3093 Cleveland AveColumbus, OH 43224

Property Details for 3093 Cleveland Ave

Year built

2003

Lot size

0.35 AC

Property size (Sq ft)

14,678 SF

Property type

Retail properties

Property subtype

Drug stores

APN

010-075327

APU

10075327

Description

This Columbus, Ohio Walgreens offers a compelling investment opportunity. The 14,264 square foot property, built in 2003, sits on a 0.998-acre lot and boasts a strong 11.00% cap rate, generating a $352,000 NOI. The absolute NNN lease with Walgreens, a highly creditworthy tenant, has a remaining term of 4.9 years, followed by 10 (5-year) option periods. There are no rent bumps and no landlord obligations. The property benefits from its prime location in a dense residential area, just two blocks from a large shopping center and directly across from a CVS pharmacy (with its retail portion closed). The area's strong demographics include approximately 365,021 residents and 154,024 households within a 5-mile radius, further enhanced by the proximity to Ohio State University (approximately 3 miles away) with its 60,000+ students. The Columbus market is thriving, with major employers like Nationwide and JP Morgan Chase, and a significant upcoming investment from Intel. Columbus is the 7th largest economy in the US, and Ohio's 0% state corporate income tax creates a favorable business environment. The asking price is $3,200,000, representing a price per square foot of $224.34. This is a fee simple ownership opportunity.

• CAP approach

  CAP return

  Valuation

  6%

  $4,311,612

  6.5%

  $3,979,949

  7%

  $3,695,667

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,459,910

  Geo Method

  $3,459,910

• Alternative Use

  Use

  Valuation

  Residential

  $3,357,236

  Hospitality

  $3,075,210

  Educational

  $2,558,538

  Medical

  $2,646,531

  Retail

  $3,979,949

Location Insight

City

Columbus

County

Franklin

State

Ohio

Latitude

40.0311

Longitude

-82.9644

CBSA code

18140

CBSA name

COLUMBUS, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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