1880 Limestone St Springfield, OH 45505-4064

Property Details for 1880 Limestone St

Year built

2001

Construction

BRICK

Lot size

1.97 lot acres

Property size

14,668 SF

Property type

Outlet malls

APN

340-07-00033-400-032

APU

3400700033400032

Description

This exceptional investment opportunity presents a 14,490-square-foot Walgreens pharmacy situated on a 1.97-acre lot in Springfield, Ohio. The property boasts a highly desirable absolute NNN net lease, eliminating landlord responsibilities. The lease, with a corporate guarantee, features a remaining term of approximately 2.1 years, followed by ten five-year renewal options, extending to December 31, 2026. Built in 2001, the single-building property enjoys 100% occupancy and generates a strong net operating income (NOI) of $336,000, resulting in a compelling 10.55% cap rate. The asking price is $3,185,000, translating to $219.81 per square foot. The property includes a convenient drive-thru. Its strategic location on South Limestone Street, near the intersection with East John Street, benefits from high traffic counts (23,000+ vehicles per day) and proximity to Interstate I-70 (56,000+ vehicles per day). The site is also within two miles of Springfield Regional Medical Center and serves a population exceeding 77,000 within a five-mile radius. The area features numerous national tenants, including Taco Bell, Rally's, Popeyes, and many others, further enhancing the property's desirability and potential for long-term value appreciation. This is a rare opportunity to acquire a well-performing, low-maintenance retail investment with a strong tenant and excellent location.

Location Insight

City

Springfield

County

Clark

State

Ohio

Longitude

-83.8103

Latitude

39.9015

CBSA code

44220

CBSA name

SPRINGFIELD, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments