Address: 1880 South Limestone Street, Springfield, Ohio, United States 45505
Type: Drug Store
Cap Rate: 7.50%
Lease Type: Absolute Triple Net (NNN)
Annual Rent: $336,000
Net Operating Income: $336,000
Lease Term Remaining: 7.75 Years
Options: Ten (10), Five (5)-Year Renewal Options
Year Built: 2001
Rentable Sq/Ft: 14,490 SF
Rent Sq/Ft: $23.19
Price Sq/Ft: $309
Lot Size: +/- 1.00 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Walgreens located at 1880 South Limestone Street in Springfield, Ohio. The site constructed in 2001, consists of roughly 14,490 rentable square feet of building space on estimated 1.00 acre parcel of land.
Walgreens is subject to a 25-year triple-net (NNN) lease, which commenced on January 1, 2019. The annual rent is $336,000. There are ten (10), five (5)-year tenant renewal options, extending the total possible lease term to 75 years.
This Walgreens is situated on 1880 South Limestone Street in Springfield, Ohio. Limestone Street boasts average daily traffic counts exceeding 22,000 vehicles. Limestone Street also directly intersects with Interstate-70 which brings an additional 62,000 vehicles into the immediate area per day, respectively. There are more than 74,800 individuals residing within a five-mile radius of the property and more than 121,200 individuals within a ten-mile radius.
This Walgreens benefits from being well-positioned in a highly dense retail corridor consisting of national and local tenants, shopping centers, hotels, and schools, all within close proximity of this property. Major national tenants include: Kroger, Big Lots!, Family Dollar, Taco Bell, Popeye’s, McDonald’s, Hardee’s, Burger King, Dunkin’ Donuts, as well as many more. There are also numerous hotel accommodations in the area with names such as Hampton Inn & Suites, Comfort Inn, Holiday Inn Express, Red Roof Inn, and Motel 6. This Walgreens also benefits from being situated within a five-mile radius of several academic institutions, including Springfield High School and Fulton Elementary School, which have a combined total enrollment exceeding 2,100 students. It is also situated within walking distance of Hayward Middle School and Lincoln Elementary School, which have a combined total enrollment exceeding 700 students. Most notably, Clark State Community College, Springfield Campus is located within one-mile of the subject property and has a total enrollment exceeding 5,600 students.
Springfield is a city and the county seat of Clark County. The municipality is located in southwestern Ohio and situated on the Mad River, Buck Creek and Beaver Creek, approximated 45-miles west of Columbus, Ohio. Springfield’s strongest business clusters represent food, automotive aerospace, financial services, logistics, data and advanced technology. The community’s core strengths are access to robust gas, electric, water, sewer and telecommunications networks. In addition, Springfield’s strategic location on Interstate-70 provides a logistical advantage with access to over 60% of the U.S. population within 600-miles. Springfield Public Schools enroll 8,604 students in public primary and secondary schools. The district operates 16 public schools including ten elementary schools, three middle schools, one high school, and one alternative school. Springfield is home to two institutions of higher learning, Wittenberg University, and Clark State Community College. Both combine to enroll approximately 7,500 students.
Broker of Record: Michael Glass License #BRK.2007005898