Current Use by Public Records
- Specialty properties
Property Details for 3100 Ridge Ave
- Year built
- 2024
- Lot size
- 1.38 lot acres
- Property type
- Specialty properties
- Property subtype
- Retail properties & Spaces
Description
This exceptional investment opportunity presents a fee-simple ownership of a brand-new, 10,640-square-foot Dollar General store in Springfield, Illinois. Located at 3100 Ridge Ave, this single-tenant property boasts a 15-year absolute NNN lease commencing July 21, 2024, and expiring July 30, 2039, with five 5-year renewal options, each including a 10% rent increase. The property enjoys a 7.00% cap rate and a substantial net operating income (NOI) of $120,776. The asking price is $1,725,375, translating to $162.16 per square foot. Built in 2024 on a 1.38-acre lot, this strategically located store benefits from high visibility and accessibility, situated near major roadways with significant daily vehicle traffic. The property is in a dense retail corridor with various big-box retailers, apartments, and schools within a two-mile radius. Dollar General, a credit-rated tenant with a corporate guarantee, ensures a secure and stable investment. The strong demographics of the area, with over 90,000 people within a five-mile radius, further enhance the property's value and potential for long-term growth. This is a rare opportunity to acquire a high-performing, low-maintenance retail investment with a blue-chip tenant. The property's 100% occupancy and strong lease terms provide a secure and attractive return on investment.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Springfield
- County
- Sangamon
- State
- Illinois
- Longitude
- -89.6053
- Latitude
- 39.8186
