320 Water StKent, OH 44240

For Sale
$3,400,000

High-yield, long-term Walgreens lease.

Overview

Added:
Dec 11, 2024
Days on market:
92
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.

Highlights

  • 15,120 SF Walgreens in Kent, OH, built in 2000.
  • NN lease with approximately 4 years remaining, tenant options through 2063.
  • $3,400,000 asking price.
  • Investment-grade corporate guaranty (S&P BB rating) from Walgreens Boots Alliance.

Property Details for 320 Water St

Property type
Other retail properties, Individual retail properties
Square Feet
15,120 SF
Year Built
2000
Buildings
1
Stories
1
Lot Size (sq. ft)
72,310 SF

Location Insight

City
Kent
County
Portage
State
Ohio
Latitude
41.150849588959
Longitude
-81.35811449465
320 Water St, Kent, Ohio

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320 Water St
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