Columbus Retail Strip
4030-4038 Morse Rd Columbus, OH 43219
4030-4038 Morse Rd, Columbus, OH, 43219
$5,074,634
For Sale
$5,074,634
13,806 SF retail strip center in Columbus, Ohio.
Property Size13,806 SF
Price / SF$367.57
Days on Market47
Property Features for 4030-4038 Morse Rd
General Information
- Standard status
- Active
- Size
- 13,806 SF
- Property subtype
- Shopping Strip
Building Details
- Year Built
- 2006
Listing Agency
Marcus & Millichap | Cleveland
(202) 536-3754
Listed by
Dean Zang · License #License(s): MD: 665335, VA: 0225239201
(202) 536-3754
Source
Marcusmillichap
Added: Jun 1 Checked: Jul 17 at 2:15 am
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 Marcus & Millichap | Cleveland
Investment Insights
Based on property information with market context.
Diamond Plaza is a 13,806 square foot retail strip center located in the Easton submarket of Columbus, Ohio. The property features a tenant roster led by T-Mobile and Eyemart Express, which collectively represent 80% of the property’s revenue. The rent roll’s largest revenue generator at 45% is T-Mobile, on a long term lease through 2035. T-Mobile has a credit rating of “BBB” from Standard & Poor’s and “Baa1” from Moody’s. The tenant executed a new 10 year lease at $35.13 PSF. The second largest tenant by revenue is Eyemart Express, with a history of long term occupancy and multiple renewals, having successfully renewed three times. Most recently, Eyemark executed a five year contract renewal in 2025. Eyemark operates more than 250 locations across 42 states and is owned by VSP Vision (Vision Service Plan). Rental rates for two of the three tenants remain significantly below market. The two retail spaces are currently leased at $24 PSF and $30 PSF net. Both tenants have one remaining five-year option. Rental rates for these spaces are estimated at $40 PSF net. Upon stabilization and execution of the mark-to-market strategy, NOI is projected to be $216,000 higher than Year 1.
Key Highlights
- Strong credit tenant roster led by T‑Mobile and Eyemart Express, representing 80% of property revenue.
- T‑Mobile's long‑term lease through 2035 provides stable, long‑term income.
- Significant mark‑to‑market upside potential with two tenants currently paying below‑market rental rates.
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $248.5k | $18.00 |
| − Vacancy | −$21.1k | −$1.53 |
| EGI | $227.4k | $16.47 |
| − OpEx | −$68.2k | −$4.94 |
| NOI | $159.2k | $11.53 |
13,806 SF · lease $18.00/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$2.27M
$1.99M – $2.65M
NOI $159,169 @ 7.0% cap · market cap 3.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.88M
$2.52M – $3.36M
NOI $201,407 @ 7.0% cap · market cap 3.97%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Shopping centers
Similar For Sale Nearby
Similar Off Market Nearby
- Sunglass Hut — 105 Easton Town Ctr, Columbus, OH 43219
- Sunglass Hut at Macy's — 4141 Brighton Rose Way, Columbus, OH 43219
- Centro Comercial — 205 Easton Station, Columbus, OH 43219
- Pop Fountains Easton Town Center — 3951 Easton Square Pl, Columbus, OH 43219
- Easton Town Center — 160 Easton Town Ctr, Columbus, OH 43219
FAQs
What type of property is this?
Shopping center - 13,806 SF retail strip center in Columbus, Ohio.
Where is this shopping center located?
The property is located at 4030-4038 Morse Rd Columbus, OH.
What is the asking price?
The asking price for this property is $5,074,634.
What are key features of this property?
This property features: Strong credit tenant roster led by T‑Mobile and Eyemart Express, representing 80% of property revenue.; T‑Mobile's long‑term lease through 2035 provides stable, long‑term income.; Significant mark‑to‑market upside potential with two tenants currently paying below‑market rental rates.
