Springfield, OH

Price: $ 3,400,000
CAP Rate: 10.29%
NOI: $ 350,000
Lease Term Remaining Before Options: 3 Years 10 Months
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.
Offering Summary

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 four (4) 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.

Price: $ 3,400,000
CAP Rate: 10.29%
NOI: $ 350,000
Lease Term Remaining Before Options: 3 Years 10 Months