Freestanding Retail Pharmacy
For Sale
Contact for pricing
3710 Shawnee Rd, Lima, OH 45806
Freestanding 14,564 SF retail building with a double drive-thru and 60 parking spaces on 1.46 AC.
Property Size14,564 SF
Lot Size1.46 Acres
Price / SF$89.26
Days on Market167
Property Features for 3710 Shawnee Rd
General Information
Standard status
Active
Size
14,564 SF
Total Parking Spaces
60
Lot size
1.46 Acres
Property subtype
RETAIL
Zoning
B-2
Amenities
double drive-thru
Listing Agency:
CBRE | Cleveland
(216) 687-1800
Listed By:
Kevin Moss · License #SAL.2015001299
(216) 577-1517
Source:
Moodyscre
Added: Mar 30
Changed: Aug 15
Last Checked: Sep 11 at 11:04AM
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 CBRE | Cleveland
Investment Insights
Based on property information with market context.
Freestanding former Rite Aid retail building offering 14,564 SF on 1.46 AC at a signalized hard corner. The site includes 60 total parking spaces and a double drive-thru configuration, supporting convenient customer access from both directions.
The property is located on a main/main southwest corridor of Lima at a signalized intersection with reported over 20,000 VPD at the intersection. Nearby users include CVS, Dollar General, Apollo Career Center, and Joint Systems Manufacturing Center.
The property is zoned B-2 Business and Commercial.
The property is located on a main/main southwest corridor of Lima at a signalized intersection with reported over 20,000 VPD at the intersection. Nearby users include CVS, Dollar General, Apollo Career Center, and Joint Systems Manufacturing Center.
The property is zoned B-2 Business and Commercial.
Key Highlights
- Freestanding 14,564 SF former Rite Aid on 1.46 AC at a signalized hard corner
- B‑2 Business and Commercial zoning
- Double drive‑thru plus 60 total parking spaces
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
$57,799
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
4.45%
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%
$1,155,980
$1.2M
Cap Rate 7%
$825,700
$825.7K
Cap Rate 9%
$642,211
$642.2K
Market Conditions
NOI Build-Up for 14,564 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
$85.6K $5.88/SF
− Vacancy
−$3.1K −$0.21/SF
EGI
$82.6K $5.67/SF
− OpEx
−$24.8K −$1.70/SF
NOI
$57.8K $3.97/SF
Area
Allen County, OH
Vacancy
3.58%
Lease Rate
$5.88 /SF/Yr
Expense Ratio
30.00%
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%
$1,155,980
Cap Rate 7%
$825,700
Cap Rate 9%
$642,211
Alternative Uses
Best Use
Specialty Retail
$2.83M
$2.47M – $3.30M
NOI $197,781 @ 7.0% cap · market cap 15.21%
Second Best
Retail
$825.7K
$722.5K – $963.3K
NOI $57,799 @ 7.0% cap · market cap 4.45%
Theoretical Best
Office A
$3.51M
$3.07M – $4.09M
NOI $245,556 @ 7.0% cap · market cap 18.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
135
Businesses Nearby
5k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Dollar General
Shops & Services
5,149 visits/mo
0.1 miles
Demographics for 45806, OH
11,238
Population
4,792
Households
2.3
Avg Household Size
45
Median Age
26%
College-Educated
95%
High-School Grad
62.5 sq mi
ZIP Area
180
Density / Sq Mi
$82,160
Median Household Income
$50,883
Median Earnings
$972
Median Rent
$189,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Similar Off Market Nearby
- George F. Wolf, RPh — 3710 Shawnee Rd, Lima, OH 45806
- Rite Aid Pharmacy — 3710 Shawnee Rd, Lima, OH 45806
- Amy L. Mankin, RPh — 3710 Shawnee Rd, Lima, OH 45806
- Julene Shepherd — 2620 W Breese Rd, Lima, OH 458061553
- CVS Pharmacy — 2620 W Breese Rd, Lima, OH 45806
Frequently Asked Questions
What type of property is this?
Drug store - Freestanding 14,564 SF retail building with a double drive-thru and 60 parking spaces on 1.46 AC.
Where is this drug store located?
The property is located at 3710 Shawnee Rd Lima, OH.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Freestanding 14,564 SF former Rite Aid on 1.46 AC at a signalized hard corner; B‑2 Business and Commercial zoning; Double drive‑thru plus 60 total parking spaces
