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    320 Water St Kent, OH 44240

    For Sale
    $3,400,000

    High-yield, long-term Walgreens lease.

    Property size:
    15,120 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    370
    This exceptional investment opportunity presents a 15,120-square-foot freestanding Walgreens pharmacy in Kent, Ohio. Built in 2000 and situated on a 1.66-acre lot at 320 S Water St, this single-story building is currently under a net-net (NN) lease with Walgreens Boots Alliance, a tenant with an S&P rating of "BB". The lease commenced October 6, 2000, and has a remaining term of approximately 39 years, expiring October 31, 2063, with five-year tenant renewal options. The current lease term has approximately four years remaining. The property boasts a strong net operating income (NOI) of $285,000, resulting in an attractive 8.38% cap rate. The asking price is $3,400,000, translating to a price per square foot of $224.87. This investment offers a secure, long-term income stream backed by a financially stable, investment-grade corporate guarantor. The property benefits from its location in Kent, Ohio, a vibrant community with a strong consumer base, proximity to Kent State University, and major state routes. Surrounding businesses include Starbucks, Dunkin', Acme Fresh Market, and other local establishments, contributing to a thriving commercial environment. This is a rare opportunity to acquire a high-quality, income-producing asset with a nationally recognized tenant and significant remaining lease term.

    Property Features for 320 Water St

    General Information

    Property type
    Individual retail properties
    Square Feet
    15,120 SF
    Lot Size
    72,310 SF

    Building Details

    Year Built
    2000
    Buildings
    1
    Stories
    1

    HighLights

    • 15,120 SF Walgreens in Kent, OH, built in 2000.
    • NN lease with approximately 4 years remaining, tenant options through 2063.
    • $3,400,000 asking price.
    • Investment‑grade corporate guaranty (S&P BB rating) from Walgreens Boots Alliance.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Walgreens Photo Passport Photo Processor Christina Doan, PharmD Pharmacy Nida Hallal, PharmD Pharmacy Walgreens Pharmacy Pharmacy Redbox Movie Rental Kiosk

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Kent
    County
    Portage
    State
    Ohio
    Longitude
    -81.35811449465
    Latitude
    41.150849588959

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    FAQs

    What type of property is this?
    Individual retail property - High-yield, long-term Walgreens lease.
    Where is this individual retail property located?
    The property is located at 320 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: 15,120 SF Walgreens in Kent, OH, built in 2000.; NN lease with approximately 4 years remaining, tenant options through 2063.; $3,400,000 asking price.
    Request Owner's contact information
    320 Water St Kent, OH 44240
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    Kent, OH 44240
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    320 Water St Kent, OH 44240
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