CAP Rate: 5.40%
Net Operating Income: $137,098
Lot Size: 1.29 AC
Year Built: 1995
This is a rare CVS/Pharmacy net leased offering in Galloway, Ohio (part of western Columbus). The lease calls for minimal landlord obligations. The tenant has five 5 year options with increases at each option period. The tenant has recently extended their lease for an additional 20 years, showing commitment to the location. A new roof was installed in June 2018 and comes with a 20 year warranty. The asset is well situated at a hard corner location in a heavily trafficked corridor where traffic counts exceed 25,000 VPD. This CVS/Pharmacy benefits from strong demographics in the area with over 175,000 residents in a 5 mile radius.
Galloway is an unincorporated community west of the city of Columbus in southern Prairie Township, Franklin County, Ohio, United States. The 43119 ZIP Code, however (which carries a Galloway mailing address) covers a significant portion of rural and suburban western Franklin County, as well as parts of western Columbus, and locals might use the name Galloway to refer to any location in the area roughly bounded by I-70, Galloway Rd, Alkire Rd, and Big Darby Creek; such a location is seldom in the community of Galloway proper. The Galloway Post Office is located within the city of Columbus about two miles north of the actual community of Galloway, which lies at the intersection of Galloway Road and Sullivant Avenue.