Walgreens Pharmacy in Newark,
For Sale
Contact for pricing
1425 N 21st St, Newark, OH 43055
Long-term Walgreens in prime retail location near Columbus, OH.
Property Size14,560 SF
Price / SF$255.84
Days on Market650
Property Features for 1425 N 21st St
General Information
Standard status
Active
Size
14,560 SF
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$298,000
Building Details
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Colliers - Rosemont, Illinois
(614) 436-9800
Listed By:
Peter Block · License #471002226
Source:
Crexi
Added: Oct 29, 2024
Changed: Aug 8
Last Checked: Aug 7 at 8:53AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Colliers - Rosemont, Illinois
Investment Insights
Based on property information with market context.
This property offers the opportunity to purchase a long-term Walgreens pharmacy situated in an irreplaceable location, 40 minutes from Columbus, OH. The tenant has occupied the building since 2003. Located at a lighted hard corner intersection, the site benefits from high visibility, with over 30,000 cars passing by daily. The location is positioned on the main retail corner at a lighted intersection and is immediately adjacent to a Walmart. The surrounding area features a mix of retail and dining establishments, including Kohl’s, Kroger, McDonalds, AutoZone, Panda Express, Taco Bell, Starbucks, and Wendy’s. Additionally, the Ohio State University is located nearby. The property encompasses 14,560 square feet.
Key Highlights
- Long‑term Walgreens tenant in place since 2003.
- Irreplaceable location 40 minutes from Columbus, OH.
- Located at a lighted hard corner intersection with high traffic count (30,000+ cars per day).
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$265,332
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.12%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,306,640
$5.3M
Cap Rate 7%
$3,790,457
$3.8M
Cap Rate 9%
$2,948,133
$2.9M
Market Conditions
NOI Build-Up for 14,560 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$393.1K $27.00/SF
− Vacancy
−$14.1K −$0.97/SF
EGI
$379.0K $26.03/SF
− OpEx
−$113.7K −$7.81/SF
NOI
$265.3K $18.22/SF
Area
Licking County, OH
Vacancy
3.58%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,306,640
Cap Rate 7%
$3,790,457
Cap Rate 9%
$2,948,133
Alternative Uses
Best Use
Retail
$3.79M
$3.32M – $4.42M
NOI $265,332 @ 7.0% cap · market cap 7.12%
Second Best
Specialty Retail
$866.4K
$758.1K – $1.01M
NOI $60,647 @ 7.0% cap · market cap 1.63%
Theoretical Best
Flex RnD
$11.69M
$10.23M – $13.64M
NOI $818,541 @ 7.0% cap · market cap 21.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
203
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43055, OH
62,590
Population
27,046
Households
2.3
Avg Household Size
40
Median Age
23%
College-Educated
92%
High-School Grad
112.7 sq mi
ZIP Area
555
Density / Sq Mi
$61,807
Median Household Income
$39,412
Median Earnings
$920
Median Rent
$185,300
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Walgreens Pharmacy — 1425 N 21st St, Newark, OH 43055
- Darin E. Dishop, RPh — 1425 N 21st St, Newark, OH 43055
- COVID-19 Drive-Thru Testing at Walgreens — 1425 N 21st St, Newark, OH 43055
- Walmart Pharmacy — 1315 N 21st St, Newark, OH 43055
- Kroger Pharmacy — 1155 N 21st St, Newark, OH 43055
Frequently Asked Questions
What type of property is this?
Drug store - Long-term Walgreens in prime retail location near Columbus, OH.
Where is this drug store located?
The property is located at 1425 N 21st St Newark, OH.
What is the asking price?
The asking price for this property is $3,725,000.
What are key features of this property?
This property features: Long‑term Walgreens tenant in place since 2003.; Irreplaceable location 40 minutes from Columbus, OH.; Located at a lighted hard corner intersection with high traffic count (30,000+ cars per day).
