For Sale
$4,723,200

385 Northland BlvdCincinnati, OH 45240

High-yield Walgreens NNN lease in Ohio.

Overview

Added:
Dec 11, 2024
Days on market:
113
This exceptional investment opportunity presents a 14,747-square-foot Walgreens, situated on a 2.57-acre lot in Cincinnati, Ohio. The property boasts a strong 6.25% cap rate, generating a net operating income (NOI) of $295,200. Secured by a corporate guarantee, the absolute NNN lease commenced February 23, 2023, and extends for 15 years, with 12 five-year renewal options. The lease includes a favorable 5% rent increase every five years, providing inflation protection. This strategically located Walgreens enjoys high visibility at the signalized intersection of Northland Blvd and Springfield Pike, experiencing over 32,000 vehicles per day. The property benefits from a densely populated submarket, with over 157,000 residents within a five-mile radius and a robust retail trade area including Aldi, Jersey Mike's, PNC Bank, Five Below, and Lowe's. Built in 1991, this 100% occupied property offers a compelling investment with a price per square foot of $320.28 and an asking price of $4,723,200. The remaining lease term is 13.3 years, offering long-term stability and predictable cash flow.

Highlights

  • Walgreens signed a new 15-year lease in 2023.
  • Lease features 5% annual rent increases throughout the base term and option period.
  • High-traffic location at the signalized intersection of Northland Blvd and Springfield Pike, with over 32,000 vehicles per day (VPD).
  • Densely populated submarket, boasting over 157,000 residents within a 5-mile radius.
  • Strong retail co-tenancy including Aldi, Jersey Mike's, PNC Bank, Five Below, and Lowe's.

Property Details for 385 Northland Blvd

Property type
Retail properties, Drug stores
Square Feet
14,747 SF
Year Built
1991
Lot Size (sq. ft)
111,949 SF

Location Insight

City
Cincinnati
County
Hamilton
State
Ohio
Latitude
39.2817945
Longitude
-84.4859169
385 Northland Blvd, Cincinnati, Ohio

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385 Northland Blvd
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