Current Use by Public Records
- GameStop / Arcade & Gaming Center / Electronics & Wireless Store
Property Details for 662 Wesley Dr
- Year built
- 2006
- Lot size
- 10.81 lot acres
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
This exceptional 68,838 square foot shopping center in Wood River, Illinois, presents a compelling investment opportunity. Boasting a strong 88% occupancy rate and a desirable location within a top 25 MSA, shadow-anchored by a high-performing Walmart (among the top 85% nationally and 22nd in Illinois, with estimated annual sales exceeding $120 million), this property offers significant upside potential. The center comprises three single-story buildings on a 10.81-acre lot, built in 2006, and features a diverse tenancy of 18 units, including national brands like Dollar Tree and Five Below. Dollar Tree has been a tenant since the center's opening. Recent lease signings with Five Below (a new 10-year lease), Verizon, Papa John's, and an Eyebrow Threading & Waxing Spa demonstrate excellent leasing momentum. The current Net Operating Income (NOI) is $667,478, with a projected organic NOI growth of $13,723 over the next two years, driven by the 12% vacancy rate and eight tenants with built-in annual escalations. The property is situated along Wood River's primary retail corridor, just 15 miles from downtown St. Louis, and benefits from a triple-net (NN+) lease structure. The asking price is $8,347,000, representing a compelling 8.00% cap rate. This is a rare opportunity to acquire a well-positioned, high-performing retail asset with substantial growth prospects. The property's APN is 19-2-08-23-00-000-019.
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
- Wood River
- County
- Madison
- State
- Illinois
- Longitude
- -90.0887
- Latitude
- 38.8676
