440 South St Freeport, IL 61032
- Retail properties
- 1,692 SF
- 0.49 lot acres
Current Use by Public Records
- Retail properties
Property Details for 440 South St
- Year built
- 1990
- Lot size
- 0.49 lot acres
- Property size
- 1,692 SF
- Property type
- Retail properties
- Property subtype
- Auto shops
Description
This exceptional investment opportunity presents a fee-simple ownership of a 1,692 square foot Jiffy Lube located at 440 E South St, Freeport, IL 61032. The property sits on a 0.49-acre lot and boasts a strong 7.75% cap rate, generating a net operating income (NOI) of $57,200. Built in 1990, this single-tenant, absolute NNN leased property offers a completely passive investment with zero landlord responsibilities. The corporate-guaranteed lease with Jiffy Lube has a remaining term of 8.8 years, extending to August 30, 2033, with two 5-year lease options, each including a 10% rent increase. The current lease commenced August 3, 2018, and includes 10% rent bumps every five years, ensuring consistent income growth. The asking price is $738,065, translating to a price per square foot of $436.21. This prime location enjoys high visibility along E South St, serving a healthy demographic with over 25,000 residents within a 5-mile radius. The property's 100% occupancy and long-term lease provide exceptional stability and return on investment. This is a rare opportunity to acquire a well-established, low-maintenance, high-performing asset in a desirable location.
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
- Freeport
- County
- Stephenson
- State
- Illinois
- Longitude
- -89.6096
- Latitude
- 42.2809
