Single Tenant Net Leased – 18,220 SF - Showroom/Offices/Warehouse Facility - leased by America’s Floor Source, one of the Nation’s largest flooring companies with over $190M in 2022 revenue. New 5-year lease from date of closing with (2) 5-year renewal options - 6.55% Year-1 Cap Rate ($186,755 NOI) with 2% Annual Escalations. Strong Average Daily Traffic Count 15,372 (2022) – Great signage, access, and visibility. Approx 8,405 SF (46%) warehouse / 9,815 SF showroom/offices (54%) – 2.07-acre site – 12’-18’ clear height – 3 drive in doors (12’ and 14’) – Many improvements from 2012-2022 – 32 striped parking spaces.
AFS Annual Revenue continues to increase year over year as follows $190M (2022); $172M (2021); $109.5M (2020); $105.5M (2019); $95M (2018)
Demographics in the area surrounding the Property include a population in a one (1), three (3) and five (5) mile radius of 8,804, 83,994 and 337,578. Average household incomes in this radius are $85,645, $112,845, and $90,335 and projected to be $91,322, $121,733 and $110,403 by 2027.
The property is conveniently located northwest of downtown near I-70, I-270, I-670, Riverside/Dublin Rd corridor; and near Upper Arlington, Hilliard, Grandview, The Ohio State University, Columbus Downtown/CBD, Franklinton, Quarry Trails Metro Park and the new 607-acre Quarry Trails mixed use development.
AFS was founded in 2000 and is headquartered in Columbus, Ohio; with Ohio locations in Columbus and Cincinnati; Indiana locations in Indianapolis ad Madison and Kentucky locations in Louisville and Lexington, AFS has serviced thousands of homeowners and commercial customers. Services include in-home shopping/mobile floor source, on-line shopping and in store shopping for carpet, hardwood, luxury vinyl, laminate, tile & stone, decorative & polished concrete, sports flooring, area rugs, wall coverings, sand and finish and carpet tile.
• Single Tenant Net Leased Investment
• Strong Tenant/Corporate Guarantor – America’s Floor Source (“AFS”) - one of the Nation’s largest flooring companies with over $190M in 2022 revenue
• 2% annual base rent increases
• 5-year initial lease term with (2) 5-year renewal options
• AFS Annual Revenue continues to increase year over year as follows $190M (2022); $172M (2021); $109.5M (2020); $105.5M (2019); $95M (2018)
• Tenant has occupied this location since 2010
• Great Signage, Access and Visibility
• Strong Average Daily Traffic Count – 15,372 Cars Per Day (2022)