955 21St StNewark, OH 43055

Property Details for 955 21St St

Year built

1998

Lot size

1.75 AC

Property size (Sq ft)

10,242 SF

Property type

Drug stores

APN

054-259398-00.000

APU

5425939800000

Description

This fee-simple, 10,242 sq ft CVS Pharmacy in Newark, OH, presents a compelling investment opportunity. Boasting a 5.00% cap rate and a strong $125,730 NOI, this property benefits from a long-term, absolute NNN lease with a credit-rated tenant, CVS Pharmacy. Built in 1998 on a 1.75-acre lot, the property features a remaining lease term of 5.2 years with six 5-year renewal options remaining, and the tenant recently exercised a renewal in June 2024. The property enjoys a prime location at a signalized intersection with high daily traffic counts, surrounded by other national retailers. The location is further enhanced by its proximity to major state highways and a strong demographic profile within a 5-mile radius, including a high average household income. This location consistently outperforms other CVS locations nationwide, ranking in the top 40% nationally and top 19% in Ohio. The property is 100% occupied and offers a management-free investment opportunity with zero landlord responsibilities, as the tenant covers all CAM, taxes, and insurance. The property's strong performance, coupled with the long-term lease and corporate guarantee, makes it an attractive addition to any investment portfolio. The asking price is $2,515,000.

• CAP approach

  CAP return

  Valuation

  6%

  $2,863,258

  6.5%

  $2,643,007

  7%

  $2,454,221

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,414,252

  Geo Method

  $2,414,252

• Alternative Use

  Use

  Valuation

  Residential

  $2,229,475

  Hospitality

  $2,042,187

  Educational

  $1,699,076

  Medical

  $1,757,510

  Retail

  $2,643,007

Location Insight

City

Newark

County

Licking

State

Ohio

Latitude

40.0742

Longitude

-82.4294

CBSA code

18140

CBSA name

COLUMBUS, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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