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    1066 Henderson St Galesburg, IL 61401

    For Sale
    $950,000

    High-yield NNN lease, prime location.

    Property size:
    3,682 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    370
    This exceptional Galesburg, Illinois retail property presents a compelling investment opportunity. The 3,682 square foot building, constructed in 1973 and renovated in 2021, sits on a 47,193 square foot lot and boasts 75 parking spaces. Currently leased to Steak n Shake under a triple-net (NNN) lease with a corporate guarantee, the property offers a remaining lease term of approximately 3.5 years, with a potential for extension. The lease commenced in September 1973 and is set to expire August 31, 2024. The property features a drive-thru and is strategically located next to a McDonald's, benefiting from high visibility and traffic. The asking price is $950,000, representing a price per square foot of $258.01 and a current cap rate of 4.41%. The property is zoned B-2 and offers a strong pro-forma NOI of $41,900. This fee-simple ownership opportunity provides a stable income stream with minimal landlord responsibilities, making it an attractive addition to any portfolio. The property's long history with the tenant, since 1973, speaks to its enduring appeal and location strength. The substantial lot size, including over 36,000 square feet of asphalt, further enhances the property's value and potential.

    Property Features for 1066 Henderson St

    General Information

    Property type
    Restaurants
    Square Feet
    3,682 SF
    Class
    A

    Building Details

    Year Built/Renovated
    1973/2021
    Buildings
    1
    Stories
    1

    HighLights

    • Prime Galesburg, IL location.
    • Adjacent to McDonald's, ensuring high visibility and traffic.
    • Absolute NNN ground lease with corporate guarantee from Steak 'n Shake.
    • Zero landlord responsibilities.
    • Steak 'n Shake occupancy since 1973.
    • 75 parking spaces.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Steak 'n Shake Hamburger Restaurant

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Galesburg
    County
    Knox
    State
    Illinois
    Longitude
    -90.3837009
    Latitude
    40.9603

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    FAQs

    What type of property is this?
    Restaurant - High-yield NNN lease, prime location.
    Where is this restaurant located?
    The property is located at 1066 Henderson St Galesburg, IL.
    What is the asking price?
    The asking price for this property is $950,000.
    What are key features of this property?
    This property features: Prime Galesburg, IL location.; Adjacent to McDonald's, ensuring high visibility and traffic.; Absolute NNN ground lease with corporate guarantee from Steak 'n Shake.
    Request Owner's contact information
    1066 Henderson St Galesburg, IL 61401
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    Galesburg, IL 61401
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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
    1066 Henderson St Galesburg, IL 61401
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