108 Main St Savanna, IL 61074-1932
- Retail properties
- 0.84 lot acres
Current Use by Public Records
- Retail properties
Property Details for 108 Main St
- Lot size
- 0.84 lot acres
- Property type
- Retail properties
- APN
- 08-07-09-201-047
- APU
- 80709201047
Description
This exceptional investment opportunity presents a 13,519-square-foot Ace Hardware store in Savanna, Illinois, situated on a 0.84-acre lot at 108 Main St, zip code 61074. The property is subject to a 15-year absolute NNN lease (commencing June 20, 2023), with 13.5 years remaining, featuring four 5-year renewal options and flat rent bumps. The tenant, Ace Hardware, enjoys a strong market position as the only hardware store within a 10-mile radius. The current annual net operating income (NOI) is $45,000, representing a 6.00% capitalization rate on the $750,000 asking price. The lease features a low rent of $3.00 per square foot, resulting in a low rent-to-sales ratio. The property offers a compelling value proposition at $55.48 per square foot, significantly below replacement costs. This free-standing building presents a secure, passive income stream with minimal landlord responsibilities, making it an attractive addition to any investment portfolio. The tenant, part of the Coborn's company (reporting $1.4 billion in annual revenue), operates a successful and tenured store at this location. This property is a rare opportunity to acquire a well-established, high-performing retail asset in a stable market. The property's location is advantageous, being only a half-mile from the tenant's corporate office and regional distribution center.
Value Estimations
-
AI approach
- Method
- Estimation
- ML approach
- $295,000
Get a detailed, property-specific valuation — fast and free
Location Insight
- Map
- Local Demand
- City
- Savanna
- County
- Carroll
- State
- Illinois
- Longitude
- -90.1552
- Latitude
- 42.0921
