property make it an excellent investment opportunity with minimal ongoing expenses. The strip center’s multi-tenancy is also a significant advantage, as it reduces the risk associated with having a single tenant and provides diversification of rental income.

In summary, the recently sold property in the State Street Courtyard is an excellent investment opportunity with strong rental income potential and a prime location in a high-demand area. The strip center’s multi-tenancy, low taxes, and high Walk Score make it an attractive option for investors looking for a stable and profitable commercial property. The sale of this property is indicative of the growing demand for commercial real estate investments in suburban areas, and it is likely to attract more investors to the area in the future.