Listed by CBRE Atlanta, CBRE - Atlanta, CBRE - Saint Louis
$6,971,200
Schnucks: St. Louis, MO
Details
Property Type Retail
Sub Type Grocery Store
Square Footage 51,486
Cap Rate 6.25%
NOI $435,700
Occupancy 100%
Tenancy Single
Brand/Tenant Schnucks
Lease Type Absolute NNN
Lease Term 15
Lease Expiration 12/31/2036
Remaining Term 10.6
Rent Bumps Yes
Lease Options Eight, 5-Year Options
Year Built 1963
Acreage 4.930
Parking Spaces 261 spaces
Parking Per SqFt 5.07
Investment Type Net Lease
Lease Commencement 12/22/2021
Ground Lease No
Retail | 6.25% CAP | 51,486 SqFt
Marketing description
The CBRE Net Lease Property Group is pleased to offer for sale the 51,486-square-foot Schnucks grocery store positioned on 4.93 acres in St. Louis, MO (MSA Population: 2.82M+). Schnucks absolute NNN lease has ±10.6 years of term remaining with 5% rent increases every 5 years and in each of the eight, 5-year renewal options.
Investment highlights
- The site has operated since 1963 and boasts an operating history of 60+ years.
- Schnucks benefits from a competitively isolated pocket with only 2 small format grocers located including Aldi (<1 mile east) and Save A Lot (1.0 mile southeast). The site is surrounded by dense, blue-collar residential neighborhoods that possess a longstanding pride of ownership and disposable incomes relative to the median home values.
- The site is positioned at the intersection of Gravois Avenue and Hampton Avenue, which serve as major feeder roads to two of St. Louis’ primary highways—44 & 55. The location ideally positions the property to capture going home traffic and ensures that it provides the most convenient grocery shopping destination to the residents within the immediate vicinity. The dominance of the location is further established by the other prominent retailers located at the intersection including Walgreens, CVS, and McDonald’s amongst others.
- Schnucks is located directly next to a 105+ acre public park that includes baseball and soccer fields, tennis courts, two lakes, gathering pavilions, playgrounds and trails. In addition, the dense residential housing and established commercial development drive consumer traffic and create high barriers to entry making the assemblage of large parcels capable for the development of future competition prohibitive.
Listing Contacts
Listed by CBRE Atlanta, CBRE - Atlanta, CBRE - Saint Louis
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$435,700.00
$36,308.33/mo
Valuation Metrics
0
DSCR
6.25%
Cap Rate
6.25%
ROI
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