Investment Summary
Price | $3,382,000 |
Cap Rate | |
NOI | |
Lease Term | 15 Years |
Lease Type | Absolute NNN Ground Lease, With Tenant Responsible For All Taxes, Insurance, And Maintenance. |
Rental Increases | 10% Rental Increases In Option Periods |
Year Built | 2021 |
Building Size | 6,077 SF |
Lot Size | 1.99 Acres (86,684 SF) |
Status | Sold |
Lead Brokers | Ryan Forsyth Executive Managing Director 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 Vincent Aicale Executive Managing Director 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Michael T. Yuras, CCIM Vice Chairman 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Executive Managing 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.
» Sheetz is investing significant capital into the construction, providing a safe investment for passive investors
HIGH-TRAFFIC LOCATION IN DENSELY POPULATED, GROWING, AND AFFLUENT AREA
» Located at Stelzer Road & Johnstown Road, with excellent visibility and access to 37,286 vehicles per day at the intersection
» 290,216 residents within a five-mile radius of the property, establishing a large customer base for the site
» Central location in an affluent area, with an average annual household income of $74,286 within a one-mile radius of the site
» Projected 11% 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
» Beneficial proximity to John Glenn Columbus International Airport, providing access to a large customer base.
CENTRAL LOCATION NEAR LARGE EMPLOYERS, RETAILERS, AND COMMUNITY HUBS
» Located in a dense retail corridor with nearby national brands such as McDonald’s, Wendy’s, Waffle House, Subway, Burger King, Tim Hortons, Jimmy John’s, and many more
» One and a half miles from many national hotel chains, including Comfort Suites, Embassy Suites, Best Western, Marriott, Sheraton, and many others
» Less than two miles from OhioHealth Doctors Hospital, second largest employer (24,889 employees, 213 Beds)
» Immediate access to Interstate 670 and 8 miles from Ohio State University a Public Ivy, ranked by major institutional rankings as among the best public universities in the U.S. and the largest student population in Ohio (61,369 Students)
» Located within the Columbus City School District (115 schools, 46,686 students)
NEW 2021 CONSTRUCTION TO TENANT’S LATEST PROTOYPE
» Location includes a freestanding c-store and canopied gas pumps for added customer convenience
Property Description
SOLD
The property is strategically located at Stelzer Road and Johnstown Road, with excellent visibility and access to 37,286 at the intersection. The site is located in a densely populated and affluent town in Columbus, with 290,216 residents and an average annual household income of $74,286 within one mile of the property. The site is poised to grow along with the location, with a projected 11% average annual household income increase within five miles of the site in the next five years. Benefits from proximity to John Glenn Columbus International Airport, the second largest airport in Ohio.
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 McDonald’s, Wendy’s, Waffle House, Subway, Burger King, Tim Hortons, Jimmy John’s, and many more. The location is situated one and a half miles from many national hotel chains, including Comfort Suites, Embassy Suites, Best Western, Marriott, Sheraton, and many others drawing traffic to the site. Immediate access to Interstate 670 and 270, auxiliary interstates serving an array of suburban cities, including Dublin, Grove City, Hilliard and Gahanna, and John Glenn Columbus International Airport (CMH). Ohio State University a Public Ivy, located 8.5 miles from the site, ranked by major institutional rankings as among the best public universities in the U.S. with the largest student population in Ohio (61,369 Students). The site benefits from its central location within the South-Western City School District, which features 32 schools and 22,000 students.