Walgreens Pharmacy Investment
For Sale
Contact for pricing
320 S Water St, Kent, OH 44240
Freestanding retail store leased to Walgreens in Kent, Ohio.
Property Size15,120 SF
Price / SF$224.87
Days on Market641
Property Features for 320 S Water St
General Information
Standard status
Active
Size
15,120 SF
Property subtype
Retail
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$285,000
Building Details
Year Built
2000
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Bang Realty
(888) 737-2264
Listed By:
Brian Brockman · License #BRK.200900214
Source:
Crexi
Added: Nov 20, 2024
Changed: Aug 22
Last Checked: Aug 21 at 11:00AM
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 Bang Realty
Investment Insights
Based on property information with market context.
This 15,120 sq ft freestanding retail store is leased to Walgreens Pharmacy. Located at 320 S Water St in Kent, Ohio, the property benefits from high visibility and foot traffic in a bustling downtown area. The property is under a Double Net lease with Walgreens through October 2028, with a corporate guaranty from Walgreens Boots Alliance. The surrounding area includes Starbucks, Dunkin', Acme Fresh Market, and local eateries. The location benefits from a strong consumer base, with an average household income exceeding $60,000 and a population of over 30,000 within a 3-mile radius. The property is near Kent State University and major State Routes.
Key Highlights
- Long‑term Double Net lease with Walgreens through October 2028, providing stable rent.
- Corporate guaranty from Walgreens Boots Alliance (S&P‑rated "BB").
- Prime location in a bustling downtown area with high visibility and foot traffic.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$197,384
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.81%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,947,680
$3.9M
Cap Rate 7%
$2,819,771
$2.8M
Cap Rate 9%
$2,193,156
$2.2M
Market Conditions
NOI Build-Up for 15,120 SF
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.
Gross rent
$272.2K $18.00/SF
− Vacancy
−$9.0K −$0.59/SF
EGI
$263.2K $17.41/SF
− OpEx
−$65.8K −$4.35/SF
NOI
$197.4K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,947,680
Cap Rate 7%
$2,819,771
Cap Rate 9%
$2,193,156
Alternative Uses
Best Use
Specialty Retail
$2.82M
$2.47M – $3.29M
NOI $197,384 @ 7.0% cap · market cap 5.81%
Second Best
Retail
$851.7K
$745.3K – $993.7K
NOI $59,620 @ 7.0% cap · market cap 1.75%
Theoretical Best
Office A
$3.05M
$2.66M – $3.55M
NOI $213,189 @ 7.0% cap · market cap 6.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,010
Businesses Nearby
66k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 86%
Shops & Services 14%
Chipotle Mexican Grill
Dining
16,494 visits/mo
0.5 miles
Dunkin' Donuts
Dining
15,037 visits/mo
0.4 miles
Wendy's
Dining
13,214 visits/mo
0.4 miles
Five Guys
Dining
6,729 visits/mo
0.5 miles
FedEx Office Print & Ship Center
Shops & Services
3,861 visits/mo
0.4 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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Christina Doan, PharmD — 320 S Water St, Kent, OH 44240
- Nida Hallal, PharmD — 320 S Water St, Kent, OH 44240
- Walgreens Pharmacy — 320 S Water St, Kent, OH 44240
- COVID-19 Drive-Thru Testing at Walgreens — 320 S Water St, Kent, OH 44240
- Charlotte Price — 320 S Water St, Kent, OH 442403528
Frequently Asked Questions
What type of property is this?
Drug store - Freestanding retail store leased to Walgreens in Kent, Ohio.
Where is this drug store located?
The property is located at 320 S Water St Kent, OH.
What is the asking price?
The asking price for this property is $3,400,000.
What are key features of this property?
This property features: Long‑term Double Net lease with Walgreens through October 2028, providing stable rent.; Corporate guaranty from Walgreens Boots Alliance (S&P‑rated "BB").; Prime location in a bustling downtown area with high visibility and foot traffic.
