Walgreens 2562 Navarre Ave 17,500 SF 100% Leased Retail Building Oregon, OH 43616 $2,424,000 ($138.51/SF) 8.15% Cap Rate

INVESTMENT HIGHLIGHTS

  • COMMITMENT TO LOCATION – Recent lease extension providing 10 years of guaranteed term showing long term commitment to the location from Walgreens
  • BELOW MARKET RENT – Walgreen’s is paying ±$168,500/year, PNC is paying $43,200/year. Both are significantly below average for each respective chain
  • PASSIVE CREDIT TENANT INVESTMENT – The property provides a passive investment for an owner, with minimal LL responsibilities and 2 income streams from
  • -PNC has also exercised a 5 year option early, showing both tenants long term commitment to the location.
  • EXTREMELY WELL LOCATED REAL ESTATE – The ±2 AC parcel sits on the hard corner of Navarra Road/Route 2 and Wheeling Street which sees ±21,200 VPD
  • CLOSE PROXIMITY TO HIGHWAY – The asset is located near the I-280 & I-80/ 90 Ohio Turnpike interchange

EXECUTIVE SUMMARY

Broker of Record
Matt Wallace
License No. REC.2022007141 (OH)
(866) 889-0550
Matthews Real Estate Investment Services, Inc
950 Main Ave.,
Suite 510, Cleveland, OH 44113

PROPERTY FACTS

Sale Type
Investment
Property Type
Retail
Property Subtype
Freestanding
Building Size
17,500 SF
Building Class
B
Year Built
2000
Price
$2,424,000
Price Per SF
$138.51
Cap Rate
8.15%
NOI
$197,511
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.20
Lot Size
2.00 AC
Zoning
CR, Toledo
Parking
45 Spaces (2.57 Spaces per 1,000 SF Leased)

AMENITIES

  • Bus Line
  • Signalized Intersection
  • Drive Thru

MAJOR TENANTS

  • TENANT
  • INDUSTRY
  • SF OCCUPIED
  • RENT/SF
  • LEASE END
  • Finance and Insurance
  • -
  • -
  • -

PNC offers a wide range of services for all their customers, from individuals and small businesses, to corporations and government entities. No matter how simple or complicated a person's needs, they are sure to have the products, knowledge and resources necessary for financial success. The PNC Retail Bank supports the financial needs of millions of individuals, families and small businesses, and fosters lifelong banking relationships built on expert advice and financial solutions across deposits, payments, personal lending, credit card, wealth advisory and brokerage. Through their coast-to-coast branch network, which includes approximately many branches, many PNC and partner ATMs, thousands of highly skilled and knowledgeable bankers, and telephonic, online, and mobile banking channels, they empower their clients with the solutions they need to move forward financially.

  • Retailer
  • -
  • -
  • -

Walgreens is a trusted and convenient local health destination that millions of Americans rely on every day. Their founder, Charles R. Walgreen Sr., was known for finding new ways to connect with customers on a personal level and treating each person like a guest in his own home. For over a century, they have expanded that personal connection through their network of neighborhood pharmacies and their innovative health services and products. The foundation for all of this is their trusted pharmacy expertise, and their team members who provide essential care that helps people achieve better health outcomes at an affordable cost.

TENANT INDUSTRY SF OCCUPIED RENT/SF LEASE END
Finance and Insurance - - -
Retailer - - -

NEARBY MAJOR RETAILERS

Tim Hortons
Chase Bank
Bob Evans Restaurants
BIGGBY Coffee
Citizens Bank
Planet Fitness
Rent-A-Center
Huntington National Bank
Starbucks
Kroger

PROPERTY TAXES

  • Listing ID: 35139623

  • Date on Market: 3/14/2025

  • Last Updated:

  • Address: 2562 Navarre Ave, Oregon, OH 43616