660 Limestone StSpringfield, OH 45503

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 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.

• 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

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