Drugstore-Anchored Shopping
New
For Sale
$6,330,000
2290 Stringtown Rd, Grove City, OH 43123
Four-tenant retail center with NNN leases, service-oriented occupants, and access near I-71.
Property Size40,848 SF
Days on Market2
Property Features for 2290 Stringtown Rd
General Information
Standard status
Active
Size
40,848 SF
Property subtype
Commercial
Net Operating Income
$468,401
Site & Location
Anchor Co-Tenants
Discount Drug Mart
Traffic Count
34,027 vehicles/day
Building Details
Building Size
40,848 SF
Year Built
2005
Tenancy
Multi
Listing Agency:
Matthews Real Estate Investment Services | Cleveland
(216) 503-3607
Listed By:
Ben Snyder · License #2018002569 (OH)
(216) 503-3607
Source:
Matthews
Added: Aug 30
Changed: Aug 31
Last Checked: Aug 31 at 12:41PM
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 Matthews Real Estate Investment Services | Cleveland
Investment Insights
Based on property information with market context.
Built in 2005, this shopping center is anchored by Discount Drug Mart and includes a four-tenant lineup with gym, restaurant, and hair salon uses. Each tenant recently extended its lease with a rent increase, and all leases are structured as NNN. No lease expirations occur until 2028, providing defined near-term lease continuity across the center.
The property sits at signalized intersections along Stringtown Rd, where traffic is approximately 34,027 VPD, and is less than 1 mile from I-71, which carries approximately 100,826 VPD. Nearby Walmart, Target, Home Depot, Kroger, Giant Eagle, and Aldi locations add established retail presence to the surrounding corridor. The center is also within 20 miles of Intel’s semiconductor campus and investments from Amazon, Meta, Microsoft, and Google.
The property sits at signalized intersections along Stringtown Rd, where traffic is approximately 34,027 VPD, and is less than 1 mile from I-71, which carries approximately 100,826 VPD. Nearby Walmart, Target, Home Depot, Kroger, Giant Eagle, and Aldi locations add established retail presence to the surrounding corridor. The center is also within 20 miles of Intel’s semiconductor campus and investments from Amazon, Meta, Microsoft, and Google.
Key Highlights
- Discount Drug Mart anchors the shopping center
- Four tenants recently extended leases with rent increases
- All four tenants occupy NNN leases; no expirations until 2028
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
$544,078
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
8.60%
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%
$10,881,560
$10.9M
Cap Rate 7%
$7,772,543
$7.8M
Cap Rate 9%
$6,045,311
$6.0M
Market Conditions
NOI Build-Up for 40,848 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
$799.0K $19.56/SF
− Vacancy
−$21.7K −$0.53/SF
EGI
$777.3K $19.03/SF
− OpEx
−$233.2K −$5.71/SF
NOI
$544.1K $13.32/SF
Area
Franklin County, OH
Vacancy
2.72%
Lease Rate
$19.56 /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%
$10,881,560
Cap Rate 7%
$7,772,543
Cap Rate 9%
$6,045,311
Alternative Uses
Best Use
Retail
$7.77M
$6.80M – $9.07M
NOI $544,078 @ 7.0% cap · market cap 8.60%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$8.33M
$7.29M – $9.72M
NOI $582,941 @ 7.0% cap · market cap 9.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
34,027 VPD
Traffic count
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,075
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 43123, OH
66,188
Population
27,876
Households
2.4
Avg Household Size
39
Median Age
31%
College-Educated
91%
High-School Grad
59.7 sq mi
ZIP Area
1,109
Density / Sq Mi
$87,883
Median Household Income
$49,747
Median Earnings
$1,279
Median Rent
$262,400
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.
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Frequently Asked Questions
What type of property is this?
Shopping center - Four-tenant retail center with NNN leases, service-oriented occupants, and access near I-71.
Where is this shopping center located?
The property is located at 2290 Stringtown Rd Grove City, OH.
What is the asking price?
The asking price for this property is $6,330,000.
What are key features of this property?
This property features: Discount Drug Mart anchors the shopping center; Four tenants recently extended leases with rent increases; All four tenants occupy NNN leases; no expirations until 2028
