900 Hen House Rd Okawville, IL 62271

Property Details for 900 Hen House Rd

Year built

2004

Lot size

1.13 lot acres

Property size

8,125 SF

Property type

Grocery and convenience stores

APN

12-06-16-479-003

Description

This exceptional investment opportunity presents a fee-simple, 8,125 square foot Dollar General convenience store in Okawville, Illinois. Built in 2004 on a 1.13-acre lot, the property boasts a strong, stabilized net-net lease with a corporate guarantee. The current lease, commencing March 1, 2003, extends through February 28, 2029, with three additional five-year options. Dollar General recently exercised a six-year extension, reflecting a 15% rent increase in the next option. The tenant is responsible for all property taxes, insurance, and a monthly maintenance fee, minimizing landlord responsibilities. Dollar General reimburses for repairs under $1,000. The property enjoys a high-traffic location, situated on 900 Hen House Rd, with direct frontage to Interstate 65 and the town's main thoroughfare, experiencing a daily traffic count of 21,195 vehicles. The property's strong financials include a current NOI of $54,504, an 8% cap rate, and an asking price of $681,300 ($83.85/sq ft). The surrounding area demonstrates strong demographics, with a 5-mile population of 2,472 and an average household income of $83,379. This is a rare opportunity to acquire a well-located, stabilized retail property with a creditworthy tenant and significant upside potential. The property's location near a busy truck stop further enhances its appeal.