NNN-Leased CVS Ground
For Sale
Contact for pricing
906 North Hamilton Road, Gahanna, OH 43230
Corporately guaranteed CVS NNN ground lease with ample on-site parking on 1.34 acres.
Property Size10,443 SF
Lot Size1.34 Acres
Price / SF$341.99
Days on Market62
Property Features for 906 North Hamilton Road
General Information
Standard status
Active
Size
10,443 SF
Class
B
Total Parking Spaces
60
Lot size
1.34 Acres
Property subtype
Retail
Zoning
CC
Occupancy
100%
Lease Type
NNN
Net Operating Income
$250,000
Additional Details
Business Included
Yes
Building Details
Year Built
2005
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
American Investment Properties
(516) 393-2300
Listed By:
Ron Koenigsberg CCIM · License #NY 31K00933350
Source:
Crexi
Added: Jun 9
Changed: Aug 8
Last Checked: Aug 7 at 7:24AM
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 American Investment Properties
Investment Insights
Based on property information with market context.
This property is a retail building offered for sale with a corporately guaranteed NNN ground lease in place to CVS pharmacy. The asset is configured for CVS operations and is presented as a long-term, triple-net structure backed by the tenant guarantee.
The building is located at 900-906 N Hamilton Rd in Gahanna, Ohio, and sits on 1.34 acres of land. Ample on-site parking supports customer access and day-to-day patron traffic for the pharmacy use.
For buyers seeking an NNN retail investment, this offering combines a pharmacy tenant with a corporately guaranteed ground lease and a parking-forward site layout. The property’s CVS-specific ground-leased structure may align well with investors looking for stable retail income characteristics supported by the lease guarantee and NNN expense structure.
The building is located at 900-906 N Hamilton Rd in Gahanna, Ohio, and sits on 1.34 acres of land. Ample on-site parking supports customer access and day-to-day patron traffic for the pharmacy use.
For buyers seeking an NNN retail investment, this offering combines a pharmacy tenant with a corporately guaranteed ground lease and a parking-forward site layout. The property’s CVS-specific ground-leased structure may align well with investors looking for stable retail income characteristics supported by the lease guarantee and NNN expense structure.
Key Highlights
- Corporately guaranteed CVS NNN ground lease property
- NNN ground lease associated with a CVS pharmacy
- Property located at 900‑906 N Hamilton Rd, Gahanna, OH
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
$130,003
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
3.64%
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%
$2,600,060
$2.6M
Cap Rate 7%
$1,857,186
$1.9M
Cap Rate 9%
$1,444,478
$1.4M
Market Conditions
NOI Build-Up for 10,443 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
$228.1K $21.84/SF
− Vacancy
−$54.7K −$5.24/SF
EGI
$173.3K $16.60/SF
− OpEx
−$43.3K −$4.15/SF
NOI
$130.0K $12.45/SF
Area
ZIP 43230
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%
$2,600,060
Cap Rate 7%
$1,857,186
Cap Rate 9%
$1,444,478
Alternative Uses
Best Use
Specialty Retail
$1.86M
$1.63M – $2.17M
NOI $130,003 @ 7.0% cap · market cap 3.64%
Second Best
Retail
$1.73M
$1.52M – $2.02M
NOI $121,336 @ 7.0% cap · market cap 3.40%
Theoretical Best
Office A
$1.98M
$1.73M – $2.31M
NOI $138,670 @ 7.0% cap · market cap 3.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
785
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 43230, OH
58,372
Population
26,170
Households
2.2
Avg Household Size
37
Median Age
50%
College-Educated
96%
High-School Grad
20.4 sq mi
ZIP Area
2,861
Density / Sq Mi
$92,271
Median Household Income
$53,832
Median Earnings
$1,407
Median Rent
$282,800
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.
Similar Off Market Nearby
- Burks Patrick E — 4057 E Livingston Ave, Columbus, OH 43227
- Leffler Mary E — 4057 E Livingston Ave, Columbus, OH 43227
- Justin Lee — 4548 E Main St, Columbus, OH 432133039
- CVS Pharmacy — 4548 E Main St, Whitehall, OH 43213, United States
- Walgreens Pharmacy — 4617 E Main St, Whitehall, OH 43213
Frequently Asked Questions
What type of property is this?
Drug store - Corporately guaranteed CVS NNN ground lease with ample on-site parking on 1.34 acres.
Where is this drug store located?
The property is located at 906 North Hamilton Road Gahanna, OH.
What is the asking price?
The asking price for this property is $3,571,400.
What are key features of this property?
This property features: Corporately guaranteed CVS NNN ground lease property; NNN ground lease associated with a CVS pharmacy; Property located at 900‑906 N Hamilton Rd, Gahanna, OH
