Triple Net Walgreens Retail
385 Northland Blvd Cincinnati, OH 45240
For Sale
Contact for pricing
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 Market161
Property Features for 385 Northland Blvd
General Information
- Standard status
- Active
- Size
- 14,747 SF
- Lot size
- 2.57 Acres
- Property subtype
- Retail
Building Details
- Year Built
- 1991
Listing Agency:
SURMOUNT
(332) 345-4222
Listed By:
Kyle Gulock · License #CA 01861385
Source:
Crexi
Added: Feb 12
Changed: Jul 23
Last Checked: Jul 23 at 12:26PM
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 For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $283.1k | $19.20 |
| − Vacancy | −$19.8k | −$1.34 |
| EGI | $263.3k | $17.86 |
| − OpEx | −$65.8k | −$4.46 |
| NOI | $197.5k | $13.39 |
14,747 SF · lease $19.20/SF/yr · vacancy 7.00% · expense 25.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Walgreens Photo
(Bike/Boat/Book/etc) Store
COVID-19 Drive-Thru Testing ...
Medical Laboratory
Western Union
Bank
Walgreens Pharmacy
Pharmacy
FedEx OnSite
Postal Service
Similar Off Market Nearby
- Walgreens Pharmacy — 385 Northland Blvd, Cincinnati, OH 45240
- Teresa Horning — 385 Northland Blvd, Springdale, OH 45246
- Jonathan Fete — 385 Northland Blvd, Cincinnati, OH 452403272
- Jessica Manson — 385 Northland Blvd, Cincinnati, OH 45246
- Lloyds Pharmacy Buy Viagra. Premium Canadian Pharmacy — 11017 ashburn rd, cincinnati, oh 45240
FAQs
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
