Walgreens on Illinois Route
For Sale
Contact for pricing
1311 IL-48, Decatur, IL 62526
Net-leased Walgreens in Decatur, Illinois, a durable investment opportunity.
Property Size12,918 SF
Price / SF$268.62
Days on Market698
Property Features for 1311 IL-48
General Information
Standard status
Active
Size
12,918 SF
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$258,360
Building Details
Year Built
2002
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
AiCRE Partners
Listed By:
Jason Gribin · License #CA 01819611
Source:
Crexi
Added: Oct 7, 2024
Changed: Aug 28
Last Checked: Sep 1 at 11:51AM
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 AiCRE Partners
Investment Insights
Based on property information with market context.
The Walgreens property, situated at 1131 IL-48 in Decatur, Illinois, is available for acquisition. Occupied by Walgreens, a prominent pharmacy-led retailer with a widespread presence across the United States, this location serves as a key daily needs anchor within the community. Walgreens benefits from significant brand recognition and a resilient business model supported by prescription drug sales, health services, and convenience retail offerings. The property is strategically located along Illinois Route 48, a major commercial corridor in Decatur, offering high visibility, convenient access, and exposure to local and commuter traffic. Its proximity to residential neighborhoods and various retail and service establishments enables it to serve a broad customer base and benefit from consistent daily traffic. Decatur, the county seat of Macon County, functions as a regional hub for healthcare, manufacturing, education, and government in Central Illinois. The city has a stable employment base, supported by major employers, regional medical facilities, and higher education institutions, and offers connectivity to larger Midwest markets via nearby highways. The property size is 12918 square feet. This established infill location, leased to a nationally recognized tenant, presents investors with the opportunity to acquire a net-leased asset supported by long-term fundamentals and essential retail demand.
Key Highlights
- Net‑leased asset occupied by Walgreens, a nationally recognized pharmacy‑led retailer.
- Located along Illinois Route 48, a primary commercial corridor, providing excellent visibility and access.
- Strategically positioned near residential neighborhoods and complementary retail.
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
$151,885
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
4.38%
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%
$3,037,700
$3.0M
Cap Rate 7%
$2,169,786
$2.2M
Cap Rate 9%
$1,687,611
$1.7M
Market Conditions
NOI Build-Up for 12,918 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
$220.1K $17.04/SF
− Vacancy
−$17.6K −$1.36/SF
EGI
$202.5K $15.68/SF
− OpEx
−$50.6K −$3.92/SF
NOI
$151.9K $11.76/SF
Area
Macon County, IL
Vacancy
8.00%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
25.00%
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%
$3,037,700
Cap Rate 7%
$2,169,786
Cap Rate 9%
$1,687,611
Alternative Uses
Best Use
Specialty Retail
$2.17M
$1.90M – $2.53M
NOI $151,885 @ 7.0% cap · market cap 4.38%
Second Best
Retail
$1.66M
$1.45M – $1.93M
NOI $116,020 @ 7.0% cap · market cap 3.34%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
78
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 62526, IL
31,758
Population
16,425
Households
1.9
Avg Household Size
41
Median Age
20%
College-Educated
92%
High-School Grad
66.0 sq mi
ZIP Area
481
Density / Sq Mi
$48,222
Median Household Income
$39,048
Median Earnings
$785
Median Rent
$91,500
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Walgreens Pharmacy — 225 E Ash Ave, Decatur, IL 62526
- Michael Lutz — 225 E Ash Ave, Decatur, IL 62526
- Karin Chang — 225 E Ash Ave, Decatur, IL 625266157
- Larry Christensen — 225 E Ash Ave, Decatur, IL 62526
- Claudia Colombo — 225 E Ash Ave, Decatur, IL 625266157
Frequently Asked Questions
What type of property is this?
Drug store - Net-leased Walgreens in Decatur, Illinois, a durable investment opportunity.
Where is this drug store located?
The property is located at 1311 IL-48 Decatur, IL.
What is the asking price?
The asking price for this property is $3,470,000.
What are key features of this property?
This property features: Net‑leased asset occupied by Walgreens, a nationally recognized pharmacy‑led retailer.; Located along Illinois Route 48, a primary commercial corridor, providing excellent visibility and access.; Strategically positioned near residential neighborhoods and complementary retail.
