Triple Net Walgreens Retail
For Sale
Contact for pricing
385 Northland Blvd, Cincinnati, OH 45240
Walgreens building is secured by a 15-year NNN lease that commenced in 2023.
Property Size14,747 SF
Lot Size2.57 Acres
Price / SF$320.28
Days on Market207
Property Features for 385 Northland Blvd
General Information
Standard status
Active
Size
14,747 SF
Lot size
2.57 Acres
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Net Operating Income
$295,200
Building Details
Year Built
1991
Tenancy
Single
Listing Agency:
SURMOUNT
Listed By:
Jake Hartbarger · License #02203197
(419) 787-6970
Source:
Crexi
Added: Feb 12
Changed: Aug 25
Last Checked: Sep 7 at 2:42AM
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 SURMOUNT
Investment Insights
Based on property information with market context.
This offering presents a Walgreens retail property subject to a 15-year Triple Net (NNN) lease. The building contains roughly 14,747 rentable square feet on an estimated 2.57-acre parcel. The lease commenced 2.23.2023, and the current annual rent is $295,200 with scheduled increases of 5.00% every 5 years.
The property is located at 385 Northland Boulevard in Cincinnati, Ohio.
The property is located at 385 Northland Boulevard in Cincinnati, Ohio.
Key Highlights
- Walgreens property built in 1991 with 14,747 rentable SF on an estimated 2.57‑acre parcel
- 15‑year Triple Net (NNN) lease with commencement date of 2/23/2023
- Current annual rent of $295,200 with scheduled 5.00% increases every 5 years
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
$197,492
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
4.18%
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%
$3,949,840
$3.9M
Cap Rate 7%
$2,821,314
$2.8M
Cap Rate 9%
$2,194,356
$2.2M
Market Conditions
NOI Build-Up for 14,747 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
$283.1K $19.20/SF
− Vacancy
−$19.8K −$1.34/SF
EGI
$263.3K $17.86/SF
− OpEx
−$65.8K −$4.46/SF
NOI
$197.5K $13.39/SF
Area
Cincinnati, OH
Vacancy
7.00%
Lease Rate
$19.20 /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%
$3,949,840
Cap Rate 7%
$2,821,314
Cap Rate 9%
$2,194,356
Alternative Uses
Best Use
Specialty Retail
$2.82M
$2.47M – $3.29M
NOI $197,492 @ 7.0% cap · market cap 4.18%
Second Best
Retail
$2.43M
$2.13M – $2.83M
NOI $170,018 @ 7.0% cap · market cap 3.60%
Theoretical Best
Office A
$2.93M
$2.57M – $3.42M
NOI $205,205 @ 7.0% cap · market cap 4.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
967
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 45240, OH
28,820
Population
11,485
Households
2.5
Avg Household Size
37
Median Age
32%
College-Educated
91%
High-School Grad
9.7 sq mi
ZIP Area
2,971
Density / Sq Mi
$66,918
Median Household Income
$38,593
Median Earnings
$1,187
Median Rent
$176,600
Median Home Value
Market
Vacancy Rate% for Retail in Cincinnati, OH
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Drug store - Walgreens building is secured by a 15-year NNN lease that commenced in 2023.
Where is this drug store located?
The property is located at 385 Northland Blvd Cincinnati, OH.
What is the asking price?
The asking price for this property is $4,723,200.
What are key features of this property?
This property features: Walgreens property built in 1991 with 14,747 rentable SF on an estimated 2.57‑acre parcel; 15‑year Triple Net (NNN) lease with commencement date of 2/23/2023; Current annual rent of $295,200 with scheduled 5.00% increases every 5 years
