2897-2899 Johnstown Rd - Warehouse FOR SALE


Columbus, OH 43219- Airport
$4,633,108 USD
614-989-9776
2897-2899 Johnstown Rd, Columbus, OH for Sale
$4,633,108 USD
Warehouse - FOR SALE
1/9
null | 7.4% Cap Rate

2897-2899 Johnstown Rd
Columbus, OH 43219
Airport


HIGHLIGHTS

  • High demand - small bay format space. Median 1,618 SF per unit
  • Property has seen near 100% historical occupancy last decade
  • Majority of leases have renewal options at Fair Market Value. Tremendous opportunity to capture rental growth in near term
  • 88% of tenants under NNN lease with 5% reimbursable management fee
  • Site is fully secure with fully automated security gate
  • Long term tenancy; 7 tenants have occupied property between 9-27 years

OVERVIEW

Dune Investment Group, LLC (“Dune”), as exclusive advisor to Owner, has been retained to market for sale the fee-simple interest in Airport Commerce Park (the “Property”), a 36,825 square foot multi-tenant small bay office/warehouse park located adjacent to Port Columbus International Airport.  The Property is 100% leased to a variety of local, regional and national credit tenants including the anchor, IES Communications, whom is publicly traded with a $3.21 Billion Market Cap.  Most leases have personal guarantees for added security and the majority of leases have no renewal options allowing an investor to take advantage of flex/industrial rents which are forecasted to rise substantially in the coming years.  The Property features a flexible layout with the ability of tenants to grow or downsize within the confines of the Property.  The Property has enjoyed extremely stable occupancy history with one-third of the existing tenants having occupied for more than 10 years.  The Property has been substantially improved over the previous 2 years with a number of capital expenditures including new roofs and gutters systems on all buildings, new asphalt parking lot, new fully-automated security gate, and a significant amount of improvements to unit interior’s.  Improvement Details can be found below:= New Parking Lot - Complete mill and overlay (2023) New roofs and gutter systems on all 3 buildings (2024) New LED common area lights (2022) New fully-automated security gate (2023) Numerous electrical and HVAC upgrades (2022-2024) Numerous tenant improvements / build-out / overhead door replacements (2022-2024) Annexed into City of Columbus (2024)

FOR SALE DETAILS

PRICE

$4,633,108 USD

PRICE/SF

$126 USD /SF

CAP RATE

7.4%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Industrial

PROPERTY SUBTYPE

Warehouse

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1955

UTILITIES

Lighting, Gas, Water, Sewer, Heating

CLEAR CEILING HT

12 Ft

DOCKS

-

DRIVE INS

20

PARKING SPACES

18

LAND DETAILS

LAND ACRES

2.72

LAND SF

118,483

ZONING

Limited Industrial

APN/PARCEL ID

445-318735-00

ASK ABOUT THIS PROPERTY

Jeff GreggDune Investment Group LLCMore Info
614-989-9776

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Jeff GreggDune Investment Group LLCMore Info
614-989-9776

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.