3093 Cleveland Ave Columbus, OH 43224-3684

Property Details for 3093 Cleveland Ave

Year built

2003

Lot size

0.35 lot acres

Property size

14,678 SF

Property type

Drug stores

APN

010-075327

APU

10075327

Description

This Columbus, Ohio Walgreens offers a compelling investment opportunity. The 14,264 square foot property, built in 2003, sits on a 0.998-acre lot and boasts a strong 11.00% cap rate, generating a $352,000 NOI. The absolute NNN lease with Walgreens, a highly creditworthy tenant, has a remaining term of 4.9 years, followed by 10 (5-year) option periods. There are no rent bumps and no landlord obligations. The property benefits from its prime location in a dense residential area, just two blocks from a large shopping center and directly across from a CVS pharmacy (with its retail portion closed). The area's strong demographics include approximately 365,021 residents and 154,024 households within a 5-mile radius, further enhanced by the proximity to Ohio State University (approximately 3 miles away) with its 60,000+ students. The Columbus market is thriving, with major employers like Nationwide and JP Morgan Chase, and a significant upcoming investment from Intel. Columbus is the 7th largest economy in the US, and Ohio's 0% state corporate income tax creates a favorable business environment. The asking price is $3,200,000, representing a price per square foot of $224.34. This is a fee simple ownership opportunity.

Location Insight

City

Columbus

County

Franklin

State

Ohio

Longitude

-82.9644

Latitude

40.0311

CBSA code

18140

CBSA name

COLUMBUS, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments