3201 Horizon Dr Springfield, IL 62703
- Retail properties
- 6,163 SF
- 1.89 lot acres
Current Use by Public Records
- Isalis / Gift Shop / Boutique
- Party City / Costume Store / Party Store
- Skunk Funk / Wholesaler / Clothing Store
- Carl's Trading Co / Hat Shop
- Bushka's Kitchen LLC / Outdoor Clothing And Equipment Shop
Property Details for 3201 Horizon Dr
- Year built
- 2020
- Lot size
- 1.89 lot acres
- Property size
- 6,163 SF
- Property type
- Retail properties
- Property subtype
- Retail space
Description
This exceptional investment opportunity presents a fee simple interest in a 6,163-square-foot, freestanding retail building housing an Ascend Cannabis Dispensary in Springfield, Illinois. Located on a 1.89-acre lot at 3201 Horizon Dr, Springfield, IL 62703, this property boasts a strong 9.50% cap rate and a substantial net operating income (NOI) of $532,691. The absolute NNN lease, with zero landlord responsibilities, provides a truly passive investment. The current lease term extends to February 28, 2030, with 5.3 years remaining and includes two 10-year renewal options. Built in 2020, the property benefits from a 100% occupancy rate and attractive 2.75% annual rent escalations throughout the base term, offering a hedge against inflation. The property's prime location offers excellent visibility, with frontage on Interstate 55 and proximity to major roadways, national restaurant chains, and hotels. The asking price is $5,607,277, translating to a price per square foot of $909.83. The property's parcel numbers are 22-12.0-127-057 and 22-12.0-127-058. This investment is situated in a growing cannabis market within a limited-license state.
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
- Springfield
- County
- Sangamon
- State
- Illinois
- Longitude
- -89.605
- Latitude
- 39.7681
