320 Water St Kent, OH 44240

Property Details for 320 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.

Location Insight

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