638 Main St Canton, IL 61520-1251

Property Details for 638 Main St

Property type

Commercial real estate

APN

09-08-27-210-016

APU

90827210016

Description

This exceptional investment opportunity presents a 3,250 square foot Hardee's/Carl's Jr. restaurant located at 638 N Main St, Canton, IL 61520. The property boasts a 20-year net lease, commencing August 1, 2022, and expiring August 1, 2042, with four 5-year renewal options. The lease includes a 10% rent increase every five years, ensuring consistent income growth. Built in 1970 and renovated in 2013, this single-tenant property sits on a 1.12-acre lot and benefits from excellent site-level visibility along Main Street, a high-traffic area with over 12,300 vehicles per day. The property's strong financial performance is reflected in a 6.25% cap rate and a current NOI of $88,000. The corporate guarantee provided by LBE Holdings adds significant security to this investment. The tenant, operating under a corporate guarantee, demonstrates financial strength, with LBE Holdings reporting over $87,000,000 in revenue in 2023. This strategically located property in the Peoria-Canton metro area, approximately 20 miles from Peoria, serves a population exceeding 13,242. The asking price is $1,408,000, translating to a price per square foot of $433.23. This is a rare opportunity to acquire a stable, high-performing net lease investment with significant long-term growth potential. The property is currently 100% occupied.