For Sale
$3,185,000

1880 Limestone StSpringfield, OH 45505

Springfield, OH - Prime Retail Investment

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional investment opportunity presents a 14,490-square-foot Walgreens pharmacy situated on a 1.97-acre lot in Springfield, Ohio. The property boasts a highly desirable absolute NNN net lease, eliminating landlord responsibilities. The lease, with a corporate guarantee, features a remaining term of approximately 2.1 years, followed by ten five-year renewal options, extending to December 31, 2026. Built in 2001, the single-building property enjoys 100% occupancy and generates a strong net operating income (NOI) of $336,000, resulting in a compelling 10.55% cap rate. The asking price is $3,185,000, translating to $219.81 per square foot. The property includes a convenient drive-thru. Its strategic location on South Limestone Street, near the intersection with East John Street, benefits from high traffic counts (23,000+ vehicles per day) and proximity to Interstate I-70 (56,000+ vehicles per day). The site is also within two miles of Springfield Regional Medical Center and serves a population exceeding 77,000 within a five-mile radius. The area features numerous national tenants, including Taco Bell, Rally's, Popeyes, and many others, further enhancing the property's desirability and potential for long-term value appreciation. This is a rare opportunity to acquire a well-performing, low-maintenance retail investment with a strong tenant and excellent location.

Highlights

  • Triple Net (NNN) Lease; Landlord responsibilities are minimal.
  • 14,490-square-foot building with drive-thru on a 1.97-acre lot.
  • Two miles from Springfield Regional Medical Center (recognized among America's 250 Best Hospitals in 2021).
  • Over 77,000 people reside within a five-mile radius.
  • S. Limestone Street and E. John Street combined traffic count: approximately 23,000 vehicles per day (VPD).
  • Direct access to Interstate I-70 (approx. 56,000 VPD).

Property Details for 1880 Limestone St

Property type
Retail properties, Drug stores
Square Feet
14,490 SF
Year Built
2001
Buildings
1
Lot Size (sq. ft)
85,813 SF

Location Insight

City
Springfield
County
Clark
State
Ohio
Latitude
39.901805175385
Longitude
-83.810906291806
1880 Limestone St, Springfield, Ohio

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1880 Limestone St
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