Diamond Plaza | 3-Tenant Strip Across from Whole… — Sale in Columbus, OH

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Retail Business
  • Location: Columbus, OH 43219
  • Year built: 2006

Photos

Diamond Plaza | 3-Tenant Strip Across from Whole… — Sale in Columbus, OH, photo 1 of 3
Diamond Plaza | 3-Tenant Strip Across from Whole… — Sale in Columbus, OH, photo 2 of 3
Diamond Plaza | 3-Tenant Strip Across from Whole… — Sale in Columbus, OH, photo 3 of 3

Investment Figures

Cap rate
6.20%

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

Description

Marcus & Millichap, on behalf of Ownership, is pleased to present Diamond Plaza, a 13,806 square foot retail strip center located in the Easton submarket of Columbus, Ohio (the “Offering”). The Property features a credit oriented tenant roster, led by T Mobile and Eyemart Express, which collectively represent 80% of the property’s revenue. The center offers investors stable in place cash flow supported by strong retail fundamentals within one of the most sought after submarkets in the Columbus MSA. It is further reinforced by a compound annual growth rate (CAGR) exceeding 5% and a weighted average remaining lease term (WALT) of 5.8 years, which together limit near term rollover risk. The rent roll’s largest revenue generator at 45%, and newest tenant, is T-Mobile (NASDAQ: TMUS), on a long term lease through 2035. T-Mobile boasts a “BBB” credit rating from Standard & Poor’s and “Baa1” from Moody’s. T Mobile was strategically brought into the tenant lineup replacing Mattress Firm and setting a new bar for rent rates in this asset. The tenant executed a new 10 year lease at $35.13 PSF, with $31 TI from the landlord, providing a clear benchmark for future leasing opportunities. Notably, rental rates for two of the three tenants remain significantly below market, creating meaningful mark to market upside once the tenants run out of options or vacate. The two retail spaces are currently leased at $24 PSF and $30 PSF net. Both tenants have one remaining five-year option, positioning this opportunity within a 10-year business plan. Today, rental rates for these spaces are estimated at $40 PSF net with $40 TI (non-food use). Assuming $40 PSF market assumption, upon stabilization and execution of the mark-to-market strategy, NOI is projected to be $216,000 higher than Year 1. This will provide a huge boost to sale value upon exit. The second largest tenant by revenue is Eyemart Express, with a history of long term occupancy and multiple renewals, having successfully renewed t

Market Context

This retail in Columbus, OH is listed for sale. It is offered at an approximate 6.2% capitalization rate, a key benchmark for income-producing retail assets. The building dates to 2006. Compare it against other retail listings for sale in Columbus, OH — view the full market.

As of Q1 2026, the Columbus retail market showed a 3.3% vacancy rate, average asking rents near $20.87/SF/yr, rents up 5.4% year over year, and cap rates around 8.3%. Source: Matthews Q1 2026 market report.

Its 6.2% asking cap rate is below the Columbus retail market average of about 8.3%, reflecting premium pricing relative to comparable assets. Rising rents point to a competitive market where well-priced, well-located assets trade quickly.

Retail market FAQ

What is the typical cap rate for retail in Columbus?
About 8.3% as of Q1 2026, per Matthews.
Is the Columbus retail market tightening or softening?
Vacancy is around 3.3%, with asking rents rising year over year (Q1 2026).

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