Investment Summary
Price | $3,278,000 |
Cap Rate | |
NOI | |
Lease Term | 15 Years |
Lease Type | Absolute NNN Ground Lease, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Including Roof, Structure, And Parking Lot |
Rental Increases | 10% Rental Increases In Option Periods |
Year Built | 2021 |
Building Size | 6,077 SF |
Lot Size | 2.669 Acres (116,261 SF) |
Status | Sold |
Lead Brokers | Ryan Forsyth Executive Director 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 Vincent Aicale Executive Director 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Michael T. Yuras, CCIM Executive Managing Director 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Executive Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 |
Investment Highlights
NEW 15-YEAR ABSOLUTE NNN GROUND LEASE TO CORPORATE SHEETZ
» 10% rental increases every option, providing an excellent hedge against inflation
» Absolute NNN ground lease requires no landlord management, ideal for an out of area investor
» Sheetz is one of the largest privately owned chains of convenience stores in the U.S. with more than 628 locations and over $7.5 in annual revenue
» Sheetz is investing significant capital into the construction, providing a safe investment for passive investors
HIGH-TRAFFIC LOCATION IN DENSELY POPULATED AND GROWING AREA
» Located along State Route 40/West Broad Street, with excellent visibility and access to 44,658 vehicles per day
» Beneficial proximity to highly trafficked Columbus thoroughfares, including Interstate 270/Jack Nicklaus Freeway (136,349 AADT)
» 238,198 residents within a five-mile radius of the property, establishing a large customer base for the site
» Projected nine percent average annual household income increase within five miles of the site in the next five years, poising Sheetz and the immediate trade area for significant concurrent growth
CENTRAL LOCATION NEAR LARGE EMPLOYERS, RETAILERS, AND COMMUNITY HUBS
» Located in a dense retail corridor with nearby national brands such as Walmart Supercenter, Kroger, Big Lots, The Home Depot, Lowe’s, McDonald’s, Starbucks, and many more
» One mile from Hollywood Casino Columbus (3 million visitors annually), with 2,200 slots, 70 game tables, a stage for bands & restaurants, and a steakhouse & buffet
» Seven miles from Ohio State University, ranked among the best public universities in the U.S. and the largest student population in Ohio (66,444 students, 34,416 employees)
» Central location¬ within the South-Western City School District (32 schools, 22,000 students)
NEW 2021 CONSTRUCTION TO TENANT’S LATEST PROTOYPE
» Location includes a freestanding restaurant with a drive-thru window and eight (8) canopied gas pumps for added customer convenience
Property Description
SOLD
The property is strategically located along State Route 40/West Broad Street, with excellent visibility and access to 44,658 vehicles per day. The site maintains a beneficial proximity to highly trafficked Columbus thoroughfares, including Interstate 270/Jack Nicklaus Freeway (136,349 AADT). The property is located in a densely populated and affluent town in Columbus, with 238,198 residents and an average annual household income of $76,562 within five miles of the property. The site is poised to grow along with the location, with a projected nine percent average annual household income increase within five miles of the site in the next five years.
The property benefits from its central location near many of the region’s largest employers, retailers, and community hubs. The location is set within a dense retail corridor with nearby national brands such as Walmart Supercenter, Kroger, Big Lots, The Home Depot, Lowe’s, McDonald’s, Starbucks, and many more. The location is situated one mile from Hollywood Casino Columbus with 2,200 slots, 70 game tables, a stage for bands and restaurants, and a steakhouse and buffet drawing traffic to the site. The property resides seven miles from Ohio State University, ranked among the best public universities in the U.S. and the largest student population in Ohio (66,444 students, 34,416
employees). The site benefits from its central location within the South-Western City School District, which features 32 schools and 22,000 students.