Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1425 N 21st St Newark, OH 43055

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Long-term Walgreens in prime retail location near Columbus, OH.

    Type:Retail
    Property size:
    14,560 SF
    Added:
    Oct 29, 2024
    Days on Market:
    539
    Last Refresh:
    Mar 17 at 1:14 pm

    Property Features for 1425 N 21st St

    General Information

    Standard status
    Active
    Size
    14,560 SF
    Property subtype
    Retail

    We can help!

    Listing Contact
    Peter Block

    Listing agent Peter Block License #471002226

    Listing office Colliers - Rosemont, Illinois

    Listing date Oct 29, 2024

    Source Crexi

    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 Colliers - Rosemont, Illinois

    Overview

    Walgreens Pharmacy in Newark, OH

    This property offers the opportunity to purchase a long-term Walgreens pharmacy situated in an irreplaceable location, 40 minutes from Columbus, OH. The tenant has occupied the building since 2003. Located at a lighted hard corner intersection, the site benefits from high visibility, with over 30,000 cars passing by daily. The location is positioned on the main retail corner at a lighted intersection and is immediately adjacent to a Walmart. The surrounding area features a mix of retail and dining establishments, including Kohl’s, Kroger, McDonalds, AutoZone, Panda Express, Taco Bell, Starbucks, and Wendy’s. Additionally, the Ohio State University is located nearby. The property encompasses 14,560 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Walgreens Photo (Bike/Boat/Book/etc) Store Walgreens Pharmacy Pharmacy Tracy Vilvens, RPH Pharmacy Cardtronics Atm FedEx OnSite Postal Service

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Newark
    County
    Licking
    State
    Ohio
    Longitude
    -82.428059
    Latitude
    40.0867823

    Nearby Similar for Sale

    • $129,900

      Downtown Newark Turn-Key Retail Business

      Profitable retail food business in a vibrant downtown location.
      4 N Park Place, Newark, OH 43055
      View Details
    • $315,000

      Renovated Newark Duplex For Sale

      Fully renovated, side-by-side duplex with separate utilities and garage spaces.
      114-116 Maholm Street, Newark, OH 43055
      View Details
    • $599,900

      Newark Multifamily Investment Opportunity

      Residential portfolio with diversified unit mix in Newark, Ohio.
      Newark, OH 43055
      View Details
    • $345,000
      8,464 SF

      Versatile Industrial Space in Newark

      8,464 SF industrial space with additional below-grade area.
      355 W Main St, Newark, OH 43055
      View Details
    • $159,900

      Newark Duplex with Income Potential

      Refreshed duplex in Newark, Ohio, ideal for investors.
      167 Essex Street, Newark, OH 43055
      View Details
    • $2,500,000
      44,000 SF

      Retail Strip Center Investment Opportunity

      44,000 SF retail strip center anchored by Family Dollar.
      1012 - 1066 Mount Vernon Road, Newark, OH 43055
      View Details
    • $14

      Newark Office Space For Sale

      Customizable office space near Licking Memorial Hospital.
      336 North 40th Street, Newark, OH 43055
      View Details
    • $1,795,000
      30,692 SF

      Multi-Tenant Office Building Investment

      Fully leased office building with strong income and 8% CAP.
      195 Union Street, Newark, OH 43055
      View Details
    • $2,515,000
      10,242 SF

      CVS NNN Investment Opportunity

      Long-term CVS lease with corporate guaranty in Newark, OH.
      955 N 21st St, Newark, OH 43055
      View Details
    • $849,000
      10,650 SF

      Downtown Commercial Building with Parking

      10,650 SF commercial building with income and parking.
      55 W Church St, Newark, OH 43055
      View Details
    • Contact for pricing
      6,920 SF

      Former Bank Branch Office Space

      Two-story office building with underground parking in Newark's business district.
      42 N 3rd Street, Newark, OH 43055
      View Details
    • $850,000
      13,648 SF

      Versatile Commercial Property on 2.89 Acres

      Prime commercial property with 7 units, ample parking, and features.
      15 E National Drive, Newark, OH 43055
      View Details

    FAQs

    What type of property is this?
    Drug store - Long-term Walgreens in prime retail location near Columbus, OH.
    Where is this drug store located?
    The property is located at 1425 N 21st St Newark, OH.
    What is the asking price?
    The asking price for this property is $3,725,000.
    What are key features of this property?
    This property features: Long‑term Walgreens tenant in place since 2003.; Irreplaceable location 40 minutes from Columbus, OH.; Located at a lighted hard corner intersection with high traffic count (30,000+ cars per day).
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Peter Block
    Real Estate License ID: 471002226
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!