702 Main St Smithton, IL 62285
- Retail space
- 12,668 SF
- 1.58 lot acres
Current Use by Public Records
- Retail space
Property Details for 702 Main St
- Year built
- 2024
- Lot size
- 1.58 lot acres
- Property size
- 12,668 SF
- Property type
- Retail space
- Property subtype
- Storefront properties
Description
This exceptional investment opportunity presents a brand-new, 12,668-square-foot Dollar General Market in Smithton, Illinois. Built in 2024, this single-story building sits on a 1.58-acre corner lot with 40 parking spaces, offering excellent visibility on a main thoroughfare with over 9,036 vehicles per day. The property boasts a 15-year absolute triple-net (NNN) lease commencing July 1, 2024, and expiring July 1, 2039, with five, 5-year option periods, each including a 5% rent increase. This ensures consistent income growth and protects against inflation. The tenant, Dollar General, is credit-rated, minimizing landlord responsibilities. The store features an expanded product line, including meat and produce, catering to local demand. With a 100% occupancy rate and a strong initial Net Operating Income (NOI) of $151,968, this property offers a compelling 6.90% cap rate at an asking price of $2,202,448 ($173.86 per square foot). The 5-mile radius boasts a population of 9,692 and an average household income of $90,717, indicating a strong market for this type of retail establishment. This fee-simple ownership presents an ideal opportunity for 1031 exchange buyers or passive investors seeking a stable, high-return investment with a nationally recognized tenant. The property's location on Main Street in Smithton, St. Clair County, IL (zip code 62285) ensures high traffic and visibility.
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
- Smithton
- County
- St. Clair
- State
- Illinois
- Longitude
- -89.992161304809
- Latitude
- 38.401340173327
