Walgreens Drug
For Sale
Contact for pricing
3390 Elm Road NE, Warren, OH 44483
2004-built retail property positioned at the North River Road and Elm Road N.E. intersection.
Property Size14,470 SF
Price / SF$203.04
Days on Market122
Property Features for 3390 Elm Road NE
General Information
Standard status
Active
Size
14,470 SF
Total Parking Spaces
62
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$217,350
Additional Details
Corner Location
Yes
Building Details
Year Built
2004
Tenancy
Single
Listing Agency:
May Realty Advisors
Listed By:
Matthew May · License #CA 00912472
Source:
Crexi
Added: May 1
Changed: Aug 29
Last Checked: Aug 29 at 11:07PM
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 May Realty Advisors
Investment Insights
Based on property information with market context.
Built in 2004, this Walgreens retail property contains 14,470 square feet at 3390 Elm Road N.E. in Warren, Ohio. The building occupies the intersection of North River Road and Elm Road N.E., providing a prominent corner position within an established commercial setting.
Nearby businesses include Chase Bank, Pizza Hut, and Sheetz at the same intersection, while Menards, Dollar Tree, KFC, Burger King, and Tractor Supply Co. add additional commercial activity in the surrounding area. Gillette Nursing Home and Renaissance North Healthcare retirement home are located just north of the property. The site is less than three miles from downtown Warren, within the Youngstown-Warren-Boardman MSA and approximately 16 miles from the Ohio-Pennsylvania border.
Nearby businesses include Chase Bank, Pizza Hut, and Sheetz at the same intersection, while Menards, Dollar Tree, KFC, Burger King, and Tractor Supply Co. add additional commercial activity in the surrounding area. Gillette Nursing Home and Renaissance North Healthcare retirement home are located just north of the property. The site is less than three miles from downtown Warren, within the Youngstown-Warren-Boardman MSA and approximately 16 miles from the Ohio-Pennsylvania border.
Key Highlights
- 14,470‑square‑foot Walgreens retail property
- Built in 2004
- Corner location at North River Road and Elm Road N.E.
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
$155,950
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
5.31%
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%
$3,119,000
$3.1M
Cap Rate 7%
$2,227,857
$2.2M
Cap Rate 9%
$1,732,778
$1.7M
Market Conditions
NOI Build-Up for 14,470 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
$217.1K $15.00/SF
− Vacancy
−$9.1K −$0.63/SF
EGI
$207.9K $14.37/SF
− OpEx
−$52.0K −$3.59/SF
NOI
$156.0K $10.78/SF
Area
Trumbull County, OH
Vacancy
4.20%
Lease Rate
$15.00 /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%
$3,119,000
Cap Rate 7%
$2,227,857
Cap Rate 9%
$1,732,778
Alternative Uses
Best Use
Specialty Retail
$2.23M
$1.95M – $2.60M
NOI $155,950 @ 7.0% cap · market cap 5.31%
Second Best
Retail
$2.00M
$1.75M – $2.33M
NOI $139,732 @ 7.0% cap · market cap 4.76%
Theoretical Best
Office A
$2.75M
$2.40M – $3.20M
NOI $192,254 @ 7.0% cap · market cap 6.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
271
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44483, OH
24,840
Population
12,469
Households
2
Avg Household Size
43
Median Age
17%
College-Educated
89%
High-School Grad
18.3 sq mi
ZIP Area
1,357
Density / Sq Mi
$47,629
Median Household Income
$32,289
Median Earnings
$796
Median Rent
$100,600
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
- Giant Eagle Pharmacy — 2061 Elm Road, Plaza, Warren, OH 44483
- Amanda M. Apanasewicz, PharmD — 2154 Elm Rd NE, Warren, OH 44483
- Rita Markakis — 2154 Elm Rd NE, Warren, OH 444834005
- Joann Weber — 2154 Elm Rd NE, Warren, OH 444834005
- Rite Aid Pharmacy — 2154 Elm Rd NE, Warren, OH 44483
Frequently Asked Questions
What type of property is this?
Drug store - 2004-built retail property positioned at the North River Road and Elm Road N.E. intersection.
Where is this drug store located?
The property is located at 3390 Elm Road NE Warren, OH.
What is the asking price?
The asking price for this property is $2,938,000.
What are key features of this property?
This property features: 14,470‑square‑foot Walgreens retail property; Built in 2004; Corner location at North River Road and Elm Road N.E.
