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29403628
29403629

1140 N Limestone St, Springfield, OH 45503

JP
CA 01918332
Pharma Property Group
SD
CA 02148682
Pharma Property Group
CB
CA CA 02018350
Pharma Property Group
Listed by Pharma Property Group
$2,916,666
131 days on market
Updated 48 days ago

Close Proximity to 234 Bed Hospital & University

Details
Property Type Retail
Sub Type Pharmacy/Drug
Square Footage 13,991
Cap Rate 12%
NOI $350,000
Tenancy Single
Brand/Tenant Walgreens
Lease Type Absolute NNN
Lease Expiration 03/31/2029
Remaining Term 2.8
Lease Options 10 (5-Year)
Price per SqFt $208
Broker Co-Op Yes
Year Built 2004
Acreage 1.230
Investment Type Net Lease

Retail | 12.00% CAP | 13,991 SqFt

Marketing description

We are pleased to offer for sale the Walgreens property located at 1140 N Limestone St, Springfield, OH 45503 (the “Property”). Walgreens operates under an absolute net lease with approximately 3 years remaining in the current term. The lease includes ten (5-year) renewal options.

The Property is situated at the intersection of North Limestone Street (State Route 72) and East McCreight Avenue, a high-visibility corridor that connects directly to Interstate 70, offering strategic positioning within Springfield’s main commercial and medical district. Limestone Street functions as a primary north-south arterial.

The surrounding area includes a mix of healthcare, education, and residential density. Notably, the property is 0.5 miles from Mercy Health – Springfield Regional Medical Center, a 234-bed full-service hospital, and Springfield Nursing and Assisted Living, located just across McCreight Avenue. Wittenberg University, with 1,254 students and nearly 200 faculty/staff, and Springfield High School (1,602 students; 110 teachers) are both within a two-mile radius, contributing to a consistent daytime population and demand.

Further enhancing the area’s growth, work recently began on Fountain Village, a 16-acre residential development just blocks from the Property. Once complete, the community will offer 54 single-family homes alongside 109 townhomes.

Listed in conjunction with Brian Brockman, Bang Realty Inc, 513-898-1551, [email protected], OH DRE Lic. BRK.2009000214.

Investment highlights

  • 0.5 miles from 234-bed Mercy Health Springfield Regional Medical Center.

  • Within 2 miles of Wittenberg University (1,254 students) and Springfield High School (1,602 students).

  • Fountain Village, a 16-acre housing development which includes 54 single-family homes, and 109 townhomes.

  • Located at North Limestone St (±19K VPD) & (±12K VPD) McCreight Ave, a key north–south arterial with direct connectivity to I-70, Springfield’s main interstate access.

  • Springfield employment grew 2.3% (Feb 2020–Mar 2024), led by major employers Mercy Health (4,060), Navistar (4,556), and Clark State College.

  • Springfield GDP up 6.1% YoY with growth in healthcare, advanced manufacturing, and air mobility.

Listing Contacts

JP
CA 01918332
Pharma Property Group
SD
CA 02148682
Pharma Property Group
CB
CA CA 02018350
Pharma Property Group
Listed by Pharma Property Group

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Loan Amount
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$350,000.00
$29,166.67/mo

Valuation Metrics

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DSCR
12%
Cap Rate
12%
ROI

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