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 Market686
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
Listed By:
Brian Brockman · License #239819
(888) 737-2264
Source:
Crexi
Added: Nov 20, 2024
Changed: Oct 6
Last Checked: Oct 5 at 3:50PM
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 / Yr
$197,384
Cap Rate
5.81%
Suggested Prices Based on Cap Rates
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
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 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
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Open Analytics
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
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
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.
