Listing Agency: CBRE - Des Moines

Listed By: Tyler Dingel · License #S56502000 Show Phone

Source: Cbre

Added: Mar 25 Changed: Oct 8 Last Checked: Oct 12 at 5:36PM

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Investment Insights

Based on property information with market context.

This single-tenant retail property, currently operating as a Walgreens, is available for sale in Columbus, Ohio. The property has been successfully tenanted by Walgreens, the second-largest pharmacy store chain in the U.S., for over 20 years. The property size is 14560 square feet. The offering features zero landlord responsibilities.

Key Highlights

• Zero landlord responsibilities
• Walgreens is the 2nd largest pharmacy store chain in the U.S.
• Tenant has been successfully at this location for over 20 years

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$181,255

Cap Rate

6.21%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,625,100 $3.6M

Cap Rate 7%

$2,589,357 $2.6M

Cap Rate 9%

$2,013,944 $2.0M

Market Conditions

NOI Build-Up for 14,560 SF

Gross rent

$318.0K $21.84/SF

− Vacancy

−$76.3K −$5.24/SF

EGI

$241.7K $16.60/SF

− OpEx

−$60.4K −$4.15/SF

NOI

$181.3K $12.45/SF

Area

ZIP 43207

Vacancy

24.00%

Lease Rate

$21.84 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,625,100

Cap Rate 7%

$2,589,357

Cap Rate 9%

$2,013,944

Alternative Uses

Best Use

Specialty Retail

$2.59M

$2.27M – $3.02M (±1% cap)

NOI $181,255 @ 7.0% cap · market cap 6.21%

Second Best

Retail

$2.42M

$2.11M – $2.82M (±1% cap)

NOI $169,171 @ 7.0% cap · market cap 5.80%

Theoretical Best

Warehouse

$2.93M

$2.57M – $3.42M (±1% cap)

NOI $205,422 @ 7.0% cap · market cap 7.04%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Walgreens Pharmacy Walgreens Photo (Bike/Boat/Book/etc) Store Walgreens Pharmacy Pharmacy Helen J. Johnson, ... Pharmacy COVID-19 Drive-Thru Testing ... Medical Laboratory

Suggested Use

Top Pick Real Estate Agency Law Firm Building Supply Big Box & Wholesale Store Spa & Massage Center HVAC Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

429

Businesses Nearby

27k

Monthly Visits Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 69% Dining 21% Electronics 10%

Dollar General Shops & Services

5,695 visits/mo 0.4 miles

Bob Evans Restaurant Dining

5,644 visits/mo 0.5 miles

Marathon Shops & Services

4,317 visits/mo 0.4 miles

Advance Auto Parts Shops & Services

2,716 visits/mo 0.4 miles

Boost Mobile Electronics

2,646 visits/mo 0.4 miles

Demographics for 43207, OH

46,853

Population

21,242

Households

2.2

Avg Household Size

38

Median Age

16%

College-Educated

85%

High-School Grad

23.1 sq mi

ZIP Area

2,028

Density / Sq Mi

$61,307

Median Household Income

$40,037

Median Earnings

$1,115

Median Rent

$156,200

Median Home Value

Market

Vacancy Rate% for Retail in Columbus, OH

5.4% 2019

5.2% 2020

4% 2021

3.8% 2022

3.5% 2023

3.8% 2024

4.1% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this drug stores located? What is the asking price? Find similar properties What are key features of this property?

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Similar Off Market Nearby

• Solutions Care Pharmacy — 3891-3893 Great Southern Ct, Columbus, OH 43207
• Smoothie King — 3769 S High St, Columbus, OH 43207
• Kroger Pharmacy — 3637 S High St, Columbus, OH 43207
• Michael Stewart — 3579 S High St, Columbus, OH 432074008
• Ashley Neidig — 3579 S High St, Columbus, OH 432074008

Frequently Asked Questions

What type of property is this?

Drug store - Single-tenant retail property operating as a Walgreens for sale.

Where is this drug store located?

The property is located at 3445 South High Street Columbus, OH.

What is the asking price?

The asking price for this property is $2,918,586.

What are key features of this property?

This property features: Zero landlord responsibilities; Walgreens is the 2nd largest pharmacy store chain in the U.S.; Tenant has been successfully at this location for over 20 years