320 S Water St Kent, OH 44240
Property profile & analytics
320 S Water St Kent, OH 44240
- Drug stores
- 14,936 SF
- 1.66 lot acres
Property ID
US66-6216725
The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
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 / (Bike/Boat/Book/etc) Store
Property Details for 320 S Water St
- Year built
- 2000
- Lot size
- 1.66 lot acres
- Property size
- 14,936 SF
- Property type
- Drug stores
- APN
- 17-025-40-00-048-001
- APU
- 170254000048001
Description
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.
Value Estimations
based on Realmo’s proprietary methodology
-
CAP approach
- CAP Return
- Estimation
- 6%
- $980,000
- 6.5%
- $905,000
- 7%
- $840,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $1,422,000
- AI Estimate
- $1,415,000
Market price range: $465k - $1.42MMarket price range: $346k - $1.42M -
Alternative Use
- Use
- Estimation
- RETAIL STORES
- $1,125,000 Current use
- AUTO REPAIR, GARAGE
- $1,150,000 Change: +2% Conversion: Difficult
- APARTMENT HOUSE (5+ UNITS)
- $1,135,000 Change: +1% Conversion: Difficult
- WAREHOUSE, STORAGE
- $945,000 Change: -16% Conversion: Difficult
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Kent
- County
- Portage
- State
- Ohio
- Longitude
- -81.359
- Latitude
- 41.1506
- CBSA code
- 10420
- CBSA name
- AKRON, OH METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$50,155
$252,490
$475,580
$728,070
-
$721,400
$1,358,800
$2,080,200
