Listed by CBRE Atlanta, CBRE - Atlanta, CBRE - Saint Louis, CBRE - Midtown Manhattan
$10,184,000
Schnucks: Cape Girardeau, MO
Details
Property Type Retail
Sub Type Grocery Store, Pharmacy/Drug
Square Footage 68,101
Net Rentable (SqFt) 68,101
Cap Rate 6.25%
NOI $636,486
Tenancy Single
Lease Type Absolute NNN
Lease Expiration 12/31/2036
Remaining Term 10.4
Rent Bumps Yes
Lease Options Eight 5-year options
Price per SqFt $150
Year Built 1977
Acreage 6.180
Parking Spaces 374 spaces
Parking per 1,000 SqFt 5.49
Investment Type Net Lease
Lease Commencement 12/22/2021
Ground Lease No
Retail | 6.25% CAP | 68,101 SqFt
Marketing description
CBRE is pleased to exclusively offer for sale the 68,101-square-foot Schnucks grocery store situated on 6.18 acres in Cape Girardeau, MO. Schnucks absolute NNN lease features ±10.6 years of primary term remaining with eight, 5-year renewal options. Rent increases include a 5% increase in 2032 and 5% increases in Options 1-3, followed by no less than 5% increases in Options 4-8. See rent schedules in OM for more detail.
Investment highlights
- The store is located in Cape Girardeau, MO, which is located roughly midway between St. Louis, MO and Memphis, TN. The municipality serves as vibrant regional hub and features a favorable competitive environment for Schnucks resulting in exceptionally high volume store performance.
- Cape Girardeau (MSA Population: 99,426) is a regional hub for healthcare, education, shopping, and entertainment for a vast area of Southern MO & IL.
- The store previously underwent a full remodel and significant capital reinvestment of nearly $3.9 million.
- Schnucks benefits from its location within Cape Girardeau primary retail and commercial corridor. Within 3-miles of the property there are 5.1 MSF of retail, 1.6 MSF of office, 1.3 MSF of industrial and 1,924 multifamily units.
- The store is located at the fully signalized intersection of Kingshighway and William Street, which serve as the two primary thoroughfares within Cape Girardeau and carry a combined 32,938 vehicles per day. The property benefits from 4-points of ingress/egress and unrestricted visibility from the thoroughfares.
Listing Contacts
Listed by CBRE Atlanta, CBRE - Atlanta, CBRE - Saint Louis, CBRE - Midtown Manhattan
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$636,486.00
$53,040.50/mo
Valuation Metrics
0
DSCR
6.25%
Cap Rate
6.25%
ROI
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