Retail Property in Columbus,
For Sale
$3,800,000
3445 South High Street, Columbus, OH 43207
Single-tenant retail property operating as a Walgreens for sale.
Property Size14,560 SF
Price / SF$260.99
Days on Market153
Property Features for 3445 South High Street
General Information
Standard status
Active
Size
14,560 SF
Property subtype
Retail
Listing Agency:
CBRE - Des Moines
(515) 865-2985
Listed By:
Tyler Dingel · License #S56502000
(515) 865-2985
Source:
Cbre
Added: Mar 25
Changed: Aug 12
Last Checked: Aug 23 at 6:36AM
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 CBRE - Des Moines
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 = 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
$181,255
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
4.77%
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%
$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
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
$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 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%
$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
NOI $181,255 @ 7.0% cap · market cap 4.77%
Second Best
Retail
$2.42M
$2.11M – $2.82M
NOI $169,171 @ 7.0% cap · market cap 4.45%
Theoretical Best
Warehouse
$2.93M
$2.57M – $3.42M
NOI $205,422 @ 7.0% cap · market cap 5.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Kroger Pharmacy — 3637 S High St, Columbus, OH 43207
- Solutions Care Pharmacy — 3891-3893 Great Southern Ct, Columbus, OH 43207
- Smoothie King — 3769 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 $3,800,000.
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
