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    602 Woodlawn Rd Lincoln, IL 62656

    For Sale
    $1,575,000

    High-Occupancy Retail Strip in IL

    Property size:
    5,800 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    367
    This exceptional investment opportunity presents a 5,800 square foot, two-tenant retail building in Lincoln, Illinois, boasting 100% occupancy. Built in 2024 and situated on a 0.92-acre lot at 602 Woodlawn Rd, 62656, this property offers excellent visibility and accessibility with over 11,500 vehicles passing daily. Anchored by Central Illinois Urgent Care (3,800 sq ft) and OSF Healthcare (2,000 sq ft), the property benefits from a strong tenant mix and minimal lease rollover risk until 2029. The lease structure includes rare 3% annual rent increases in renewal options for both tenants, promising significant future rent growth. While one tenant operates under a triple net lease, the other offers potential upside for conversion to a NNN lease, maximizing future returns. The property's strategic location near CVS, Walgreens, Walmart, and Lincoln Memorial Hospital ensures high traffic and strong tenant demand. The asking price is $1,575,000, representing a compelling 7.15% cap rate. This is a turnkey investment with exceptional stability and growth potential. The property is a single-unit building with a multi-tenant occupancy.

    Property Features for 602 Woodlawn Rd

    General Information

    Property type
    Individual retail properties
    Square Feet
    5,800 SF
    Lot Size
    40,075 SF

    Building Details

    Year Built
    2024
    Buildings
    1
    Units
    1

    HighLights

    • 5,800 square foot, two‑tenant retail building in Lincoln, IL, 100% occupied.
    • Anchored by Central Illinois Urgent Care and OSF Healthcare, with no lease rollover until 2029.
    • Features rare 3% annual rent increases in renewal options for both tenants.
    • One tenant is triple net, the other offers potential conversion to a triple net lease.
    • Located near CVS, Walgreens, Walmart, and Lincoln Memorial Hospital.
    • Asking price: $1,575,000, 7.15% cap rate.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    OSF Medical Group ... Obstetrician-Gynecologist Central Illinois Urgent ... Urgent Care Center

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lincoln
    County
    Logan
    State
    Illinois
    Longitude
    -89.3754639
    Latitude
    40.15797

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    FAQs

    What type of property is this?
    Individual retail property - High-Occupancy Retail Strip in IL
    Where is this individual retail property located?
    The property is located at 602 Woodlawn Rd Lincoln, IL.
    What is the asking price?
    The asking price for this property is $1,575,000.
    What are key features of this property?
    This property features: 5,800 square foot, two-tenant retail building in Lincoln, IL, 100% occupied.; Anchored by Central Illinois Urgent Care and OSF Healthcare, with no lease rollover until 2029.; Features rare 3% annual rent increases in renewal options for both tenants.
    Request Owner's contact information
    602 Woodlawn Rd Lincoln, IL 62656
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    Lincoln, IL 62656
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    602 Woodlawn Rd Lincoln, IL 62656
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