Listing Agency: Putman Properties, Inc Show Phone

Listed By: Spencer Hartung · License ##SAL.2016003574 Show Phone

Source: Moodyscre

Added: Oct 23 Changed: Oct 24 Last Checked: Oct 24 at 2:38PM

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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 Putman Properties, Inc

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Investment Insights

Based on property information with market context.

Formerly occupied by Discount Drug Mart, this drug store property offers 23,962 square feet that can be divided into two suites. A drive-through pharmacy lane is part of the property, supporting a pharmacy-oriented layout.

The property is at a signalized intersection on East Main Street in Kent, Ohio. East Main Street carries a reported 2023 traffic count of 18,090 vehicles per day.

Key Highlights

• 23,962 square feet divisible into two suites
• Drive‑through pharmacy lane
• Signalized intersection on East Main Street

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$312,812

Cap Rate

6.95%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$6,256,240 $6.3M

Cap Rate 7%

$4,468,743 $4.5M

Cap Rate 9%

$3,475,689 $3.5M

Is this asking price fair?

Market Conditions

NOI Build-Up for 23,962 SF

Gross rent

$431.3K $18.00/SF

− Vacancy

−$14.2K −$0.59/SF

EGI

$417.1K $17.41/SF

− OpEx

−$104.3K −$4.35/SF

NOI

$312.8K $13.05/SF

Area

Portage County, OH

Vacancy

3.30%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$6,256,240

Cap Rate 7%

$4,468,743

Cap Rate 9%

$3,475,689

Alternative Uses

Best Use

Specialty Retail

$4.47M

$3.91M – $5.21M (±1% cap)

NOI $312,812 @ 7.0% cap · market cap 6.95%

Second Best

Retail

$1.35M

$1.18M – $1.57M (±1% cap)

NOI $94,485 @ 7.0% cap · market cap 2.10%

Theoretical Best

Office A

$4.83M

$4.22M – $5.63M (±1% cap)

NOI $337,860 @ 7.0% cap · market cap 7.51%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Contact the owner directly Get the owner's phone numbers and email

Open Analytics

Current Use

Western Union Bank LibertyX Bitcoin ATM Atm Amazon Locker - Marketing Postal Service Discount Drug Mart Cosmetic Store

Suggested Use

Top Pick Real Estate Agency Law Firm Auto Repair Shop Big Box & Wholesale Store Dental Office Auto Parts Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

462

Businesses Nearby

147k

Monthly Visits Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 42% Dining 38% Groceries 20%

Raising Cane's Chicken Fingers Dining

33,892 visits/mo 0.1 miles

Acme Fresh Market Groceries

29,801 visits/mo 0.1 miles

Gabe's Shops & Services

25,996 visits/mo 0.2 miles

BP Shops & Services

14,921 visits/mo 0.3 miles

Huntington Bank Shops & Services

8,003 visits/mo 0.0 miles

Demographics for 44240, OH

38,354

Population

20,228

Households

1.9

Avg Household Size

32

Median Age

44%

College-Educated

96%

High-School Grad

39.7 sq mi

ZIP Area

966

Density / Sq Mi

$57,415

Median Household Income

$31,613

Median Earnings

$989

Median Rent

$216,000

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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Similar Off Market Nearby

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Frequently Asked Questions

What type of property is this?

Drug store - The former pharmacy space can be configured as two suites and includes a drive-through lane.

Where is this drug store located?

The property is located at 1763 E Main St Kent, OH.

What is the asking price?

The asking price for this property is $4,500,000.

What are key features of this property?

This property features: 23,962 square feet divisible into two suites; Drive‑through pharmacy lane; Signalized intersection on East Main Street