Current Use by Public Records
- Retail properties & Spaces
Property Details for 1320 Mccord St
- Year built
- 2023
- Lot size
- 0.53 lot acres
- Property type
- Retail properties & Spaces
Description
This exceptional investment opportunity presents a fee-simple, 2,200 square foot T-Mobile store in Centralia, Illinois. Built in 2023, the property boasts a brand-new, 10-year double net (NN) lease with a corporate guarantee, ensuring minimal landlord responsibilities. The lease features built-in rent increases: 6% at year six and 10% at each of three five-year renewal options. Critically, there is no termination clause. The property sits on a 0.533-acre lot with 20 parking spaces, enjoying a prime location on a major thoroughfare (IL-161, 7,927 vehicles per day) with excellent visibility. Neighboring businesses include Walmart, Buchheit, and other prominent retailers. The strong demographics, including a five-mile population of 19,440 and a one-mile average household income of $57,522, further enhance the investment's appeal. The asking price of $1,148,079 reflects a 7.55% cap rate based on a net operating income (NOI) of $86,680. This is a single-tenant, single-story building with permitted commercial zoning. The lease commenced October 1, 2023, and expires September 30, 2033, leaving 8.9 years remaining. This presents a secure, high-return investment with significant upside potential due to the tenant's strength and the built-in rent escalations. The property's strategic location and the absence of a termination clause provide exceptional long-term value.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Centralia
- County
- Clinton
- State
- Illinois
- Longitude
- -89.1578
- Latitude
- 38.5331
