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5057 Freeway Dr E

253,702 SF 70% Leased Industrial Building Columbus, OH 43229 $15,250,000 ($60/SF) 5.44% Cap Rate

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Investment Highlights

Site is located in a strategic location.
Located in preferred Columbus industrial market.

Recent capital improvements done to the property.
Value add opportunity.

Executive Summary

This is a rare industrial investment opportunity with significant value-add potential due to below-market rents. Tenants are responsible for all operating expenditures, including taxes, insurance, maintenance, property management, landscaping, janitorial costs, building inspections, and utilities. The property has been well-maintained with recent capital improvements including a new roof in 2017 and parking lot repairs in 2020. Strategically located approximately 8 miles from downtown Columbus and along Interstate Highway 71, the property is well-positioned in the thriving Columbus, Ohio industrial market. This market has seen a significant increase in demand for warehouse distribution facilities over the past two years, given its strategic location within an eight-hour drive for 44% of the United States. Current tenants, Continental Office and Iron Mountain, are paying a blended rate of $3.29/SF, while the market rent in this submarket ranges from $7.00/SF to $7.50/SF, indicating substantial upside potential. The record low submarket industrial vacancy rate, escalating rents, and nearby residential developments make this property an extremely rare opportunity with high barriers to entry. This is an ideal investment for those looking to capitalize on the robust Columbus industrial market.

12-19-23

Property Facts

Price	$15,250,000	Rentable Building Area	253,702 SF
Price Per SF	$60	No. Stories	1
Sale Type	Investment	Year Built/Renovated	1969/2005
Cap Rate	5.44%	Parking Ratio	0.65/1,000 SF
Property Type	Industrial	Clear Ceiling Height	24 FT
Property Subtype	Warehouse	No. Dock-High Doors/Loading	23
Building Class	B	No. Drive In / Grade-Level Doors	8
Lot Size	14.93 AC

Price	$15,250,000
Price Per SF	$60
Sale Type	Investment
Cap Rate	5.44%
Property Type	Industrial
Property Subtype	Warehouse
Building Class	B
Lot Size	14.93 AC
Rentable Building Area	253,702 SF
No. Stories	1
Year Built/Renovated	1969/2005
Parking Ratio	0.65/1,000 SF
Clear Ceiling Height	24 FT
No. Dock-High Doors/Loading	23
No. Drive In / Grade-Level Doors	8

Lighting - Fluorescent
Gas - Natural

Space Availability

1st Fl - 5057
76,320 SF
Industrial
Full Build-Out
Now

Record low submarket industrial vacancy rate, escalating rents, and nearby residential developments make this property an extremely rare opportunity. Roof was replaced in 2017 and parking Lot was replaced in 2020. Property has reinforced-Concrete Slab-on-Grade, Pre-Cast Concrete Tilt-Up Walls, Wet-Pipe Sprinkler System, and a 24" clear height.