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    1502 Executive Dr Saint Marys, OH

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    Former Rite Aid available for lease or redevelopment.

    Type:RETAIL
    Property size:
    14,741 SF
    Lot size:
    2.61 Acres
    Added:
    Aug 28, 2025
    Days on Market:
    244
    Last Refresh:
    Apr 5 at 9:32 pm

    Property Features for 1502 Executive Dr

    General Information

    Standard status
    Active
    Size
    14,741 SF
    Lot size
    2.61 Acres
    Property subtype
    RETAIL

    Spaces For Lease

    at 1502 Executive Dr Contact us

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    Listing Contact
    Jason Gibson
    Jason Gibson

    Listing agent Jason Gibson License #BRKP.2016004929

    Listing office Anchor Associates

    Listing date Aug 28, 2025

    Source Moodyscre

    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 Anchor Associates

    Overview

    Former Retail Space in St. Marys

    The property is a former Rite Aid situated along State Route 29 in St. Marys, Ohio. The building, totaling 14,741 square feet, is available for lease or redevelopment via ground lease. The site encompasses approximately 2.61 acres off State Route 33 and features two signalized entrances. Nearby Grand Lake St. Marys generates over $150 million in annual revenue and attracts more than 750,000 visitors annually. Retailers in the vicinity include Grocery Outlet, Hobby Lobby, Dollar Tree, GNC, Shoe Sensation, Bath & Body Works, Maurices, Tractor Supply, Goodwill, Ollie’s Bargain Outlet, Advance Auto Parts, and Dollar General. Restaurants in the area include Taco Bell, Arby’s, Subway, McDonald’s, and Beer Barrel Pizza & Grill.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Coinhub Bitcoin ATM ... Atm Western Union Bank higi Physician James M. Hay, ... Pharmacy Laura A. Cunningham, RPH Pharmacy

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Rite Aid Pharmacy — 1502 Executive Dr, St Marys, OH 45885
    • James M. Hay, RPh — 1502 Executive Dr, St Marys, OH 45885
    • Laura A. Cunningham, RPH — 1502 Executive Dr, St Marys, OH 45885
    • Avon by Jodia Long — 1129 Nagel St, St Marys, OH 45885

    Location Insight

    • Map
    • Local Demand
    City
    Saint Marys
    County
    Auglaize
    State
    Ohio
    Longitude
    -84.4091
    Latitude
    40.5529

    FAQs

    What type of property is this?
    Drug store - Former Rite Aid available for lease or redevelopment.
    Where is this drug store located?
    The property is located at 1502 Executive Dr Saint Marys, OH.
    What are key features of this property?
    This property features: High‑traffic location on State Route 29 in St. Marys, Ohio.; Redevelopment or ground lease opportunity.; **2.61 acre pad site with two signalized entrances off State Route 33.**
    (513) 784-1106 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Jason Gibson
    Jason Gibson
    Real Estate License ID: BRKP.2016004929
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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