Walgreens Ohio $3.7M 9.5CAP Abs Net | 701 N Cable Rd
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Walgreens Ohio $3.7M 9.5CAP Abs Net 701 N Cable Rd
14,398 SF Retail Building Lima, OH 45805 $3,736,842 ($260/SF) 9.50% Cap Rate
Investment Highlights
- Walgreens recently committed capital at this location for interior renovations to the pharmacy and an addition of a private health room.
- One of only two Walgreens serving over 101,000 residents.
- Located 1.5 miles from Mercy Health-St. Ritas Medical Center with 3,000 employees.
- This store will benefit from an expanded script base as Walgreens recently acquired all of Rite Aid’s files in the Lima Market.
- Open 2 hours later than competing Walgreens in Lima and according to Placer, this store is rated #1 in customer visits of Walgreens in a 50 mi radius.
- Over 2.6 million square feet of retail space within 1.5 miles of the Property.
Executive Summary
We are pleased to market for sale the Walgreens property located at 701 North Cable Road in Lima, Ohio ("The Property"). Walgreens has been successfully operating at this location for over 21 years and has approximately 4 years of firm term, with 10 (5-year) options to extend their lease. Walgreens is on an absolute net lease with zero landlord responsibilities whatsoever.
The Property offers investors the opportunity to acquire a high-yield Walgreens investment in a market with very limited drugstore competition. Walgreens recently committed capital at this location for interior renovations to the pharmacy and an addition of a private health room for pharmacists to provide pharmacy customers with consultation and medication instructions. In June 2024, Rite Aid announced it is shuttering its five stores in the Lima market, leaving the subject Property as the only national chain drugstore east of the Ottawa River and one of only two Walgreens properties in Lima. Furthermore, Walgreens purchased the script count from the five shuttered Rite Aid locations, transferring script counts to the remaining two Walgreens in Lima.
The Property is strategically located 1.5 miles from Mercy Health-St. Ritas Medical Center. With over 3,000 employees, physicians, and volunteers, Mercy Health-St. Ritas, is the main provider of quality health care to the people of Lima and the 10-county region in west central Ohio. Mercy Health-St. Ritas is the largest health system in Ohio and one of the largest in the United States. This provides a significant catalyst for the Property's pharmacy segment.
With over 2.6 million square feet of retail space within 1.5 miles, the Property benefits from being situated in Lima's major retail corridor, anchored by the Lima Mall, Walmart Supercenter, Kohls, T.J. Maxx, Ulta Beauty, Hobby Lobby, and Planet Fitness. Additionally, the Property is located on the signalized hard corner of North Cable Road and Allentown Road, with visibility to over 32,000 vehicles per day.
Listed in association with Brian Brockman, 513-898-1551, wg@bangreatly.com, OH DRE Lic. #BRK.20090000214.
The Property offers investors the opportunity to acquire a high-yield Walgreens investment in a market with very limited drugstore competition. Walgreens recently committed capital at this location for interior renovations to the pharmacy and an addition of a private health room for pharmacists to provide pharmacy customers with consultation and medication instructions. In June 2024, Rite Aid announced it is shuttering its five stores in the Lima market, leaving the subject Property as the only national chain drugstore east of the Ottawa River and one of only two Walgreens properties in Lima. Furthermore, Walgreens purchased the script count from the five shuttered Rite Aid locations, transferring script counts to the remaining two Walgreens in Lima.
The Property is strategically located 1.5 miles from Mercy Health-St. Ritas Medical Center. With over 3,000 employees, physicians, and volunteers, Mercy Health-St. Ritas, is the main provider of quality health care to the people of Lima and the 10-county region in west central Ohio. Mercy Health-St. Ritas is the largest health system in Ohio and one of the largest in the United States. This provides a significant catalyst for the Property's pharmacy segment.
With over 2.6 million square feet of retail space within 1.5 miles, the Property benefits from being situated in Lima's major retail corridor, anchored by the Lima Mall, Walmart Supercenter, Kohls, T.J. Maxx, Ulta Beauty, Hobby Lobby, and Planet Fitness. Additionally, the Property is located on the signalized hard corner of North Cable Road and Allentown Road, with visibility to over 32,000 vehicles per day.
Listed in association with Brian Brockman, 513-898-1551, wg@bangreatly.com, OH DRE Lic. #BRK.20090000214.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
14,398 SF
Building Class
B
Year Built
2003
Price
$3,736,842
Price Per SF
$260
Cap Rate
9.50%
NOI
$355,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.26
Lot Size
1.26 AC
Parking
50 Spaces (3.47 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Drive Thru
Walk Score ®
Very Walkable (71)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 36-27-04-01-006.001 | Improvements Assessment | $299,920 |
| Land Assessment | $192,220 | Total Assessment | $492,140 |
PROPERTY TAXES
Parcel Number
36-27-04-01-006.001
Land Assessment
$192,220
Improvements Assessment
$299,920
Total Assessment
$492,140
(619) 297-0055
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Contacts
-
Jason Pongsrikul -
Dawson MacKay -
Chris Barry -
Pharma Property Group- Drugstore Specialists
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Walgreens Ohio $3.7M 9.5CAP Abs Net | 701 N Cable Rd
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