500 St Joseph St Southern View, IL 62703

Property Details for 500 St Joseph St

Year built

1994

Lot size

0.45 lot acres

Property size

8,344 SF

Property type

Retail properties

Property subtype

Grocery and convenience stores

Description

This exceptional investment opportunity presents a single-tenant, 8,344 square foot Dollar General store located at 500 E St Joseph St, Springfield, IL 62703. The property sits on a 0.45-acre lot and boasts a strong 8.00% cap rate, generating a net operating income (NOI) of $34,015. Built in 1994 and renovated in 2019, this property benefits from a long-term net lease (NN) with a corporate guarantee from Dollar General, providing significant financial security. The lease, originally commencing August 1, 1994, has a remaining term of approximately 1.7 years, with two 5-year lease options and 6% rent bumps every 5 years. The property enjoys 100% occupancy and is situated in a high-density area with excellent visibility and access. The Springfield location benefits from a population exceeding 115,000 within a 5-mile radius, including the presence of the University of Illinois Springfield. This prime retail location is surrounded by other national brands, ensuring high traffic volume and consistent customer flow. The asking price is $425,188, translating to $50.96 per square foot. This is a rare opportunity to acquire a stable, high-performing retail asset with a strong tenant and significant upside potential. The property's location in Springfield, IL, a connector city with easy access to major highways, further enhances its appeal. This investment offers a compelling combination of strong tenant credit, a favorable lease structure, and a desirable location, making it an ideal addition to any portfolio.

Location Insight

City

Southern View

County

Sangamon

State

Illinois

Longitude

-89.6494

Latitude

39.7556