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29258794
29258793

2777 S 6th St, Springfield, IL 62703

CF
OH 2008001551, OH SAL.2008001551
Marcus & Millichap - Columbus
SW
OH 2005013197, WA SAL.2005013197
Marcus & Millichap - Cleveland
Listed by Marcus & Millichap - Columbus, Marcus & Millichap - Cleveland
$7,220,000
138 days on market
Updated 40 days ago

Kent Plaza

Details
Property Type Retail
Sub Type Shopping Center
Square Footage 94,260
Net Rentable (SqFt) 94,260
Units 19
Cap Rate 8.11%
NOI $585,692
Occupancy 90%
Tenancy Multi
Brand/Tenant O'Reilly Auto Parts, US Bank (+3)
Price per SqFt $77
Year Built 1988
Buildings 1
Stories 1
Acreage 9.420
Investment Type Stabilized
Ownership Fee Simple

Retail | 8.11% CAP | 94,260 SqFt

Investment highlights

• 90% Occupied, 94,260 SF O’Reilly Auto & Ollie’s Anchored Community Shopping Center

• Ollie’s (NASDAQ: OLLI) and O’Reilly Auto (NASDAQ: ORLY) Backfilling Former Grocery Space | Lease Term thru 2/2034 and 2/2041 Respectively

• 1.5 Miles to Walmart + ALDI | Both #1-in-Chain Stores within 50-Mile Radius

• 3 Miles to University of Illinois Springfield (4,661 Students, #1 Public Regional University in IL); 4.5 Miles to Lincoln Land Community College (5,238 Students)

• Upside From 10% of Vacant GLA | $126K of Projected Income/NOI Upside

• Adjacent to 43K VPD Signalized Intersection | 1.5 Miles to I-55/I-72 Highway Exits w/ 86K Combined VPD

• WALT of 8.1 Years | National Tenants Represent 77% of Occupied GLA

• Complementary Daily-Needs Tenant Lineup: Auto, Discount, Education, Food, Bar, Financial (x3), Dental, Pet, Insurance (x2), Nails, etc.

• Infill Demographics: 9K People within 1-Mi / 65K within 3-Mi / 125K within 5-Mi

• Located on High-Performing Fast- Casual Retail Corridor | Top- 25% Chain Performers Include Taco Bell, Starbucks, Subway, Arby’s, McDonalds, Dominos, Jimmy John’s, & Dunkin

• Geographically Proximate to Major MSA’s: 1.5 Hours to St. Louis / 3 Hours to Indianapolis / 1 Hour to Peoria

• Springfield – Capital of Illinois / 475,000-Resident MSA / 2nd Most Populous City Outside of Chicago MSA / Stable Government, Healthcare, & Education Employment Base

Listing Contacts

CF
OH 2008001551, OH SAL.2008001551
Marcus & Millichap - Columbus
SW
OH 2005013197, WA SAL.2005013197
Marcus & Millichap - Cleveland
Listed by Marcus & Millichap - Columbus, Marcus & Millichap - Cleveland

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$
%
Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$585,692.00
$48,807.67/mo

Valuation Metrics

0
DSCR
8.11%
Cap Rate
8.11%
ROI

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Additional Information

Name
Steven Weinstock
License
IL 471.011175
Title
Broker of Record
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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