2366 Harding HwyLima, OH 45804

Property Details for 2366 Harding Hwy

Year built

2004

Lot size

1.45 AC

Property size (Sq ft)

14,406 SF

Property type

Retail space

APN

47-0400-02-005.020

APU

47040002005020

Description

This exceptional investment opportunity presents a fee-simple interest in a 14,406 square foot Walgreens pharmacy located at 2366 Harding Hwy, Lima, OH 45804. The property, built in 2004, sits on a 1.45-acre lot and boasts a drive-thru. The absolute NNN lease with Walgreens, a corporate guaranteed tenant, has five years remaining with ten five-year renewal options. The property generates a Net Operating Income (NOI) of $295,000, resulting in a 7.38% cap rate. The asking price is $4,000,000, translating to $277.66 per square foot. The property features ample parking (5.76 spaces per 1,000 sq ft) and benefits from its high-traffic location at the intersection of Harding Highway and Lost Creek Boulevard, with proximity to Interstate 75. This strategically positioned property is surrounded by a robust retail environment, including national tenants such as Gabe's, Big Lots!, Harbor Freight Tools, Walmart, ALDI, Sam's Club, and more. The area's strong demographics, including over 52,100 residents and 43,100 daytime employees within a 5-mile radius, contribute to the property's consistent performance. The property is zoned commercial and offers a low-management investment opportunity due to the absolute NNN lease structure. This is an ideal addition to any passive investment portfolio.

• CAP approach

  CAP return

  Valuation

  6%

  $4,063,508

  6.5%

  $3,750,931

  7%

  $3,483,007

• Comparable approach

  Method

  Valuation

  Relative Method

  $714,808

  Geo Method

  $714,808

• Alternative Use

  Use

  Valuation

  Residential

  $3,164,051

  Hospitality

  $2,898,254

  Educational

  $2,411,313

  Medical

  $2,494,242

  Retail

  $3,750,931

Location Insight

City

Lima

County

Allen

State

Ohio

Latitude

40.7302

Longitude

-84.0623

CBSA code

30620

CBSA name

LIMA, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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