1650 Columbus Ave Washington Court House, OH 43160
- Outlet malls
- 39,858 SF
- 6.75 lot acres
Current Use by Public Records
- Outlet malls
Property Details for 1650 Columbus Ave
- Year built
- 1974
- Lot size
- 6.75 lot acres
- Property size
- 39,858 SF
- Property type
- Outlet malls
- APN
- 211-014-1-00-097-01
- APU
- 21101410009701
Description
This exceptional investment opportunity presents a fee-simple ownership of a 39,775-square-foot Tractor Supply Co. storefront in Washington Court House, Ohio. The property boasts a strong 6.60% cap rate, driven by a net lease with a credit-rated tenant. The lease, originally commencing May 1, 2002, has a remaining term of 7.5 years, with two, five-year options. Rent increases are built into the lease, approximately 5-7% every five years, ensuring future income growth. The property, built in 1974 and renovated in 2002 and 2024, sits on a sizable 6.75-acre lot, providing ample parking. Landlord responsibilities are minimal, limited to roof and structure maintenance. The tenant is responsible for HVAC, parking lot, CAM, insurance, and tax reimbursements. The property's location on Columbus Avenue, a major retail corridor with high traffic volume, is strategically positioned among other national retailers and adjacent to a regional hospital. The tenant's long history at this location (since 2002), coupled with their indicated plans for future upgrades and expansion, further enhances the investment's appeal. The property's strong intrinsic value, combined with the tenant's investment-grade credit rating (S&P "BBB"), makes this a compelling opportunity for long-term, stable returns. The asking price is $2,300,000, translating to a price per square foot of $57.83. The current annual net operating income (NOI) is $151,800. The tenant's lease includes an additional 1.37-acre parcel leased for $9,600 annual rent. The property's proximity to a major distribution center further strengthens its position within the Tractor Supply network.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $2,240,000
- ML approach
- $2,265,000
-
CAP approach
- CAP Return
- Estimation
- 6%
- $2,585,000
- 6.5%
- $2,385,000
- 7%
- $2,215,000
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Location Insight
- Map
- Local Demand
- City
- Washington Court House
- County
- Fayette
- State
- Ohio
- Longitude
- -83.4257
- Latitude
- 39.5499
- CBSA code
- 47920
- CBSA name
- WASHINGTON COURT HOUSE, OH MICROPOLITAN STATISTICAL AREA
