701 Cable Rd Lima, OH 45805-1737

Property Details for 701 Cable Rd

Year built

2003

Lot size

1.26 lot acres

Property size

14,725 SF

Property type

Retail properties

APN

36-2704-01-006.001

APU

36270401006001

Description

This exceptional investment opportunity presents a fee-simple, 14,398 square-foot Walgreens pharmacy located at 701 N Cable Rd, Lima, OH 45805. Boasting a 9.50% cap rate and a strong NOI of $355,000, this property offers a compelling return on investment. The absolute net lease with Walgreens, a national chain, extends to July 30, 2028, with ten 5-year renewal options, ensuring long-term stability. The property sits on a 1.26-acre lot and benefits from recent renovations, including a new private health room, showcasing Walgreens' commitment to the location. Strategically positioned in Lima's major retail corridor, near the Lima Mall and other major retailers, this property enjoys high visibility on a signalized corner with over 32,000 vehicles passing daily. Its proximity to Mercy Health-St. Rita's Medical Center, a major employer, further enhances its appeal. The property's prime location and the recent closure of competing Rite Aid pharmacies, with Walgreens absorbing their prescription volume, solidify its position as a dominant player in the local market. This is a rare opportunity to acquire a high-performing, well-located Walgreens pharmacy with significant long-term potential. The asking price is $3,736,842, translating to a price per square foot of $259.54. Built in 2003, this property offers a blend of established performance and future growth prospects.

Location Insight

City

Lima

County

Allen

State

Ohio

Longitude

-84.1475

Latitude

40.749

CBSA code

30620

CBSA name

LIMA, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments