NNN Retail Property with
For Sale
Contact for pricing
1085 S Route 51, Forsyth, IL 62535
Retail outparcel occupied by a long-standing tenant near Hickory Point Mall and major commercial retailers.
Property Size15,586 SF
Lot Size1.65 Acres
Price / SF$119.11
Days on Market49
Property Features for 1085 S Route 51
General Information
Standard status
Active
Size
15,586 SF
Lot size
1.65 Acres
Property subtype
RETAIL
Additional Details
Traffic Count
27,400 vehicles/day
Building Details
Tenancy
Single
Listing Agency:
STREAM Capital Partners
(312) 899-6664
Listed By:
Dorothy Lee · License #01982397
(626) 236-3823
Source:
Moodyscre
Added: Jul 31
Changed: Sep 5
Last Checked: Sep 16 at 8:22PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of STREAM Capital Partners
Investment Insights
Based on property information with market context.
This 15,586-square-foot NNN retail property occupies 1.65 acres along US Highway 51 in Forsyth, Illinois. The site is structured as a ground lease, with the tenant responsible for property taxes, insurance, and maintenance, subject to the stated landlord tax responsibility and reimbursement arrangement. Friar Tuck has operated at the property since 2013 and has exercised multiple renewal options.
The property has full frontage along US Highway 51, which records approximately 27,400 vehicles per day, and is near Interstate 72, reporting approximately 13,500 vehicles per day. It functions as an outparcel to Hickory Point Mall, whose listed tenants include Von Maur, Kohl’s, Hobby Lobby, Ross, and Ulta. Nearby retailers and restaurants include Lowe’s, Menards, Best Buy, PetSmart, Panda Express, Chick-fil-A, Texas Roadhouse, and McDonald’s. The surrounding city also includes approximately 13 hotels and several major regional employers.
The property has full frontage along US Highway 51, which records approximately 27,400 vehicles per day, and is near Interstate 72, reporting approximately 13,500 vehicles per day. It functions as an outparcel to Hickory Point Mall, whose listed tenants include Von Maur, Kohl’s, Hobby Lobby, Ross, and Ulta. Nearby retailers and restaurants include Lowe’s, Menards, Best Buy, PetSmart, Panda Express, Chick-fil-A, Texas Roadhouse, and McDonald’s. The surrounding city also includes approximately 13 hotels and several major regional employers.
Key Highlights
- 15,586‑square‑foot retail property on 1.65 acres
- NNN ground lease with tenant responsibility for taxes, insurance, and maintenance
- Friar Tuck has operated at the site since 2013 and exercised multiple renewal options
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$139,982
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.54%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,799,640
$2.8M
Cap Rate 7%
$1,999,743
$2.0M
Cap Rate 9%
$1,555,356
$1.6M
Market Conditions
NOI Build-Up for 15,586 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$205.7K $13.20/SF
− Vacancy
−$5.8K −$0.37/SF
EGI
$200.0K $12.83/SF
− OpEx
−$60.0K −$3.85/SF
NOI
$140.0K $8.98/SF
Area
Macon County, IL
Vacancy
2.80%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,799,640
Cap Rate 7%
$1,999,743
Cap Rate 9%
$1,555,356
Alternative Uses
Best Use
Retail
$2.00M
$1.75M – $2.33M
NOI $139,982 @ 7.0% cap · market cap 7.54%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.62M
$2.29M – $3.05M
NOI $183,254 @ 7.0% cap · market cap 9.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
27,400 VPD
Traffic count
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
450
Businesses Nearby
433k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 37%
Shops & Services 26%
Apparel 22%
Electronics 6%
Von Maur
Apparel
35,438 visits/mo
0.2 miles
Hobby Lobby
Shops & Services
32,255 visits/mo
0.2 miles
Kohl's
Apparel
31,858 visits/mo
0.3 miles
Texas Roadhouse
Dining
31,316 visits/mo
0.0 miles
McDonald's
Dining
29,647 visits/mo
0.1 miles
Demographics for 62535, IL
3,745
Population
1,346
Households
2.8
Avg Household Size
44
Median Age
59%
College-Educated
97%
High-School Grad
3.6 sq mi
ZIP Area
1,040
Density / Sq Mi
$113,456
Median Household Income
$69,632
Median Earnings
$1,207
Median Rent
$289,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
NNN property - Retail outparcel occupied by a long-standing tenant near Hickory Point Mall and major commercial retailers.
Where is this nnn property located?
The property is located at 1085 S Route 51 Forsyth, IL.
What is the asking price?
The asking price for this property is $1,856,411.
What are key features of this property?
This property features: 15,586‑square‑foot retail property on 1.65 acres; NNN ground lease with tenant responsibility for taxes, insurance, and maintenance; Friar Tuck has operated at the site since 2013 and exercised multiple renewal options
