Walgreens Pharmacy - Kent, OH
Retail | 8.38% CAP | 15,120 SF
Marketing description
Introducing the iconic WALGREENS PHARMACY in Kent, Ohio – a prime investment opportunity offering a 15,120 sq ft freestanding retail store anchored by one of the nation's leading pharmacy brands. The property is strategically located at 320 S Water St, in a bustling downtown area with high visibility and foot traffic. Boasting a long-term Double Net lease with Walgreens through October 2028, this S&P-rated "BB" investment comes with stable rent and a corporate guaranty from Walgreens Boots Alliance. Enjoying proximity to Kent State University and major State Routes, the property benefits from a strong consumer base with an average household income exceeding $60,000 and a population of over 30,000 within a 3-mile radius. Surrounding amenities include Starbucks, Dunkin', Acme Fresh Market, and local eateries, ensuring a vibrant commercial landscape. Ideal for investors seeking a reliable income stream and a prestigious tenant, this property represents a rare opportunity in an affluent and thriving Ohio community.
Investment highlights
The Offering
•A 15,120 ± square foot freestanding Walgreens retail store located in Kent, Ohio, originally built in 2000. The property is under a 63-year Double Net (NN) lease that began in 2000 and currently runs through October 31, 2028, with the tenant having termination options every 5 years until 2063.
•Price: $3,400,000
Lease / Tenant
•Double Net (NN) lease with approximately 4 years remaining in the current term. Tenant has termination options every 5 years, with stable rent throughout the lease term.
•S&P-rated "BB" investment-grade corporate guaranty.
•Walgreens Boots Alliance guarantees the lease, ensuring long-term reliability.
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