800 Delaware Ave, Marysville, OH 43040-1724
- Commercial land
- 11,397 SF
- 2.23 lot acres
Current Use by Public Records
- PNC ATM / Atm
- higi / Physician
- Amy Blair, RPh / Pharmacy
- Rita C. Hayes, RPh / Pharmacy
- Sheetz / Grocery & Convenience Store
Property Details for 800 Delaware Ave
- Year built
- 1998
- Lot size
- 2.23 lot acres
- Property type
- Commercial land
- APN
- 29-0004271.0010
- APU
- 2900042710010
Description
This exceptional investment opportunity presents a brand-new, 6,131 square foot Sheetz convenience store and gas station situated on a 2.23-acre lot in Marysville, Ohio. The property boasts a 15-year absolute NNN ground lease, commencing March 13, 2023, and expiring March 31, 2038, with built-in rent bumps of 5% every five years during the initial term and 10% increases every five years in option periods. The property benefits from a corporate guarantee from Sheetz, a major, privately-owned convenience store chain. Located at the hard corner of Delaware Avenue and North Cherry Street, this high-traffic location enjoys a combined 39,835 average annual daily traffic (AADT). The site's strategic position provides easy access to US Route 33 (47,625 AADT), a corridor known for its concentration of manufacturers, research, and logistics companies. The property is surrounded by a robust mix of national and local businesses, including Walmart, Home Depot, Lowe's, Walgreens, and numerous restaurants, creating a strong customer base. The area's demographics are also favorable, with 313,084 residents within a five-mile radius boasting an average annual household income of $112,982. Proximity to major transportation hubs, including Rickenbacker International Airport and John Glenn Columbus International Airport, further enhances the property's value. The asking price is $3,676,000, representing a 5.55% cap rate and a net operating income (NOI) of $204,000. This is a 1031 exchange eligible property.
Value Estimations
-
CAP approach
- CAP Return
- Estimation
- 6%
- $1,815,000
- 6.5%
- $1,675,000
- 7%
- $1,555,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $1,561,000
- AI Estimate
- $2,081,000
Market price range: $512k - $1.72MMarket price range: $551k - $2.90M -
Alternative Use
- Use
- Estimation
- COMMERCIAL (GENERAL)
- $1,160,000 Current use
- OFFICE BUILDING
- $2,635,000 Change: +127% Conversion: Easy
- RESTAURANT
- $2,175,000 Change: +87% Conversion: Difficult
- AUTO REPAIR, GARAGE
- $1,870,000 Change: +61% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- Marysville
- County
- Union
- State
- Ohio
- Longitude
- -83.3561
- Latitude
- 40.2366
- CBSA code
- 18140
- CBSA name
- COLUMBUS, OH METROPOLITAN STATISTICAL AREA
