110 Walnut St Highland, IL 62249
- Retail properties
- 14,820 SF
- 1.35 lot acres
Current Use by Public Records
- Retail properties
Property Details for 110 Walnut St
- Year built
- 2004
- Lot size
- 1.35 lot acres
- Property size
- 14,820 SF
- Property type
- Retail properties
- Property subtype
- Drug stores
Description
This exceptional investment opportunity presents the fee simple interest in a Walgreens-occupied retail property situated at 110 Walnut St, Highland, IL 62249. The property, built in 2004, encompasses a 14,820-square-foot building on a 1.35-acre lot, featuring a convenient drive-thru. The property benefits from a strong absolute NNN lease with a credit-rated corporate guarantor, minimizing landlord responsibilities. The current lease, with a remaining term of 11.9 years (expiring 03/31/2036), commenced September 1, 2004, and was recently extended. This demonstrates Walgreens' long-term commitment to this location, which boasts impressive sales and a healthy rent-to-sales ratio. The property offers a 7.00% cap rate and a net operating income (NOI) of $280,000, with an asking price of $4,000,000 ($269.91/sq ft). The property's strategic location, less than a mile from HSHA St. Joseph's Hospital, serves Highland and surrounding communities, further enhancing its value and potential for continued success. This is a fee simple ownership with a 100% occupancy rate, making it an attractive addition to any investment portfolio. The property is ideally suited for a 1031 exchange.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Highland
- County
- Madison
- State
- Illinois
- Longitude
- -89.6815
- Latitude
- 38.7476
