Listed by May Realty Advisors, Arnold J. Eisenberg, Inc.
$2,938,000
3390 Elm Road N.E.
Details
APN 44.055535; 44.205373
Property Type Retail
Sub Type Pharmacy/Drug, Freestanding
Square Footage 14,470
Cap Rate 7.40%
NOI $217,350
Occupancy 100%
Tenancy Single
Brand/Tenant Walgreens
Lease Type Absolute NNN
Lease Expiration 08/30/2035
Remaining Term 9.7
Rent Bumps Yes
Lease Options (12) x Five (5) Year Options
Price per SqFt $203
Year Built 2004
Acreage 1.530
Parking Spaces 62 spaces
Parking per 1,000 SqFt 4.28
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Lease Commencement 08/25/2022
3390 Elm Road N.E., Warren, OH 44483
Marketing description
We are pleased to exclusively offer for sale the +/-14,470 SF Walgreens located at 3390 Elm Road N.E., Warren, OH 44483. Under three miles from downtown Warren, the property is situated on the hard corner intersection of North River Road and Elm Road N.E. The property is in good company with Chase Bank, Pizza Hut, and Sheetz gas station on the same intersection, and just north of Gillette Nursing Home and Renaissance North Healthcare retirement home.
Additional traffic drivers in the area include Menards, Dollar Tree, KFC, Burger King, and Tractor Supply Co.
Warren the county seat of Trumbull County and a part of the Youngstown-Warren-Boardman MSA. The city is in North Eastern Ohio and is just 16 miles from the Ohio-Pennsylvania border.
Investment highlights
- Warren is Growing Rapidly
- Backed by over 1 million SF of new industrial development and an $800M investment from a Fortune 500 global manufacturer, Warren is rapidly emerging as a key Midwest growth market—bringing jobs, income, and sustained retail demand directly to the subject property.
- Corporate Expansion & Job Growth
- Fortune 500 Global Tenant (Kimberly-Clark) – International company with operations in 175+ countries selecting Warren for major U.S. expansion
- ~500 New High-Quality Jobs – Significant job creation driving population stability and increased consumer spending power
- $49M+ Annual Payroll Impact – New income flowing into the local economy, directly supporting retail and service demand
- Ancillary Business Growth – Large-scale manufacturing investment is expected to attract suppliers, logistics users, and supporting businesses to the area
- Property and Building Attributes
- This Warren, Ohio Walgreens is a freestanding 14,470-square foot building featuring an easily accessible drive-thru.
- The single-tenant layout delivers easy access, visibility, and exposure. With the closing of the Rite-Aid, Walgreen’s has been able to extend their dominance in the trade area.
- Drive Through: Walgreen’s benefits by having a very accessible drive through with fast and easy access.
- High Visibility – Located at 4-way signalized intersection at the corner of Elm and North River Rd, providing prominent frontage and strong visibility along one of Warren’s key retail corridors. There are many national and regional tenants within the immediate trade area.
- Hands-Off Lease Structure - Triple-net lease with tenant responsibilities designed to support a passive ownership profile.
- Long-Term Value Opportunity - This well-positioned parcel provides abundant parking and long-term optionality, including the potential for future redevelopment.
Listing Contacts
Listed by May Realty Advisors, Arnold J. Eisenberg, Inc.
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Loan Amount
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Annual Debt Service
$--
$--
Annual Cash Flow
$217,350.00
$18,112.50/mo
Valuation Metrics
0
DSCR
7.4%
Cap Rate
7.4%
ROI
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