660 Limestone St Springfield, OH 45503-4159

Property Details for 660 Limestone St

Year built

1997

Construction

CONCRETE BLOCKS

Lot size

0.33 lot acres

Property size

7,125 SF

Property type

Retail space

APN

340-07-00035-225-019

APU

3400700035225019

Description

This exceptional investment opportunity presents a fee-simple ownership of a single-story, 0.85-acre retail property in Springfield, Ohio. The property, built in 1997, houses an Advance Auto Parts store operating under a Net Lease agreement. The current lease, with a 10% rent increase every five years, boasts a remaining term of approximately 6.2 years and includes two, five-year renewal options, extending to December 31, 2030. The property generates a substantial net operating income (NOI) of $57,900, resulting in an attractive 7.65% capitalization rate. The tenant, Advance Auto Parts, a nationally recognized and credit-rated (S&P Rated: BBB-) corporation with a significant market capitalization, provides a strong corporate guarantee. Their long-standing presence at this location (over 25 years) demonstrates commitment and stability. The property benefits from a high-traffic location, with daily traffic counts exceeding 39,600 vehicles at the intersection of N Limestone St and Route 40. The surrounding area boasts a robust population base, with approximately 60,722 residents within a 3-mile radius and 82,597 within a 5-mile radius. Proximity to major retailers like Walmart, Lowe's, Kroger, Wendy's, and Raising Cane's, along with Wittenberg University (approximately 2 miles away), further enhances the property's desirability and potential for long-term growth. The asking price for this exceptional investment is $756,863.

Location Insight

City

Springfield

County

Clark

State

Ohio

Longitude

-83.8057

Latitude

39.9319

CBSA code

44220

CBSA name

SPRINGFIELD, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments