1211 Morse RdColumbus, OH 43229

Property Details for 1211 Morse Rd

Year built

2001

Lot size

1.06 AC

Property size (Sq ft)

10,812 SF

Property type

Retail properties

Property subtype

Drug stores

APN

010-015668

APU

10015668

Description

This Columbus, Ohio, retail property offers a compelling investment opportunity featuring a fee-simple ownership of a 10,812 square foot, single-story building on a 1.06-acre lot. The property is currently leased to CVS Pharmacy under an absolute NNN lease with approximately 13.7 years remaining until the lease expiration date of July 31, 2038. The lease commenced on December 20, 2001, and includes ten 5-year renewal options. The property boasts a strong 6.00% cap rate and a net operating income (NOI) of $170,000, resulting in an asking price of $2,834,000, or approximately $269 per square foot. The building was renovated in 2001 and is situated at 1211 Morse Rd, Columbus, OH 43229, within a high-traffic commercial area of Franklin County. This investment presents a passive income opportunity with minimal landlord responsibilities, backed by a nationally recognized tenant with a long-term lease. The property's location and lease terms provide investors with a stable, predictable cash flow stream. This is a prime opportunity for investors seeking a low-management, high-return investment.

• CAP approach

  CAP return

  Valuation

  6%

  $2,993,578

  6.5%

  $2,763,302

  7%

  $2,565,924

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,548,613

  Geo Method

  $2,548,613

• Alternative Use

  Use

  Valuation

  Residential

  $2,330,949

  Hospitality

  $2,135,136

  Educational

  $1,776,409

  Medical

  $1,837,502

  Retail

  $2,763,302

Location Insight

City

Columbus

County

Franklin

State

Ohio

Latitude

40.0606

Longitude

-82.9867

CBSA code

18140

CBSA name

COLUMBUS, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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