Asking Price: $3,800,000
Building Size: 14,490 SQ FT
Lot Size: 79279
Cost per Square Foot: $262.25
Cap Rate: 8.33%
Walgreens of Madison, Ohio is a free-standing 14,490 sq. ft. building with dual drive thru lanes, situated on 1.82 acres located in the 18 county Northeast Ohio region made up of over 4.1 million population making it the 12th largest region in the U.S. Built in 2007, Walgreens’ absolute NNN lease features 12.5 years of primary term remaining and ten, 5-year renewal options. The property is positioned with excellent access and visibility on a hard signalized corner of North Ridge Rd (U.S. Route 20-over 15,000
vpd) and Hubbard Rd. and features entrances off both roads. U.S. Route 20 is the longest road in the
U.S. stretching 3,365 miles from Boston to Newport, OR and provides excellent direct access to Downtown Cleveland within 45 minutes.
Walgreens benefits from being in the largest retail corridor of Madison with approximately 1 million sq. ft. of retail space within a half mile of Walgreens featuring retailers sharing frontage on Route 20 including Walmart, Tractor Supply, Sherwin Williams, Giant Eagle Grocery, Marc’s Grocery, Aldi’s, Family Dollar, Chase Bank, Huntington Bank, McDonalds, Burger King, Taco Bell and many more options. It also benefits from being less than a half mile from the Madison campus of Lake Hospital System. Average HH income within a 5 mile radius is almost $59,000.
Services offered at this Walgreens include: ATM, Blue Rhino Propane gas exchange, FedEx pickup and drop-off, a liquor department, Redbox DVD rental and Western Union. Property Video: https://www.youtube.com/watch?v=F9YzvFpikmo&feature=youtu.be
Key Points: 75 year NNN lease with 12.5 years remaining before tenant’s termination option can be exercised Located in Cleveland Suburb; part of the 18 county Northeast Ohio region made up of over 4.1 million population (12th largest region in the U.S.) Situated on U. S. Route 20, longest roadway in the U.S. with signalized hard corner (over 15,000 vpd) Excellent visibility and access with two entrances off two different roads Densest retail area (over 1 million sq. ft.) of Madison surrounded by multiple retailers including Walmart, Aldi, McDonalds, Burger King, Taco Bell, Huntington Bank NNN lease; no landlord responsibilities Property Video: https://www.youtube.com/watch?v=F9YzvFpikmo&feature=youtu.be