Back to Search

Walgreens Pharmacy Investment Opportunity

320 S Water St, Kent, OH 44240

View on Map

For Sale

Contact for pricing

Freestanding retail store leased to Walgreens in Kent, Ohio.

Type:Retail

Property size:

15,120 SF

Price / SF:

$224/SF

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.
Freestanding 15,120 sq ft retail store anchored by a leading national pharmacy brand.
Proximity to Kent State University and major State Routes, ensuring a strong consumer base.
Located in an affluent community with an average household income exceeding $60,000.

We can help!

Contact an agent

Brian Brockman

For Sale

Contact for pricing

Freestanding retail store leased to Walgreens in Kent, Ohio.

Type:Retail

Property size:

15,120 SF

Price / SF:

$224/SF

Added:: Nov 20, 2024
Days on Market:: 594
Last Refresh:: Jul 5 at 12:26 pm

Property Features for 320 S Water St

General Information

Standard status: Active
Size: 15,120 SF
Property subtype: Retail

Building Details

Year Built: 2000

We can help!

Contact an agent

Brian Brockman

Listing office Bang Realty

Listing date Nov 20, 2024

Source Crexi

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

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.
Freestanding 15,120 sq ft retail store anchored by a leading national pharmacy brand.
Proximity to Kent State University and major State Routes, ensuring a strong consumer base.
Located in an affluent community with an average household income exceeding $60,000.

Overview

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.

Local Financial Insights For Specialty Retail

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$272.2k	$18.00
− Vacancy	−$9.0k	−$0.59
EGI	$263.2k	$17.41
− OpEx	−$65.8k	−$4.35
NOI	$197.4k	$13.05

15,120 SF · lease $18.00/SF/yr · vacancy 3.30% · expense 25.00%

Alternative Uses

Best Use

Specialty Retail

$2.82M

$2.47M – $3.29M (±1% cap)

NOI $197,384 @ 7.0% cap · market cap 5.81%

Second Best

Retail

$851.7K

$745.3K – $993.7K (±1% cap)

NOI $59,620 @ 7.0% cap · market cap 1.75%

Theoretical Best

Office A

$3.05M

$2.66M – $3.55M (±1% cap)

NOI $213,189 @ 7.0% cap · market cap 6.27%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

Walgreens Photo (Bike/Boat/Book/etc) Store Christina Doan, PharmD Pharmacy Nida Hallal, PharmD Pharmacy Walgreens Pharmacy Pharmacy Redbox Cinema

Suggested Use

Similar Places 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

Location Insight

Map
Local Demand

City: Kent
County: Portage
State: Ohio
Longitude: -81.3583928
Latitude: 41.1506242

Nearby Similar for Sale

$195,000

Office Unit with Strong Visibility

For sale office Unit B in a two-unit building with visibility along State Route 43.

4222 State Route 43, Kent, OH 44240

View Details
$600,000

Brick Ranch Duplex Package

Six 2-bedroom duplex units across three brick buildings, currently managed, offered as a single package.

525 Irma Street, Kent, OH 44240

View Details
$339,900

1,740 SF

Kent Multifamily Investment Opportunity

Single family house and duplex on one corner lot.

612 Cuyahoga Street, Kent, OH 44240

View Details
$215,000

2,100 SF

Income-Producing Multifamily Near Kent State

Multifamily property near Kent State, ideal for rental income.

209 Dodge Street, Kent, OH 44240

View Details
$240,000

2,067 SF

Spacious Home Near Kent University

4-bedroom, 2-bath home near downtown Kent and Kent State.

1039 Anna Avenue, Kent, OH 44240

View Details
$250,000

1,488 SF

Student Housing Townhome Investment

5-bedroom, 2.5-bath townhome positioned directly across from Kent State University.

1541 Whitehall Boulevard, Kent, OH 44240

View Details
$175,000

Geodesic Dome Entertainment Building

Architecturally distinctive geodesic dome building with dedicated parking, most recently used as a bar and entertainment venue.

166 Currie Hall, Kent, OH 44240

View Details
$250,000

Student Housing Townhome

A 5-bedroom, 2.5-bath townhome across from Kent State University with established student occupancy.

1543 Whitehall Boulevard, Kent, OH 44240

View Details
$65,900,027

1,708 SF

High-Visibility Retail/Service Building

Former tire and brake service building with ample parking and highway accessibility off the I-76 East on ramp.

4260 State Route 43, Kent, OH 44240

View Details
$195,000

1,176 SF

Visible Office Unit for Sale

For sale office unit in a two-unit building, available now and sized to support a range of professional uses.

4222 State Route 43, Kent, OH 44240

View Details
$899,900

4,430 SF

Established Restaurant with Loyal Clientele

Long-standing restaurant with a strong reputation and loyal customer base.

1609 E Main Street, Kent, OH 44240

View Details
Contact for pricing
91,000 SF

91,000 SF Industrial Facility

91,000 SF industrial facility on 15.5 acres in Kent, OH.

9 Franklin Ave, Kent, OH

View Details

For sale
Drug stores
OH
Kent
44240
320 S Water St

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.

320 S Water St, Kent, OH 44240

Freestanding retail store leased to Walgreens in Kent, Ohio.

Property Features for 320 S Water St

General Information

Building Details

We can help!

HighLights

Overview

Local Financial Insights For Specialty Retail

Simulate Cap Rate and NOI

Alternative Uses

Current Use by Public Records

Suggested Use

Similar Places Nearby

Location Insight

Nearby Similar for Sale

Office Unit with Strong Visibility

Brick Ranch Duplex Package

Kent Multifamily Investment Opportunity

Income-Producing Multifamily Near Kent State

Spacious Home Near Kent University

Student Housing Townhome Investment

Geodesic Dome Entertainment Building

Student Housing Townhome

High-Visibility Retail/Service Building

Visible Office Unit for Sale

Established Restaurant with Loyal Clientele

91,000 SF Industrial Facility

FAQs