1230 Chicago Ave Savanna, IL 61074
- Retail properties
- 6,529 SF
- 1.56 lot acres
Current Use by Public Records
- Retail properties
Property Details for 1230 Chicago Ave
- Year built
- 1997
- Lot size
- 1.56 lot acres
- Property size
- 6,529 SF
- Property type
- Retail properties
- Property subtype
- Grocery and convenience stores
Description
This exceptional retail investment opportunity presents a 6,529 square foot property in Savanna, IL, featuring a McDonald's and BP gas station under a master lease with J.B. Sullivan, Inc., a subsidiary of Coborn's Inc. (a $1.2 billion revenue company). The property boasts a 1.56-acre lot with a drive-thru and eight fuel pumps. The absolute NNN lease has a remaining term of 13.5 years, with four 5-year options. The current annual net operating income (NOI) is $85,290, representing a 6.25% cap rate. The asking price is $1,365,000. The McDonald's sublease is significantly below market value at just over $34,000 annually. Built in 1997, this property benefits from its location as one of only two gas stations in Savanna, with McDonald's having operated there since August 1999. Rent bumps are flat. This is a strong, long-term investment with a well-established tenant base in a desirable location. The property's strategic positioning and the strength of its tenants make this a compelling opportunity for investors seeking stable, high-yield returns.
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
- Savanna
- County
- Carroll
- State
- Illinois
- Longitude
- -90.1338
- Latitude
- 42.0899
