Bank of America NNN Ground
For Sale
$1,638,000
1650 Morse Rd, Columbus, OH 43229
NNN ground lease with Bank of America in Columbus, Ohio.
Property Size4,350 SF
Days on Market214
Property Features for 1650 Morse Rd
General Information
Standard status
Active
Size
4,350 SF
Class
B
Property subtype
Bank
Net Operating Income
$81,900
Building Details
Building Size
4,350 SF
Year Built
2018
Listed By:
Scott De Young · License #CalDRE #01889050
(949) 933-7958
Source:
Farislee
Added: Mar 6
Changed: Oct 4
Last Checked: Oct 5 at 3:48PM
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 Scott De Young
Investment Insights
Based on property information with market context.
Located in Columbus, Ohio, this property features a long-term NNN ground lease with Bank of America, which has been operating at the site since 2019. Bank of America handles all expenses. The property is situated in the Morse Road retail corridor near I-71, benefiting from high traffic volume of over 30,200 vehicles per day and strong national retail co-tenancy. The area is a highly affluent and dense trade area near the I-70/I-71 intersection. The property benefits from 5-year rent increases. Bank of America has over $6.9 billion in branch deposits. Bank of America is an investment-grade, NYSE-listed company (BAC) with an A+ credit rating, over $388 billion market cap, and global operations. Bank of America is the U.S.’s 2nd largest bank, holding over 10% of all American deposits.
Key Highlights
- Long‑term NNN ground lease with Bank of America for passive income.
- Bank of America (BAC): Investment‑grade tenant with A+ credit rating and a $388B+ market cap.
- Bank of America has a strong presence with 6.9B+ in branch deposits.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$47,078
Cap Rate
2.87%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$941,560
$941.6K
Cap Rate 7%
$672,543
$672.5K
Cap Rate 9%
$523,089
$523.1K
Market Conditions
NOI Build-Up for 4,350 SF
Gross rent
$67.9K $15.60/SF
− Vacancy
−$5.1K −$1.17/SF
EGI
$62.8K $14.43/SF
− OpEx
−$15.7K −$3.61/SF
NOI
$47.1K $10.82/SF
Area
ZIP 43229
Vacancy
7.50%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$941,560
Cap Rate 7%
$672,543
Cap Rate 9%
$523,089
Alternative Uses
Best Use
Specialty Retail
$672.5K
$588.5K – $784.6K
NOI $47,078 @ 7.0% cap · market cap 2.87%
Second Best
Retail
$573.2K
$501.5K – $668.7K
NOI $40,121 @ 7.0% cap · market cap 2.45%
Theoretical Best
Warehouse
$1.10M
$958.4K – $1.28M
NOI $76,671 @ 7.0% cap · market cap 4.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
586
Businesses Nearby
Explore this area
Business Placement
Demographics for 43229, OH
54,310
Population
23,290
Households
2.3
Avg Household Size
34
Median Age
24%
College-Educated
83%
High-School Grad
9.0 sq mi
ZIP Area
6,034
Density / Sq Mi
$53,430
Median Household Income
$35,181
Median Earnings
$1,082
Median Rent
$210,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Columbus, OH
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Frequently Asked Questions
What type of property is this?
Bank - NNN ground lease with Bank of America in Columbus, Ohio.
Where is this bank located?
The property is located at 1650 Morse Rd Columbus, OH.
What is the asking price?
The asking price for this property is $1,638,000.
What are key features of this property?
This property features: Long‑term NNN ground lease with Bank of America for passive income.; Bank of America (BAC): Investment‑grade tenant with A+ credit rating and a $388B+ market cap.; Bank of America has a strong presence with 6.9B+ in branch deposits.
