1880 Limestone StSpringfield, OH 45505

Property Details for 1880 Limestone St

Year built

2001

Construction

BRICK

Lot size

1.97 AC

Property size (Sq ft)

14,668 SF

Property type

Retail properties

Property subtype

Outlet malls

APN

340-07-00033-400-032

APU

3400700033400032

Description

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.

Location Insight

City

Springfield

County

Clark

State

Ohio

Latitude

39.9015

Longitude

-83.8103

CBSA code

44220

CBSA name

SPRINGFIELD, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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