Walgreens NNN Investment
1140 N Limestone St, Springfield, OH 45503
Walgreens property with approximately 3.5 years remaining on lease.
Type:Retail
Property size:
13,991 SFPrice / SF:
$227/SF- Added:
- Jan 27, 2026
- Days on Market:
- 151
- Last Refresh:
- Mar 17 at 1:13 pm
Property Features for 1140 N Limestone St
General Information
- Standard status
- Active
- Size
- 13,991 SF
- Property subtype
- Retail
Building Details
- Year Built
- 2004
Listing office Pharma Property Group
Listing date Jan 27, 2026
Source Crexi
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
All listing content including descriptions, pricing, images are the copyrighted material of Pharma Property Group
HighLights
- Absolute Net Lease with Walgreens: Provides a passive income stream.
- Strategic High‑Visibility Location at a major intersection (N Limestone St & E McCreight Ave) with direct access to Interstate 70.
- Proximity to Mercy Health – Springfield Regional Medical Center: Located just 0.5 miles from a major hospital.
- The lease includes ten (5‑year) renewal options, offering long‑term income potential.
- Dense Surrounding Area: Benefits from nearby Wittenberg University and Springfield High School.
- Located blocks from Fountain Village, a 16‑acre residential development adding 163 new housing units.
Overview
The Walgreens property is located at 1140 N Limestone St, Springfield, OH 45503. Walgreens operates under an absolute net lease with approximately 3.5 years remaining in the current term. The lease includes ten 5-year renewal options. The property is situated at the intersection of North Limestone Street (State Route 72) and East McCreight Avenue, a high-visibility corridor that connects directly to Interstate 70, offering strategic positioning within Springfield’s main commercial and medical district. Limestone Street functions as a primary north-south arterial. The surrounding area includes a mix of healthcare, education, and residential density. Notably, the property is 0.5 miles from Mercy Health – Springfield Regional Medical Center, a 234-bed full-service hospital, and Springfield Nursing and Assisted Living, located just across McCreight Avenue. Wittenberg University, with 1,254 students and nearly 200 faculty/staff, and Springfield High School with 1,602 students and 110 teachers are both within a two-mile radius, contributing to a consistent daytime population and demand. The property size is 13,991 square feet. Work recently began on Fountain Village, a 16-acre residential development just blocks from the property. Once complete, the community will offer 54 single-family homes alongside 109 townhomes.
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $377.8k | $27.00 |
| − Vacancy | −$13.5k | −$0.97 |
| EGI | $364.2k | $26.03 |
| − OpEx | −$91.1k | −$6.51 |
| NOI | $273.2k | $19.53 |
13,991 SF · lease $27.00/SF/yr · vacancy 3.58% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$3.90M
$3.41M – $4.55M
NOI $273,175 @ 7.0% cap · market cap 8.59%
Second Best
Retail
$782.4K
$684.6K – $912.8K
NOI $54,770 @ 7.0% cap · market cap 1.72%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Walgreens Photo
(Bike/Boat/Book/etc) Store
Christina Jones, RPH
Pharmacy
Western Union
Bank
LibertyX Bitcoin ATM
Atm
Walgreens Pharmacy
Pharmacy
Similar Places Nearby
- Mercy Health - Springfield Regional Medical Center — 100 Medical Center Dr, Springfield, OH 45504
- Christina Jones, RPH — 1140 N Limestone St, Springfield, OH 45503
- Madison Avenue Pharmacy — 640 N Fountain Ave, Springfield, OH 45504
- Katrina Vaske, RPH — 640 N Fountain Ave, Springfield, OH 45504
- Karalyn Evilsizor — 640 N Fountain Ave, Springfield, OH 455042202
Location Insight
- Map
- Local Demand
- City
- Springfield
- County
- Clark
- State
- Ohio
- Longitude
- -83.8053639
- Latitude
- 39.9381863
Nearby Similar for Sale
FAQs
What type of property is this?
Drug store - Walgreens property with approximately 3.5 years remaining on lease.
Where is this drug store located?
The property is located at 1140 N Limestone St Springfield, OH.
What is the asking price?
The asking price for this property is $3,181,818.
What are key features of this property?
This property features: Absolute Net Lease with Walgreens: Provides a passive income stream.; Strategic High‑Visibility Location at a major intersection (N Limestone St & E McCreight Ave) with direct access to Interstate 70.; Proximity to Mercy Health – Springfield Regional Medical Center: Located just 0.5 miles from a major hospital.
