Shopping Center with Recent Lease
For Sale
Contact for pricing
4045 Parkmead Dr, Grove City, OH 43123
A 2005 retail center with recently extended leases.
Property Size40,848 SF
Price / SF$154.96
Days on Market143
Property Features for 4045 Parkmead Dr
General Information
Standard status
Active
Size
40,848 SF
Property subtype
Retail
Occupancy
100%
Net Operating Income
$468,401
Building Details
Year Built
2005
Stories
1
Tenancy
Multi
Listing Agency:
Matthews
Listed By:
Ben Snyder · License #OH# 2018002569
Source:
Crexi
Added: Apr 10
Changed: Aug 30
Last Checked: Aug 30 at 10:39AM
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
Investment Insights
Based on property information with market context.
This shopping center contains 40,848 square feet and was constructed in 2005. Recent lease extensions add documented term activity to the property’s existing retail configuration.
The center is located at 4045 Parkmead Dr in Grove City, Ohio, within the Columbus MSA. The asset is offered for sale as a retail-oriented commercial property.
The center is located at 4045 Parkmead Dr in Grove City, Ohio, within the Columbus MSA. The asset is offered for sale as a retail-oriented commercial property.
Key Highlights
- 40,848‑square‑foot shopping center
- Constructed in 2005
- Recent lease extensions
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
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 - A 2005 retail center with recently extended leases.
Where is this shopping center located?
The property is located at 4045 Parkmead Dr 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: 40,848‑square‑foot shopping center; Constructed in 2005; Recent lease extensions
