Columbus Retail Strip
For Sale
$4,900,000
4030-4038 Morse Rd, Columbus, OH 43219
13,806 SF retail strip center in Columbus, Ohio.
Property Size13,806 SF
Price / SF$354.92
Days on Market92
Property Features for 4030-4038 Morse Rd
General Information
Standard status
Active
Size
13,806 SF
Property subtype
Shopping Strip
Amenities
Credit-oriented Tenancy with 80% of revenue from T-Mobile and Eyemart Express
CAGR exceeding 5% and a weighted average remaining lease term (WALT) of 5.8 years
Across from Dominant Whole Foods Center
Dense, Affluent Columbus MSA
Building Details
Building Size
13,806 SF
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
Changed: Aug 7
Last Checked: Aug 30 at 1:18PM
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.
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
$159,169
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
3.25%
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%
$3,183,380
$3.2M
Cap Rate 7%
$2,273,843
$2.3M
Cap Rate 9%
$1,768,544
$1.8M
Market Conditions
NOI Build-Up for 13,806 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
$248.5K $18.00/SF
− Vacancy
−$21.1K −$1.53/SF
EGI
$227.4K $16.47/SF
− OpEx
−$68.2K −$4.94/SF
NOI
$159.2K $11.53/SF
Area
Columbus, OH
Vacancy
8.50%
Lease Rate
$18.00 /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%
$3,183,380
Cap Rate 7%
$2,273,843
Cap Rate 9%
$1,768,544
Alternative Uses
Best Use
Retail
$2.27M
$1.99M – $2.65M
NOI $159,169 @ 7.0% cap · market cap 3.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.88M
$2.52M – $3.36M
NOI $201,407 @ 7.0% cap · market cap 4.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
951
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43219, OH
30,457
Population
13,210
Households
2.3
Avg Household Size
33
Median Age
22%
College-Educated
82%
High-School Grad
16.0 sq mi
ZIP Area
1,904
Density / Sq Mi
$51,860
Median Household Income
$32,459
Median Earnings
$1,191
Median Rent
$173,600
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.
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Frequently Asked Questions
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 $4,900,000.
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.
