For Sale
$4,420,000

520 Broadway AveBedford, OH 44146

Ohio Retail Property: Strong ROI

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a 14,820-square-foot Walgreens, situated on a 1.57-acre lot at 520 Broadway Ave, Bedford, OH 44146. The property boasts a new 13-year net lease (NNN) with Walgreens, an investment-grade tenant rated "BBB" by S&P, commencing September 1, 2022, and expiring August 31, 2035. This translates to a substantial 10.8 years of remaining lease term. The lease includes attractive 5% rental increases every five years, extending through option periods. The asking price is $4,420,000, representing a compelling $298.25 per square foot and a 5.70% cap rate, generating a net operating income (NOI) of $251,940. Located on a hard corner signalized intersection of Broadway Avenue and Grace Street, this property benefits from high visibility and significant traffic volume (approximately 20,327+ vehicles per day). The strategic location within the densely populated Cuyahoga County (1.25 million residents) and proximity to University Hospital and Bedford High School further enhances its appeal. This absolute NNN lease structure eliminates landlord responsibilities, making it an ideal asset for 1031 exchanges or investors seeking predictable, long-term cash flows. The strong sales history of this Walgreens location underscores its enduring profitability and makes this a rare and attractive investment opportunity.

Highlights

  • $4,420,000 asking price for a 14,820 SF Walgreens.
  • Net-leased property with a single Walgreens tenant; NNN lease structure.
  • 13-year lease term remaining, commencing September 1, 2022, and expiring August 31, 2035 (10.8 years remaining).
  • 5.70% cap rate with a $251,940 NOI.
  • Located at 520 Broadway Ave, Bedford, OH 44146, on a 1.57-acre lot, in a high-traffic area.

Property Details for 520 Broadway Ave

Property type
Retail properties, Drug stores
Square Feet
14,820 SF
Lot Size (sq. ft)
68,389 SF

Location Insight

City
Bedford
County
Cuyahoga
State
Ohio
Latitude
41.3953363
Longitude
-81.5410661
520 Broadway Ave, Bedford, Ohio

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520 Broadway Ave
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