660 Limestone StSpringfield, OH 45503
- Retail properties
- 7,125 SF
Property Details for 660 Limestone St
- Year built
- 1997
- Construction
- CONCRETE BLOCKS
- Lot size
- 0.33 AC
- Property size (Sq ft)
- 7,125 SF
- Property type
- Retail properties
- Property subtype
- Retail space
- APN
- 340-07-00035-225-019
- APU
- 3400700035225019
Description
This exceptional investment opportunity presents a fee-simple ownership of a single-story, 0.85-acre retail property in Springfield, Ohio. The property, built in 1997, houses an Advance Auto Parts store operating under a Net Lease agreement. The current lease, with a 10% rent increase every five years, boasts a remaining term of approximately 6.2 years and includes two, five-year renewal options, extending to December 31, 2030. The property generates a substantial net operating income (NOI) of $57,900, resulting in an attractive 7.65% capitalization rate. The tenant, Advance Auto Parts, a nationally recognized and credit-rated (S&P Rated: BBB-) corporation with a significant market capitalization, provides a strong corporate guarantee. Their long-standing presence at this location (over 25 years) demonstrates commitment and stability. The property benefits from a high-traffic location, with daily traffic counts exceeding 39,600 vehicles at the intersection of N Limestone St and Route 40. The surrounding area boasts a robust population base, with approximately 60,722 residents within a 3-mile radius and 82,597 within a 5-mile radius. Proximity to major retailers like Walmart, Lowe's, Kroger, Wendy's, and Raising Cane's, along with Wittenberg University (approximately 2 miles away), further enhances the property's desirability and potential for long-term growth. The asking price for this exceptional investment is $756,863.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
CAP approach
- CAP return
- Valuation
- 6%
- $2,009,753
- 6.5%
- $1,855,156
- 7%
- $1,722,645
-
Comparable approach
- Method
- Valuation
- Relative Method
- $353,534
- Geo Method
- $353,534
-
Alternative Use
- Use
- Valuation
- Residential
- $1,564,894
- Hospitality
- $1,433,434
- Educational
- $1,192,600
- Medical
- $1,233,616
- Retail
- $1,855,156
Location Insight
- City
- Springfield
- County
- Clark
- State
- Ohio
- Latitude
- 39.9319
- Longitude
- -83.8057
- CBSA code
- 44220
- CBSA name
- SPRINGFIELD, OH METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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