For Sale
$3,185,000

1880 Limestone St Springfield, OH 45505

Springfield, OH - Prime Retail Investment

Overview

Added:
Dec 11, 2024
Days on market:
135
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

FAQs

What type of property is this?
Retail property - Springfield, OH - Prime Retail Investment
Where is the retail property located?
The property is located at 1880 Limestone St Springfield, OH.
What is the asking price?
The asking price for this property is $3,185,000.
What are key features of this property?
This property features: 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).
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
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1880 Limestone St
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