Log In/Sign Up
Your email has been sent.
Walgreens 3390 Elm Rd 11,458 SF Retail Building Warren, OH 44483 $3,992,066 CAD ($348.41 CAD/SF) 7.40% Cap Rate
Investment Highlights
- Long-term lease with Walgreens, expiring August 31, 2035, backed by a corporate guarantee.
- Strategic hard-corner location at Elm Road and North River Road with 29,119 average daily traffic count.
- Established retail trade area supported by national brands, strong regional access, and dense residential neighborhoods.
- Absolute NNN lease with zero landlord responsibilities, creating a truly passive income stream.
- Freestanding 14,470 SF building with drive-thru and ample parking on a 1.53-acre parcel.
- Built-in rent escalation of 5% every fifth year during base term and options, offering long-term income growth.
Executive Summary
This single-tenant Walgreens property in Warren, Ohio offers investors a long-term, secure income stream through an absolute triple-net (NNN) lease backed by a corporate guaranty. Located at 3390 Elm Road N.E., the asset is positioned on a high-visibility corner at the intersection of Elm Road and North River Road, one of the city's primary retail corridors. The building, totaling approximately 14,470 square feet, includes a convenient drive-thru and 62 dedicated parking spaces on a 1.53-acre parcel.
The lease term runs through August 2035, providing nearly 10 years of remaining primary term with twelve additional 5-year renewal options. Rent escalates by 5% in the 6th, 11th, and 14th years, creating built-in income growth. The property is surrounded by national and regional retailers such as Menards, Dollar Tree, Sheetz, Pizza Hut, KFC, and Tractor Supply Co., ensuring consistent consumer activity. With over 29,000 vehicles per day at the intersection and proximity to the Youngstown-Warren-Boardman MSA, this Walgreens offers dependable returns and a passive management structure for investors seeking long-term stability in a necessity-based retail tenant.
The lease term runs through August 2035, providing nearly 10 years of remaining primary term with twelve additional 5-year renewal options. Rent escalates by 5% in the 6th, 11th, and 14th years, creating built-in income growth. The property is surrounded by national and regional retailers such as Menards, Dollar Tree, Sheetz, Pizza Hut, KFC, and Tractor Supply Co., ensuring consistent consumer activity. With over 29,000 vehicles per day at the intersection and proximity to the Youngstown-Warren-Boardman MSA, this Walgreens offers dependable returns and a passive management structure for investors seeking long-term stability in a necessity-based retail tenant.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Drug Store
Building Size
11,458 SF
Building Class
B
Year Built
1982
Price
$3,992,066 CAD
Price Per SF
$348.41 CAD
Cap Rate
7.40%
NOI
$295,329 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.36
Lot Size
0.73 AC
Parking
45 Spaces (3.93 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Signalized Intersection
- Drive Thru
Fairly walkable
40/100
Exceptionally drivable
100/100
Fairly bikeable
40/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 44-205373 | Improvements Assessment | $0 CAD |
| Land Assessment | $121,480 CAD | Total Assessment | $121,480 CAD |
Property Taxes
Parcel Number
44-205373
Land Assessment
$121,480 CAD
Improvements Assessment
$0 CAD
Total Assessment
$121,480 CAD
1 of 8
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
Presented by
Walgreens | 3390 Elm Rd
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.